SBP Introduces Revised Regulatory Framework for Exchange Companies

SBP Introduces Revised Regulatory Framework for Exchange Companies

KARACHI: The State Bank of Pakistan (SBP) has introduced a revised and consolidated Regulatory Framework for Exchange Companies (RFEC) aimed at enhancing governance, internal controls, and compliance within the sector. The updated RFEC consolidates and modernizes existing regulatory instructions, replacing the earlier Exchange Companies Manual. The SBP’s comprehensive review and revision are geared towards streamlining…

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SBP Introduces Revised Regulatory Framework for Exchange Companies

SBP Directs Banks to Replace OTPs With Transaction/Financial PINs in Banking Transactions

The State Bank of Pakistan (SBP) has issued new directives to banks and microfinance banks (MFBs) to bolster the security of financial transactions conducted through mobile apps and internet banking portals. The central bank has mandated the replacement of one-time passwords (OTPs) sent via SMS with Transaction PIN (TPIN) or Financial PIN (FPIN) functionality by…

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Chinese E-Retailer Temu to be investigated by EU Tech Regulators over Sale of illegal Products

Chinese E-Retailer Temu to be investigated by EU Tech Regulators over Sale of illegal Products

BRUSSELS — Chinese online retailer Temu is under investigation by European Union regulators over potential breaches of the EU’s Digital Services Act (DSA), which seeks to prevent the sale of illegal products and safeguard consumers, officials announced Tuesday. If found in violation, Temu could face fines up to 6% of its global revenue. The European Commission’s investigation will…

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IBA Karachi, Stanford University and Bank Alfalah Islamic Partners

IBA Karachi, Stanford University and Bank Alfalah Islamic Partners to Launch Innovative Design Lab

IBA Karachi, in collaboration with Stanford University and with the generous support of Bank Alfalah Islamic, is set to embark on a groundbreaking initiative to revolutionize education and research in Pakistan. The partnership will see the establishment of a state-of-the-art design lab at IBA Karachi, introducing an innovative curriculum, cutting-edge programs, and comprehensive training opportunities…

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Telenor Microfinance Bank Partners with oladoc

Telenor Microfinance Bank Partners with oladoc to Enhance Digital Healthcare Services for easypaisa Users – Fintech News Pakistan

In a significant move towards improving digital healthcare access, Telenor Microfinance Bank has partnered with oladoc to offer a wide range of digital healthcare benefits to easypaisa users. This collaboration aims to empower easypaisa users by providing them with easy access to quality healthcare services through the oladoc mini app. The partnership allows users to…

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MCB Bank Gets Approval to Convert 39 Branches Into Islamic Banking Entities

MCB Bank Gets Approval to Convert 39 Branches Into Islamic Banking Entities

Karachi, July 8, 2024 – MCB Bank Limited (PSX: MCB) has secured shareholder approval to incorporate 39 branches, along with all associated rights and obligations, into its Islamic banking operations. This significant development was communicated to the Pakistan Stock Exchange (PSX) on Monday. According to the official stock filing, shareholders have authorized the transfer of…

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