For many expats, fulfilling their dreams and promises despite facing challenges in making ends meet is a daily struggle. But ACE Money Transfer and HBL have partnered to make some of these dreams a reality at the Toyota Fortuner Handover Ceremony.

This momentous event celebrated the success of hardworking individuals who had long dreamed of owning a Toyota Fortuner, a symbol of luxury and status in many parts of the world. The ceremony was a testament to the power of perseverance, determination, and the importance of partnerships that can help turn dreams into reality. As part of the promotion to provide a firsthand experience of the latest generation smartphone, 10 lucky overseas Pakistanis were awarded brand-new iPhone 14 Plus.

Pakistan’s remittance inflows are crucial for replenishing the country’s foreign currency reserves and alleviating social conditions. However, there has been a 19% year-on-year reduction in home remittance inflows to Pakistan, which decreased by $2.04 billion by December 2022. This decline has led to only $1.9 billion in February 2023, adding to the country’s economic challenges. Amidst these concerning circumstances, the partnership between ACE Money Transfer and HBL played an important role in promoting the use of regulated channels to boost remittance inflows. The remittance inflows elevated to a substantial $2.5 billion during the month of March, showcasing a positive trend, and a hope for the economy at large.

Pakistan’s economic situation is challenged by political instability, corruption, a lack of foreign investment, a large informal economy, high inflation rates, and low exports. Additionally, the country has faced challenges related to energy shortages, a weak tax collection system, and a large fiscal deficit. Pakistan is one of the world’s top recipients of remittances, with the inflows providing critical support for the country’s balance of payments, which has been under stress due to various economic challenges.

To counter remittance deflation, the Pakistani government has launched several policies for the diversion of remittances from informal to formal channels. ACE Money Transfer collaborated with HBL to return value to their customers as a result of the joint venture, aligning with the Pakistan remittance initiative (PRI)’s mission. The collaborative campaign was centered on the narrative “Hundi Say Inkaar, Pakistan Say Pyaar” and gave Pakistani Diasporas settled across Europe, Australia, Switzerland, and Canada a chance to benefit from remarkable exchange rates while potentially winning ten iPhone 14 Plus or a new Toyota Fortuner. A grand ceremony was held at the renowned PC Hotel Lahore to hand over the Toyota Fortuner 2.7G to the nominated winner, while the iPhones had already been delivered to the winners on their doorsteps in the said countries.

Remittances sent by expats through formal channels are a major source of foreign income to Pakistan. Rewarding customers with exciting prizes is a token of acknowledging their efforts and encouraging them to use regulated channels for sending remittances back home. “We feel proud to successfully conclude another exciting campaign with one of our most trusted partners in Pakistan, HBL,” said Rashid Ashraf, CEO of ACE Money Transfer, while emphasising the importance of home remittance inflows. “Now is the time when our country requires the help of its overseas community, and such drives work as a first-aid in times of crisis”.

Faisal N. Lalani, the Head of International Banking at HBL, further highlighted the initiative, stating, “Our coordinated effort with ACE Money Transfer has been a channel for sustenance and support for many. Along with the convenience of collecting remittance from any commercial branch of HBL across Pakistan, such campaigns aid the economy at large by promoting the legal channels of remittances”.

This content is a paid advertisement by ACE Money Transfer and is not associated with or necessarily reflective of the views of Dawn.com or its editorial staff.