Tagged: State Bank of Pakistan

December 12, 2023 @ 9:35 am By Michael Wong  |  

The State Bank of Pakistan (SBP) has launched a “regulatory sandbox” framework, issuing preliminary guidelines to foster innovation in the financial technology (Fintech) sector. This initiative, part of the central bank’s Vision 2028 strategy, aims to create a more collaborative regulatory environment for startups and… Read More

November 26, 2023 @ 10:15 am By Omar Faridi  |  

Digitt+, an agri-fintech company, has been granted with a full commercial approval by the State Bank of Pakistan. This recent achievement marks “the culmination of an exciting journey that began with pilot approval, during which they onboarded 10,000 customers, facilitated transactions of worth PKR 400… Read More

September 24, 2023 @ 8:11 pm By Omar Faridi  |  

In order to support innovation, financial inclusion as well as the emerging digital financial services ecosystem, the State Bank of Pakistan (SBP) has reportedly issued In-Principle Approvals for launching five digital retail-focused banking platforms. Pakistan’s newly approved online banks reportedly include HugoBank, KT Bank Pakistan… Read More

May 19, 2023 @ 8:27 am By Omar Faridi  |  

Pakistan will reportedly attempt to ban cryptocurrency-related transactions and services. This is not anything new because the country has made similar announcements as far back as 2018 and even earlier. Pakistan‘s Minister of State for Finance and Revenue Aisha Ghaus Pasha recently stated that the… Read More

December 27, 2022 @ 1:30 pm By Omar Faridi  |  

The State Bank of Pakistan (SBP), the nation’s central bank, has reportedly granted approval to the test launch of the country’s very first agriculture-focused Fintech platform, Digitt+ (providing an Electronic Money Institution or EMI permit). Digitt+ is supported by Akhtar Fuiou Technologies (AFT), the firm… Read More

May 21, 2022 @ 7:57 pm By Omar Faridi  |  

YAP, a Fintech streamlining the virtual banking experience in the MENA and South Asia region, has announced that it has been granted an In-Principle Approval (IPA) from the State Bank of Pakistan for an Electronic Money Institute (EMI) License. The approval provides “a tremendous opportunity… Read More

September 14, 2021 @ 10:10 pm By Omar Faridi  |  

The National Database and Registration Authority (Nadra) in Pakistan has added contactless biometric verification services for the nation’s banking and payments sector, making the Asian nation one of the first in the world to introduce the tech on a State-wide level. As first reported by… Read More

August 9, 2021 @ 10:40 pm By Omar Faridi  |  

The Pakistan Software Houses Association had recommended to the State Bank of Pakistan (SBP) that IT firms should be permitted to use 20% of their export earnings to pay for foreign consultants, digital service providers, vendors (among other requirements) in order to conduct operations and… Read More

March 28, 2021 @ 8:25 pm By Omar Faridi  |  

The State Bank of Pakistan (SBP), the nation’s central bank, announced on Friday (March 26, 2021) that it has started working on a separate set of guidelines for virtual banks which will focus on “regional regulatory trends,” according to a report from local sources. As… Read More

March 24, 2021 @ 11:47 pm By Omar Faridi  |  

Supported by an upcoming generation of talented tech professionals, the Fintech industry is evolving rapidly in Pakistan. Fintechs could begin to make major contributions to the Asian country’s nearly $400 billion GDP. Professionals leading the country’s finance ministry and its reserve bank (the State Bank… Read More

March 14, 2021 @ 9:53 pm By Omar Faridi  |  

The State Bank of Pakistan (SBP), the nation’s central bank, stated on Wednesday (March 11, 2021) that all local banking institutions should offer a set of minimum services for Internet banking and mobile banking. The SBP says it wants to encourage or promote the use… Read More

February 14, 2021 @ 6:38 pm By Omar Faridi  |  

Karachi-based Fintech firm Safepay has reportedly acquired seed funding from global financial technology company Stripe. Safepay hasn’t disclosed the amount it has received but claims that it’s a seven-figure (USD) amount. Other local and international investors also took part in the Pakistani Fintech firm’s investment… Read More

February 11, 2021 @ 9:40 pm By Omar Faridi  |  

Arshad Mehmood Bhatti, Director, Exchange Policy Department at the State Bank of Pakistan (SBP), the nation’s central bank, has noted that the SBP has updated its Foreign Exchange Manual in order to facilitate local startups and Fintech firms in the country. The manual was also… Read More

September 22, 2020 @ 6:36 pm By Omar Faridi  |  

Payments technology giant MasterCard has teamed up with Pakistan-based Silk bank to expand credit card issuance options in the country. This could help increase the purchasing power of local residents and promote digital payment adoption as well. Through the partnership, Silk Bank customers in Pakistan… Read More

April 28, 2020 @ 11:52 pm By Omar Faridi  |  

SadaPay, an Islamabad-based Fintech firm, has reportedly been given in-principle approval by the State Bank of Pakistan, or SBP (the nation’s central bank). for an electronic money institution (EMI) license. SadaPay confirmed that the approval will allow it to provide certain financial services through its… Read More

March 10, 2020 @ 9:59 pm By Omar Faridi  |  

Easypaisa, a widely-used digital payments app, is partnering with Seed Out, a Pakistani crowdfunding platform, in order to digitize the payments collection process. Seed Out aims to assist the underprivileged in Pakistan learn the entrepreneurial or business skills required to successfully launch their own company… Read More

February 17, 2020 @ 12:47 pm By Omar Faridi  |  

Ant Financial, an affiliated company of the Chinese Alibaba Group, is reportedly running the first international blockchain-powered payment service in Pakistan. This is a major milestone in the Asian nation’s journey to enable greater financial inclusion. Ant Financial is notably the world’s highest-valued Fintech firm,… Read More

November 14, 2019 @ 11:43 pm By Omar Faridi  |  

The State Bank of Pakistan, the nation’s central bank, has announced the development of a new national digital payment systems strategy that is aimed at promoting financial inclusion, especially for women. Cash transactions dominate Pakistan’s $300+ billion economy, with most people receiving their salaries in… Read More