October 28, 2024 – The State Bank of Pakistan (SBP) has granted Hubpay (Private) Limited approval to initiate pilot operations as an Electronic Money Institution (EMI) in Pakistan. This milestone marks a key step in Hubpay Pakistan’s plans to provide secure and accessible digital financial services, tailored for individuals and businesses in the country.
Hubpay Pakistan is a subsidiary of Hubpay ADGM, a licensed financial institution headquartered in the UAE. Hubpay ADGM has established itself as a trusted leader in the UAE, specializing in international payments and foreign exchange (FX) solutions for corporate clients. The company’s AI-powered money transfer platform allows users to send funds to over 50 countries and has achieved over 1.2 million downloads from consumers worldwide.
The approval from SBP sets Hubpay Pakistan on the path towards a full-scale commercial launch, starting with a carefully controlled pilot phase. During this phase, a limited number of users will gain access to select financial products, all under the direct oversight of SBP. Looking ahead, Hubpay Pakistan plans to introduce a broader range of services and innovative solutions from its global operations, in collaboration with SBP.
Owais Shaikh, CEO of Hubpay Pakistan, expressed his enthusiasm for this achievement: “We are thrilled to begin operations in Pakistan and to work closely with the State Bank of Pakistan to bring reliable, accessible financial solutions to the market. This pilot phase is a key first step in our journey to empower individuals and businesses with digital financial services tailored to their needs.”
While access to Hubpay Pakistan’s services remains limited during the pilot phase, interested users are encouraged to join the waitlist via the company’s official website.
This approval reflects SBP’s ongoing commitment to fostering digital innovation and broadening financial access across Pakistan. Hubpay Pakistan’s entry into the local market introduces a promising new player in the digital finance sector, dedicated to enhancing the availability of safe and efficient electronic money services.
