ISLAMABAD: Prime Minister Shehbaz Sharif has upheld the ban on dual nationals serving as governor, deputy governors, and members of the Monetary Policy Committee of the State Bank of Pakistan (SBP), rejecting a proposed amendment to the SBP Act. Despite a unanimous recommendation from a cabinet committee to lift the restriction, the prime minister intervened […]
Karachi, Pakistan – In a significant move to enhance financial inclusion in the country, ABHI and TPL Corp Limited have officially launched ABHI Microfinance Bank, following the acquisition of FINCA Microfinance Bank. The strategic collaboration has received approvals from the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan (CCP), marking a milestone […]
KARACHI, February 25, 2025 – The Pakistan Banking Summit 2025 (PBS’25) concluded on February 25th at the Mövenpick Hotel, Karachi, marking a groundbreaking initiative in the country’s financial landscape. Organized under the aegis of the Pakistan Banks Association (PBA), the two-day event served as a first-of-its-kind collaborative effort, bringing together key stakeholders from Pakistan’s banking […]
Islamabad, February 26, 2025: PTCL Group, the largest ICT services provider in Pakistan, is pleased to announce the appointment of seasoned banker, Tooran Asif as the new President & Chief Executive Officer (CEO) of U Microfinance Bank Limited (UBank). With a distinguished career spanning over three decades in digital and retail banking, Tooran Asif is […]
Islamabad – The federal government is considering the establishment of a National Crypto Council to oversee digital assets and blockchain initiatives in Pakistan, Federal Minister for Finance and Revenue Muhammad Aurangzeb announced during a high-level meeting on digital assets on Tuesday. The proposed council will serve as a dedicated advisory body comprising key government representatives, […]
Islamabad, Pakistan – In a landmark move to enhance financial accessibility, 1LINK has joined forces with NADRA Technologies Limited (NTL) and United Bank Limited (UBL) to introduce Cash-In transactions for all banks across Pakistan. This initiative is being launched under the UBL Super Agency Agreement between NTL and UBL and will be facilitated through NADRA’s […]
KARACHI: February 2025 — The State Bank of Pakistan (SBP) has granted Wemsol Private Limited a license to commence commercial operations as an Electronic Money Institution (EMI). Under this license, Wemsol will offer e-money wallet and payment gateway services to consumers and merchants across Pakistan. The company initially received in-principle approval from SBP in September […]
The State Bank of Pakistan (SBP) has introduced the Raast Participation Criteria, outlining the minimum requirements for entities interested in joining the country’s instant payment system. This initiative aims to enhance digital payment accessibility, promote innovation, and increase competition in the financial sector. Raast: Pakistan’s Instant Payment System Launched in 2021, Raast is a state-of-the-art […]
Introduction Pakistan is at a crossroads. With more than 64% of its population falling under 30 years of age, it has one of the youngest demographics globally, which is referred to as the “youth bulge”, presenting a dilemma for finding a way through it. However, this potential is tied up with developing the skills needed […]
KARACHI – Standard Chartered Bank Pakistan Limited (SCBPL) has announced a record-breaking performance for 2024, reporting a profit before tax of PKR 100.6 billion, reflecting a 13% year-on-year (YoY) growth. The Bank’s performance was driven by strong income growth of 9% YoY, with positive contributions from all business segments. Despite a high inflationary environment and […]