Kathmandu, March 23:

Union Money Transfer Company Ltd (UMTCL) has signed a service agreement with Standard Chartered Bank Nepal Ltd (SCBNL), at a function organised in the capital today, to provide money transfer services in Nepal using plastic card of ‘VISA’ brand.

The agreement was signed by Sujit Mundul, chief executive officer of SCBNL and. Surendra Malla, chairman and managing director of UMTCL. Under this arrangement, SCBNL has sponsored UMTCL for the issuance of Visa Electron Card under the Co-Brand Scheme of

Visa International.

The product offering is the first of its kind in Nepal and the SAARC region and is set to enhance the concept of money delivery service in Nepal by use of latest technology. The strategic alliance with SCBNL and Visa, with their global reach, would widen the network and will help reach larger populace of Nepalese residing anywhere in the Globe.

The use of ‘VISA’ brand plastic cards would revolutionise the concept of money delivery services in Nepal with instantaneous transfer and safe delivery of money. It will also offer cheap and affordable services to Nepalis, within the country and abroad.

UMTCL is promoted by Union Finance Co Ltd, Surendra Malla, chairman Union Finance Co Ltd, Sanjib Rajbhandari, chief executive director Mercantile Office System, Joy Dewan, managing director Zenith Group of Companies, Sajan Ram Bhandary, Corporate Law Associates, Nirmal Gurung, proprietor Gulf Overseas Consultant and Shova Bajracharya.