State Bank of Pakistan (SBP) witnessed massive response for digital banking license applications. SBP received 20 applications from a wide variety of applicants. including local commercial banks microfinance bank electronic money institute and fintech players

The central bank said in a statement on Wednesday it had completed the process of accepting digital banking license applications by the deadline announced on March 31, 2022.

SBP said foreign players involved in the offshore digital banking space had also expressed interest in entering the Pakistani market. The statement said the strong interest in SBP’s digital banking initiatives from local and international stakeholders reflects confidence in Pakistan’s financial sector and the potential for investment opportunities available in the country.

Earlier this year, on January 3, 2022, SBP introduced a license and regulatory framework for digital banking. This framework lays the foundation for customer convenience. Providing value-for-money digital financial services and foster innovation to achieve SBP’s overall goal of digitizing the banking system. and its main goal is to provide financial services to the underprivileged and disadvantaged groups in society.

During the application period Starting from 3 January to 31 March 2022, SBP has been in close contact with all interested applicants. and has arranged to have a talk/meeting with applicants every round

The SBP team remains committed to providing exceptional support and facilities for all applicants to prepare and submit applications. This state-owned banking initiative will significantly provide financial services to the disadvantaged and disadvantaged groups of society.

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