KT Bank granted SBP approval to launch digital banking services
in Pakistan
KT Bank, an emerging digital bank, has received In-Principle
approval from the State Bank of Pakistan (SBP) in a recent ceremony hosted by
SBP. The approval was presented by Mr. Jameel Ahmad, Governor of SBP, during an
elegant event held at the SBP Museum. Dr. Inayat Hussain, Deputy Governor, and
Mr. Akhtar Javed, Executive Director of SBP, were also in attendance on this
significant occasion.
KT Bank is poised to leverage cutting-edge technology and
digital channels to offer a comprehensive range of banking services and
products. These encompass digital payments, online account management, and
personalized financial solutions.
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Speaking at the event, Mr. Ali Mukhtar, Director at Fatima
Group and Sponsor of KT Bank, stated,
"Pakistan's vast demographic and economic potential
positions it on the brink of a financial renaissance. KT Bank is charting a new
course for Pakistan's financial landscape. The bank will harness the strengths
of its consortium partners to provide unparalleled benefits to all Pakistani citizens,
including millions of users associated with these companies. With a particular
focus on Fatima Fertilizer's agricultural connectivity and the insights from
City School Group's education industry involvement, KT Bank plans to introduce
tailored financial solutions that enable farmers to access the latest farming
technology. Additionally, the digital bank will develop effective education
finance solutions."
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Tooran Asif, Transaction Lead, and Designated CEO (pending
regulatory approval) of KT Bank, expressed,
"I would like to extend my heartfelt gratitude to the
State Bank of Pakistan, which has long served as a beacon of visionary
leadership in the field of financial inclusion and branchless banking. The Bank
will champion SBP's financial inclusion agenda by creating digitally enabled,
simplified accessibility and convenience for all prospective customers. KT Bank
takes pride in being built upon the solid foundations of its consortium
members. Furthermore, the Bank will enter the SME segment by offering top-tier
digital solutions and contribute to the development of the SME ecosystem."
Source: phoneworld.com.pk