The State Bank of Pakistan (SBP) has issued new directives requiring banks to file recovery suits in court for non-performing loans (NPLs) with an outstanding principal amount exceeding Rs. 10 million at least two years before considering them for charge-off. This move aims to ensure that recovery efforts for such NPLs are not compromised. In […]
Lahore 23-07-2024: Commerce Plex, a wholly owned and fully licensed subsidiary of Simpaisa Holdings is collaborating with Faysal Bank Ltd to seamlessly integrate fintech innovation with banking expertise. This strategic alliance aims to provide increased efficiency and transparency in remittance services. With roots originating in the UK and licensed & regulated as a Foreign Money […]
Lahore, Pakistan – Zyp Technologies, Pakistan’s pioneering electric two-wheeler mobility company, has successfully raised $1.5 million in Series Pre-A funding. The round was led by Shorooq Partners, with participation from existing investor Indus Valley Capital and several angel investors. This funding will support the city-wide launch of Zyp’s electric smart mobility technologies in Lahore, marking […]
Karachi, Pakistan — WeatherWalay, Pakistan’s pioneering digital weather service company, has announced a strategic partnership with Neem, a leading embedded finance platform, to introduce a seamless embedded payment solution for its customers. This collaboration aims to enhance the payment experience by offering a variety of reliable options, including cards, bank accounts, and mobile wallets, directly […]
Amsterdam and Karachi, 22 July 2024 – VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON), a global digital operator, proudly announces that Jazz, its leading digital operator in Pakistan, has secured the country’s largest long-term private sector syndicated credit facility, amounting to PKR 75 billion (approximately USD 270 million). This landmark 10-year financing arrangement is set to […]
Karachi, Pakistan – The Bank of Punjab organized an interactive session featuring Professor Stefan Dercon with local industry leaders in Karachi this week. Professor Dercon, a distinguished academic and policy advisor, currently serves as a Professor of Economic Policy at the Blavatnik School of Government and the Economics Department at the University of Oxford. His […]
KARACHI: Top representatives from the banking and fintech sectors along with state regulators gathered to discuss ways and suggest implementable solutions to digital based financing for supply chains for small and medium enterprises and the agriculture sectors at the 5th DigiBAP Summit 2024 on Monday at a local hotel. The summit featured panel discussions and […]
Karachi: The 5th edition of the DigiBap Summit, focusing on “Leveraging Technology for Digital Supply Chain Finance (DSCF) Solutions,” is set for Monday, July 22nd at Mövenpick Karachi. The event will address the State Bank of Pakistan’s (SBP) mandate for banks to extend supply chain financing digitally to SMEs.The conference will kick off with an […]
In a groundbreaking move, nine insurance companies have signed a Memorandum of Understanding (MoU) with the Central Depository Company (CDC) to establish Pakistan’s first centralized auto insurance repository. The initiative, under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), marks a significant step forward in the digital transformation of the country’s […]
Islamabad, July 2024 — Digital transactions accounted for 83% of total retail payments in Pakistan during the third quarter (January-March) of the fiscal year 2023-24, according to the State Bank of Pakistan‘s (SBP) Quarterly Payment Systems Report. The remaining 17% of transactions were conducted over-the-counter (OTC) at bank branches. Banks and Electronic Money Institutions (EMIs) […]