Astrik, in partnership with Grant Thornton, has entered into a formal collaboration with JS Bank to automate its IFRS 9 Expected Credit Loss (ECL) and Effective Interest Rate (EIR) framework. The engagement was formalized through the signing of an agreement at JS Bank’s head office in Karachi, marking a significant milestone in advancing digital automation across Pakistan’s financial sector. The project will introduce a comprehensive, technology-driven solution designed to modernize risk reporting, improve accuracy, and strengthen regulatory compliance. The event was attended by senior representatives from all three organizations, highlighting the shared commitment to fostering innovation within the country’s banking industry.
Present at the ceremony were Basir Shamsie, President and CEO of JS Bank; Adeel Ehtesham, CFO of JS Bank; and Noman Soomro, Chief of Staff of JS Bank, along with the bank’s senior management team. Representing Grant Thornton were Partner Khurram Jameel and senior members of the firm, while Astrik was represented by Founder and CEO Shahnawaz Abro and members of its product development team. Together, the partners aim to develop and implement an enterprise-grade automation platform that replaces manual, spreadsheet-based processes with a unified, secure, and auditable system. The new framework will streamline the computation and reporting of ECL and EIR, ensuring compliance with international financial reporting standards while enhancing operational efficiency.
Speaking at the event, Basir Shamsie stated that the deployment of this system would not only improve the accuracy of IFRS 9 reporting but also enhance JS Bank’s overall risk management and data-driven decision-making capabilities. Khurram Jameel, Partner at Grant Thornton, noted that the collaboration between financial and technology experts demonstrates how cross-industry partnerships can elevate compliance automation standards within the banking sector. Shahnawaz Abro of Astrik added that the company’s vision is centered on bridging the gap between technology and compliance through intelligent automation, emphasizing that this initiative reflects Astrik’s broader mission to deliver governance transparency and analytical depth to financial institutions.
The new automation system will form a key part of JS Bank’s credit risk infrastructure. It will feature real-time computation capabilities, configurable scenario testing, and an integrated audit trail covering data, assumptions, and results. Built for scalability and transparency, the platform aligns with international best practices, positioning JS Bank to meet internal governance requirements and external regulatory obligations more efficiently. The engagement underscores Astrik’s expanding role as a trusted technology partner for Pakistan’s financial institutions, while also highlighting Grant Thornton’s expertise in compliance and assurance. Together, the partnership represents a coordinated step toward improving digital resilience, accuracy, and operational excellence across the country’s financial ecosystem.
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