Karachi: The State Bank of Pakistan (SBP) has officially revoked the license of Al-Hameed International Money Exchange (Private) Limited under the provisions of the Foreign Exchange Regulations Act, 1947. In a statement issued on [insert date], the central bank cited multiple contraventions of applicable laws and SBP regulations as the basis for this decisive action. […]
The Saudi Central Bank (SAMA) announced the launch of ‘Samsung Pay’ through the national payment system ‘mada’ in Saudi Arabia as part of its ongoing efforts to enhance the digital payments ecosystem in the Kingdom, aligning with the Saudi Vision 2030. This initiative aims to promote financial inclusion and expand the use of fintech solutions […]
In a significant move to enhance Pakistan’s digital payments landscape, OPay Pakistan (OPaisa) has entered a multi-million-dollar strategic partnership with Faysal Bank Limited, a leading Islamic Bank in the country. This collaboration aims to empower businesses of all sizes—small, medium, and large—to seamlessly adopt digital payment solutions, advancing the nation’s journey towards a cashless economy. […]
In a significant move to enhance digital payment solutions, JS Bank, Kuickpay, and 1LINK have joined forces to facilitate the bulk onboarding of billers onto the 1BILL platform. A formal signing ceremony was held at the 1LINK 1HQ, attended by senior representatives from all three organizations. The event marked the presence of Mr. Syed Jafar […]
ACE Money Transfer, a global leader in the remittance industry, has been recognised by the State Bank of Pakistan (SBP) with a prestigious award for being the Fourth Largest Global Fintech by Remittance Volumes to Pakistan, reaffirming its position as a key driver of Pakistan’s remittance sectors. The award was presented at the 4th Pakistan […]
China has witnessed a transformative leap in payment systems with the launch of Weixin Palm Payment, a cutting-edge hand-scanning technology developed by Tencent. This innovative solution simplifies daily transactions, allowing commuters to access subways and employees to enter office buildings with a quick palm scan. Introduced in May 2023 and officially launched in September, the system […]
The State Bank of Pakistan (SBP) has issued a directive requiring banks and financial institutions to integrate the RAAST payment system into e-commerce platforms and online shopping stores by March 31, 2025. The initiative aims to accelerate the digitization of merchant and business transactions across Pakistan. According to the SBP circular, banks must ensure that […]
LAHORE: The Punjab government is gearing up to integrate its Electronic Invoice Monitoring System (e-IMS) with the Federal Board of Revenue’s (FBR) Point of Sale (POS) system, a move aimed at streamlining tax processes and reducing redundancies. According to officials from the Punjab Revenue Authority (PRA), necessary arrangements for the integration are underway. The integration […]
Islamabad, Pakistan – November 20, 2024 –Euronet Pakistan, a division of Euronet Worldwide and the largest card and payment processor in the country, has announced a landmark strategic partnership with CMA, a globally recognized leader in real-time payments. CMA, headquartered in Sweden, is renowned as the primary vendor for the State Bank of Pakistan’s RAAST […]
The State Bank of Pakistan (SBP) has suspended the authorization of Islamabad Exchange Company (Pvt.) Limited with immediate effect due to violations of SBP’s rules and regulations. In a statement issued by the central bank, it was confirmed that the company, including its head office and all authorized branches, has been barred from conducting any […]