In a groundbreaking move aimed at fostering a culture of savings and investment, the State Bank of Pakistan (SBP) is set to unveil InvestPak, an innovative platform that will enable individuals and corporations to directly invest in government securities. This initiative is designed to bypass intermediaries such as banks, offering investors the opportunity to earn […]
MCB Bank Limited (PSX: MCB) has announced the appointment of Muhammad Nauman Chughtai as its new President and Chief Executive Officer. The decision was approved by the bank’s Board of Directors during a meeting held on December 11, 2024, according to a notice issued to the Pakistan Stock Exchange (PSX). Muhammad Nauman Chughtai’s appointment will […]
Karachi, Pakistan – November 2024 – Systems Limited, a global system integrator and services provider, proudly announces a landmark agreement with the State Bank of Pakistan (SBP) to upgrade and modernize its Core banking platform to the latest Temenos core banking software and implementation of best-in-class Temenos Payment Hub to modernize the Payment Infrastructure of the Central Bank. […]
LAHORE: The Punjab Information Technology Board (PITB) has joined forces with the Punjab Cooperative Housing Society (PCHS) to implement its innovative PayZen initiative, aiming to digitize and optimize payment processes within the society. The agreement, signed on Tuesday, establishes PayZen as the primary platform for all types of payments within PCHS, promising enhanced efficiency, transparency, […]
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 […]
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved its Strategic Action Plan 2024-2026, aimed at advancing Islamic finance across all non-bank financial sectors under its regulatory ambit. The plan, developed in collaboration with key stakeholders, seeks to enable Islamic finance across regulated sectors by December 2026 and pave the way for a […]
The federal government has revised the profit rates on National Savings Schemes (NSS), with significant cuts of up to 250 basis points, effective December 10, 2024. According to data released by Arif Habib Limited (AHL), the profit rate for the Regular Income Certificate (RIC) has been reduced by 10 basis points, bringing it to 12.00%. […]
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. […]
Pakistan Mercantile Exchange Limited (PMEX) has appointed Mr. Khurram Zafar as the Chief Executive Officer, who has already taken charge. Mr. Khurram Zafar joins PMEX with a robust background in business, technology, and capital market leadership in Pakistan, Europe, and the United States. Prior to his appointment at PMEX, Khurram led a Pakistan focused venture […]
Lahore, December 7, 2024 – The Small and Medium Enterprises Development Authority (SMEDA) and Pakistan Banks’ Association (PBA) have signed a landmark Memorandum of Understanding (MoU) aimed at enhancing access to finance for small and medium enterprises (SMEs). The signing ceremony, held at SMEDA’s Head Office, was graced by Federal Minister for Industries and Production, […]