Tagged: pakistan

Pakistan to Conduct Research on Developing its own Central Bank Digital Currency to Enable Greater Financial Inclusion

Pakistan is reportedly planning to carry out studies in order to potentially launch a State-backed virtual currency so that it can enhance its existing banking system, enable greater financial inclusion, and also ensure that illicit activtiies such as money laundering are not being carried out… Read More

US Dept of the Treasury’s Office of Foreign Assets Control Sanctions Individuals, Entities for Attempting to Undermine 2020 US Presidential Election: Report

On April 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 16 individuals and 16 entities for “attempting to undermine and influence the 2020 US presidential election,” blockchain security firm CipherTrace noted in a blog post. CipherTrace also mentioned… Read More

Real-Time Account Payout Features Now Supported by Pakistan’s Faysal Bank via Western Union Partnership

Western Union, a leading provider of cross-border, cross-currency money transfer services, is teaming up with Pakistan’s Faysal Bank in order to improve its real-time bank account transaction network. Receivers of global money transfers in Pakistan can take advantage of Western Union’s real-time account payout feature… Read More

Pakistan-Based Fintech SadaPay Secures $7.2 Million Through Seed Funding Round Led By Recharge Capital

  SadaPay, a Pakistan-based fintech startup, has reportedly secured $7.2 million through its latest seed funding round, which was led by Recharge Capital with participation from Kingsway Capital, Raptor Group, Ualá’s founder Pierpaolo Barbieri, Ribbit Capital’s Brian McGrath, former General Catalyst partner Ilan Stern, and Valon Technologies’ founder… Read More

Digital Banking: State Bank of Pakistan Releases New Guidelines for Virtual Banks, but Cash Is Still King in the Country

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

Fintech Firms in Pakistan Continue to Receive In-Principle Approval from State Bank to Offer Digital Financial Services

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

Pakistani Online Payments Fintech SadaPay Explains Why Customer Experience with a Human Touch Is So Important

The team at SadaPay, a Pakistan-based online payments provider, notes that when products are developed with technology at the “core of the value proposition,” the customer interactions “tend to be digital as well.” As mentioned in a blog post by the Fintech firm, the human… Read More

State Bank of Pakistan Instructs Financial Institutions to Create Chief Digital Officer Role, Offer Better Support for Internet Banking

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

Pakistani Online Payments Fintech SadaPay Introduces Numberless Debit Card for Seamless Digital Transactions

Islamabad-based Fintech firm SadaPay has introduced the region’s first numberless debit card. SadaPay’s management confirmed that the company’s debit card is now officially the first numberless card to be launched across all of the MENA region. The SadaPay team noted in a blog post: “This… Read More

Fintech Stripe Invests in Karachi based Digital Payments Startup Safepay’s Seed Round

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

Pakistan Is Now Fully Committed to Supporting Fintech Startups, Also Updates Foreign Equity Investment Policy

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

Azimo Launches Money Transfer Service with HBL in Pakistan

Azimo, a digital money transfer service, has announced the launch of a money transfer service to Pakistan in partnership with HBL, Pakistan’s largest commercial bank. The new service will allow Pakistanis living in the UK, Europe and Australia to send money in minutes, according to… Read More

Fintech Adoption in Pakistan and Digital Transformation Supported by Local Fintechs Could Improve Tax Collection: PM Imran Khan

The team at Islamabad-based Fintech firm SadaPay has been introducing innovative and appealing financial products and services that are focusing on younger consumers in Pakistan. SadaPay is offering black, sleek premium spending cards which may be comparable to some of the cards offered by European… Read More

Bill and Melinda Gates are Now Backing New Digital Payments System in Pakistan which Supports Financial Inclusion for Women

Pakistan has introduced a state-managed instant digital payments platform in order to promote greater financial inclusion. The new online payments system, Raast, has been launched to support women who might have been financially marginalized or unable to access modern financial services for a long time…. Read More

Pakistan’s Central Depository Company Introduces Fintech Platform for Comparing and Investing in Mutual Funds

Pakistan’s Central Depository Company (CDC) has introduced the first Fintech platform in the country that will allow people to compare and invest in different mutual funds with the goal of increasing the share of the mutual fund asset class from 1.6% of the GDP to… Read More

Pakistan based Online Payments Fintech SadaPay Now Approved by State Bank to Launch Pilot Operations

Islamabad-based Fintech firm SadaPay recently revealed that the State Bank of Pakistan (SBP), the nation’s central bank, has granted the company approval to “officially begin pilot operations.” The SadaPay team noted that until now, they’d been testing their app and debit card internally with close… Read More

P2P Bitcoin Exchange Paxful to Enforce Mandatory ID Verification in Most Asian Countries, Partners with Digital Bank

Peer to peer (P2P) Bitcoin exchange Paxful has confirmed that ID verification will soon become mandatory for many different countries beginning this month (December 2020). Paxful claims it’s one of the few crypto-asset marketplaces that strictly enforce KYC (Know Your Customer) verification checks and procedures…. Read More

Checkout.com Data Reveals Digital Payments in MENA Region and Pakistan have Nearly Doubled after COVID

A report released earlier this week by Checkout.com reveals that digital commerce and online payments are on track for major growth next year. Internal Checkout.com data indicates that digital payment transfers have almost doubled in the MENA region since the beginning of the COVID-19 outbreak…. Read More

Pakistani Digital Payments Firm SadaPay Appoints Safraz Baig as Head of Customer Experience

Pakistani Fintech firm SadaPay has appointed Safraz Baig, a former Careem executive, to lead its customer experience team. The SadaPay team claims that not many business leaders in Pakistan truly understand the value of great customer experience. They also note in a blog post that… Read More

Pakistan’s Mobilink Microfinance Bank Receives Best Digital Bank Award from Nation’s CFA Society

VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), an established multinational provider of connectivity and various digital services, has revealed that Mobilink Microfinance Bank Ltd (MMBL), which is part of Pakistan’s mobile operator Jazz, has been awarded “the Best MicroFinance Bank (Digital) of the Year Award”… Read More

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