The State Bank of Pakistan (SBP) has given In-Principle Approval (IPA) for the establishment of five digital retail banks: HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited, and Telenor Microfinance Bank Limited. This is done in an effort to promote innovation, financial inclusion, and the availability of affordable digital financial services.
The five planned digital banks received IPAs from SBP Governor Jameel Ahmad during a ceremony today at the SBP Museum Building in Karachi. The event was attended by executives from SBP, CEOs of existing banks, Electronic Money Institutions (EMIs), Payment System Operators (PSOs), Payment System Providers (PSPs), Fintechs, and sponsors of prospective DRBs.
Read More: IT Minister Urges Companies to Invest in Pakistan
The SBP Governor spoke on the importance of the DRB initiative, its deep advantages for the financial system, and some of the major issues encountered by this class of financial players during his keynote talk. Ahmad also made reference to a few other crucial regulatory steps in support of creating a digital financial ecosystem and reaffirmed that SBP is fully dedicated to helping different stakeholders for a promising, inventive, and technologically advanced future of banking in Pakistan.
The governor reaffirmed SBP’s commitment to advancing inclusivity, innovation, and responsiveness to the requirements of Pakistani residents to the financial community. He also expressed his anticipation that, once they start operating, digital banks will contribute to the growth of the digital eco-system, stimulate new kinds of client interactions, and offer accessible credit to underserved and unserved elements of society at affordable prices.
Earlier, Deputy Governor Dr. Inayat Hussain welcomed the participants and emphasized that these IPAs would allow the proposed DRBs to move forward in achieving operational readiness in all of their functions, including governance, risk management, capital requirements, compliance, and audit, consumer protection, business continuity, cyber security, product development, deployment of technological infrastructure, formulation of pertinent policies.
Read More: IT Minister Urges Companies to Invest in Pakistan
During the program, the sponsors of the proposed DRBs also spoke. Sponsors of the planned DRBs noted that SBP’s framework for digital banks served as an extensive guidepost along the necessary journey of setting up digital banks in Pakistan while praising SBP’s historic initiative. In addition to having its own problems, they believed that Pakistan offered a wealth of investment potential where digital banks might provide a quicker, more affordable, and more effective way to satisfy the financial needs of the underserved and unserved groups.
They had faith that digital banks will play a crucial role in the financial ecosystem, improving market efficiency and opening up access to a wider range of financial services while also promoting the larger goal of financial inclusion.
The aforementioned planned DRBs were granted a “No Objection Certificate (NOC)” by SBP earlier this year, enabling them to register with the Securities and Exchange Commission of Pakistan (SECP) as a Public Limited Company. Following a thorough and rigorous evaluation process, these institutions were chosen based on a wide range of criteria, including fit and propriety, experience, and financial strength. Additional criteria included a business plan, implementation plan, funding and capital plan, IT and cybersecurity strategy, and outsourcing agreements.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005
