Digital Banking Plan to Be Approved within a Month
According to news reports, State Bank of Pakistan (SBP) Deputy Governor Sima Kamil revealed in Karachi that a digital banking plan has been developed and will be approved within a month for proper implementation.
During a speech at the 19th Annual Conference on Future Banking 2021 Summit, the deputy governor of the SBP disclosed that the digital banking plan has been finalized following extensive consultation.
The second phase of the central bank’s quick payment system, Raast, would reportedly be introduced in November. Under this payment system, P2P (person-to-person) financial transactions will be permitted. In addition, it was claimed that six banks are undergoing integration.
In addition, the Deputy Governor of the SBP, Kamil, claimed that the central bank is working on “Open Banking.” Sharing additional information about this endeavor, the deputy governor disclosed that the working plan had been finalized and that work is underway to open Application Programming Interfaces (APIs).
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