Karachi - Amsterdam, June 08, 2011: United Bank Limited and VoiceTrust Holding today signed a comprehensive Memorandum of Understanding (MOU) regarding their strategic relationship covering a Joint Venture (JV) in Pakistan as well as a launch of international programs.This partnership willcombine UBL’s branchless banking services in Pakistan and its international branch network with VoiceTrust’s Proof-of-Life™ and international mobile wallet programs. Various services will be shortly announced covering G2P (Government 2 Person) payments, mobile-payments and international remittances in initially Pakistan, GCC andthe United States.

United Bank Limited is engaged in providing banking services to its customers in Pakistan as well as internationally with specific focus in the Middle East gulf region, United States and through its subsidiary offices in the United Kingdom and Switzerland. UBL offers branchless banking services in Pakistan via a retail agency modelcombined with UBL Omni’s proprietary payments platform that provides account opening, bill payment, fund transfer, cash transfer facilities including G2P and B2B, B2C bespoke business cash management solutions.

VoiceTrust is a global innovator in Voice Biometric Security (VBS) and mobile prepaid programs. Its flagship business model branded as Proof of Life ™ provides safe, secure and very low cost delivery of various payment services, like pension and other social benefits. VoiceTrust’s solutions also cover enterprise security, self-service call centers, VoiceTrust currently has millions of users benefiting from their VBS services across North America and Europe.

Voicebiometrics has the potential to revolutionize customer authentication and enable financial inclusion in emerging markets. It is natural, convenient and scalable. Customers no longer need to memorize PINs andpasswords, they just use their voice to have their identity verified. Long hours in queues could be a relic of the past, said Tariq Habib, Group CEO of VoiceTrust Holding.

Mr. Atif Bokhari, President & CEO, United Bank Limited has said that “UBL is committed to the objectives of financial inclusion in Pakistan and due to its extensive experience in mass scale G2P projectsis keenly aware that providing a secure and convenient mechanism for customers to access their accounts is critical in encouraging account usage by the unbanked. This partnership with VoiceTrust heralds a unique opportunity of replacing PIN based authentication at the POS with biometric voice recognition whereby risks of PIN security and cost of associated hardware canbe eliminated. We are excited to evaluate the possibility of usage of this technology in other areas of banking as well and not just branchless banking.”