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State Bank Approves EMI License for Fintech

The State Bank of Pakistan (SBP) has continued to support the online financial ecosystem by implementing several initiatives, such as the Raast rapid payment system and the Roshan Digital Account.

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In this context, the central bank recently granted a new fintech’s request for an Electronic Money Institution (EMI) license for its preliminary approval.

Akhtar Fuiou Technologies (AFT) will shortly begin a trial programme for its e-wallet company after receiving clearance.

The company wants to transform Pakistan’s technology and commercial landscape in order to quickly increase financial inclusion.

Three significant corporate organizations from Pakistan and China—the Akhtar Group, Shanghai Fuiou Payment Services (Fuiou Group), and JollyChic—joined forces to create the firm.

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In order to bring Pakistanis living abroad under the local banking system, he explained ideas for developing an ecosystem for both inbound and outbound remittances.

He was upbeat that the business will be able to implement a technology that has previously assisted China’s economy in being digitized in Pakistan with the support of the central bank.

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