Tagged: SBP

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

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

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

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

Mastercard Teams Up with Pakistan’s Silk Bank to Promote Credit Card and Digital Payments Adoption

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

Fintech Adoption in Pakistan on the Rise with Japan Communications and Saffran Group Committing to Investing in Local Financial Tech Initiatives

Japan Communications Inc., a company that engages in the provision of wireless data communication services via in-house software solutions, has partnered with Pakistan‘s Saffran Group, a multinational technology development company. Through the partnership, the companies will invest in financial technology projects in Pakistan via the… Read More

Digital Banking: State Bank of Pakistan Might Provide Virtual Accounts to Overseas Pakistanis to Help them Manage their Finances

The State Bank of Pakistan (SBP), the nation’s central bank, recently revealed that it’s looking into whether it should provide digital bank accounts to Pakistanis residing abroad. Reza Baqir, the reserve bank’s governor, noted that overseas Pakistanis won’t have to be physically in the country… Read More

Pakistani Fintech Firm SadaPay Receives “In-Principle” Approval from Nation’s Central Bank to Faciltate Digital Payments

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

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