SBP Introduces Revised Regulatory Framework for Exchange Companies

SBP Cancels License of Al-Hameed International Money Exchange Over Regulatory Violations

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….

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A Global Fintech Recognised by SBP for Remittance Volume to Pakistan

ACE Money Transfer: A Global Fintech Recognised by SBP for Remittance Volume to Pakistan

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…

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SBP Introduces Revised Regulatory Framework for Exchange Companies

SBP Suspends Authorization of Islamabad Exchange Company

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…

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JS Bank and BankIslami partners

JS Bank and BankIslami partners to expand Home Remittance Payouts

Karachi: In a significant move to bolster home remittance services across Pakistan, JS Bank and BankIslami have announced a strategic partnership aimed at expanding secure and convenient remittance payouts nationwide. The collaboration combines the strengths and extensive retail networks of both institutions, promising improved accessibility and service for remittance beneficiaries. Under the partnership, JS Bank…

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Meezan Bank Officially Starts Its Currency Exchange Operations

Meezan Bank Officially Starts Its Currency Exchange Operations

Meezan Bank, Pakistan’s leading Islamic bank, has officially commenced operations of its wholly-owned subsidiary, Meezan Exchange Company Limited (MECL), in Karachi. MECL is set to offer comprehensive remittance and foreign exchange services to all customers. As a part of its initial expansion strategy, MECL aims to open 10 outlets nationwide within the first month of…

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Dubai Islamic Bank Pakistan & Lulu Exchange Signed An Agreement

Dubai Islamic Bank Pakistan & Lulu Exchange Signed An Agreement To Boost Remittances From UAE To Pakistan

Dubai Islamic Bank Pakistan and Lulu Exchange Sign Agreement to Enhance Remittances from UAE to Pakistan Dubai Islamic Bank Pakistan (DIBP) and Lulu Exchange have entered into a strategic partnership aimed at boosting remittances from the United Arab Emirates (UAE) to Pakistan. This collaboration is set to enhance financial services and facilitate smoother cross-border transactions…

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JazzCash and UAE du Pay Forge Strategic Alliance

JazzCash and UAE du Pay Forge Strategic Alliance to Revolutionize Cross-Border Payments

JazzCash and du Pay Forge Strategic Alliance to Revolutionize Cross-Border Payments In a move aimed at streamlining cross-border payments and bolstering financial accessibility, JazzCash, a leading digital financial services provider in Pakistan, has inked a strategic partnership with du Pay, a prominent fintech player based in the United Arab Emirates (UAE). The collaboration is poised…

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SECP Officially Registers The Bank of Punjab Exchange Company

SECP Officially Registers The Bank of Punjab Exchange Company

In a significant development, The Bank of Punjab (PSX: BOP) has achieved official registration for its exchange company by the Securities and Exchange Commission of Pakistan (SECP). The bank disclosed this information to the main bourse on Monday, stating that the SECP has issued the Certificate of Incorporation to “BOP Exchange (Private) Limited,” which stands…

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