Pakistan Fintech Association Urges Stronger Governance and Compliance in Fintech Sector
The Pakistan Fintech Association (PFA) has called on all fintech companies, both regulated and non-regulated, to place a heightened emphasis on robust governance and compliance structures. As the financial landscape evolves and regulatory expectations rise, the PFA reaffirms its commitment to supporting fintech companies in achieving and maintaining high standards.
Emphasis on Strong Governance and Compliance
In a recent statement, the PFA urged fintech companies to adopt and reinforce strong governance frameworks and compliance measures. These steps are essential not only for regulatory adherence but also for sustaining customer trust and ensuring long-term success. The association pledged to assist fintech companies in navigating these requirements by offering guidance, resources, and support to develop and implement effective governance and compliance strategies.
Navigating Economic Challenges and Encouraging Sustainable Growth
The past two years have posed significant challenges for the fintech sector, particularly those focused on savings and financing, due to macroeconomic pressures. Despite these hurdles, payment fintechs have demonstrated remarkable resilience and adaptability. The PFA encourages fintech founders to prioritize building sustainable growth models as the economic environment and Foreign Direct Investment (FDI) outlook gradually improve. By focusing on sustainability, fintech companies can better weather economic fluctuations and contribute to the overall stability and growth of the financial ecosystem.
Expanding Raast’s Distribution Partnerships
Raast, Pakistan’s instant payment system, marks a significant advancement in providing low-cost, contextual, and instant settlement rails. However, its potential can be further maximized by expanding its distribution partnerships beyond traditional banks. The PFA advocates for greater inclusion of fintech companies as distribution partners for Raast, which would enhance its reach and accessibility. This collaborative approach aims to bolster Raast’s adoption while driving innovation and inclusivity within Pakistan’s financial landscape.
The Pakistan Fintech Association remains committed to fostering a robust, compliant, and innovative fintech ecosystem, essential for the sustainable growth and stability of the financial sector in Pakistan.
About Pakistan Fintech Association
The Pakistan Fintech Association (PFA) is dedicated to fostering the growth and development of the fintech industry in Pakistan. PFA collaborates with industry stakeholders, regulators, and policymakers to create an enabling environment for fintech innovation and to ensure the sector’s contribution to the broader financial ecosystem.
