Pakistan to get five digital retail banks
Pakistan is set to welcome the establishment of five digital
retail banks. The State Bank of Pakistan (SBP) granted 'in-principle approvals'
(IPAs) for these digital banks with the aim of promoting innovation, enhancing
financial inclusion, and ensuring the availability of affordable digital
financial services. SBP Governor Jameel Ahmed presided over a momentous
ceremony held at the SBP Museum Building in Karachi to confer these IPAs.
Singapore-based
consortium to open digital bank in Pakistan
The event drew the participation of sponsors of the proposed
digital retail banks, CEOs of existing banks, Payment System Operators (PSOs)/
Payment System Providers (PSPs), Electronic Money Institutions (EMIs), Fintech
companies, and senior management from the central bank. The statement released
by the central bank emphasized that, following the fulfillment of necessary
requirements, these entities have been granted in-principle approval to prepare
for the operational launch of digital financial services.
SBP
set to launch Pakistan's first digital currency
During the ceremony, SBP Governor Jameel Ahmed underscored
the significance of introducing digital banks in Pakistan and outlined the
profound benefits they offer to the financial system. He also acknowledged the
key challenges faced by such financial players. Jameel Ahmed highlighted
several other regulatory initiatives aimed at fostering a digital financial
ecosystem and assured the commitment of SBP to support various stakeholders in
advancing the innovative and digitally empowered future of banking in Pakistan.
He further reassured the financial community of SBP's dedication to enhancing the inclusivity, innovation, and responsiveness of the financial system to cater to the needs of Pakistan's citizens. Additionally, he expressed his anticipation that once operational, digital banks will contribute to the development of a robust digital ecosystem, offer a new level of customer experience, and provide affordable digital financial services, including credit access to underserved segments of society.
Source: ARY News