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August 17, 2023

On the web

July 19, 2023

On the web

TerraPay (Mobex) Partners with Safaricom's M-PESA to Facilitate Seamless Outbound Cross-Border Remittances


"TerraPay, a leading global payments infrastructure company announced its partnership with Safaricom, Kenya's leading telecommunications, IT and financial services provider...The partnership, through TerraPay's group company Mobex (Kenya), a licensed Money Remittance Provider, will enable more than 30 million M-PESA mobile wallet-holders in Kenya to send real-time payments through TerraPay's interoperable network across all wallets in Bangladesh & Pakistan, with plans to roll out India & Nepal in a few months."

March 16, 2023

On the web

Interview with Regional President CEMEA Visa, Andrew Torre


"Andrew Torre is Regional President for Central and Eastern Europe, the Middle East and Africa (CEMEA) at Visa Inc. He oversees Visa operations in more than 90 countries and territories across the region, cultivating relationships with clients and government authorities. He has been with Visa since 2002, where he held global roles across product, strategy and pricing, and had also served as General Manager for Russia and Sub-Saharan Africa respectively....On his recent visit to Pakistan, Torre spoke to Business Recorder, where he discussed Visa’s expansion amid the country’s accelerating digital transformation and the company’s mission in driving greater financial inclusion."

November 8, 2021

On the wires

Mastercard Partners With Pakistan’s One Network to Digitize Road Toll Payments | Middle East/Africa Hub

“Mastercard has signed a strategic partnership with the Pakistani intelligent transport systems provider, One Network, to digitize the country’s road toll payments network. The announcement was signed at the Pakistan Pavilion at Expo 2020 Dubai, where Mastercard is the Official Payment Technology Partner, in the presence of Frontier Works Organization, Pakistan’s biggest toll collection entity.”

October 13, 2021

On the wires

JazzCash and Mastercard Introduce New Solutions to Transform Pakistan’s Digital Payment Ecosystem | Middle East/Africa Hub

“Pakistan’s leading mobile account provider, JazzCash, in collaboration Mastercard, is strengthening the country’s digital payments ecosystem. JazzCash users will now be able to apply for a physical or virtual Mastercard Debit Card and make payments to merchants accepting Mastercard QR payments. The new Mastercard Debit Card will be available to all JazzCash users via a hassle-free application process through the mobile app, call center or by dialing *786#.  The card can be used to pay at over 67,000 point of sale merchants and over 2,000 local online merchants. It also provides access to cash withdrawals at over 16,000 automated teller machines (ATM). Customers will also be able to get Mastercard Virtual Cards instantly through the JazzCash app and then immediately use it for secure online payments.”

August 6, 2021

On the web

State Bank Eases Cross-border Commercial Payments


“The State Bank of Pakistan (SBP) has facilitated the making of commercial payments abroad through a number of ways on account of services availed by the local as well as foreign companies operating in the country. The central bank on Thursday said it had changed foreign exchange instructions pertaining to commercial remittances aimed at ease of doing business and facilitating cross-border commercial payments on account of services.”

June 4, 2021

On the web

Pakistan Startup to Offer Financial Services Post Fund Raise


“TAG Innovation Pvt. will start offering financial services this month in the world’s fifth most populous nation where 70% of adults don’t have a bank account. The Islamabad-based fintech startup will launch with a limited number of customers and will start commercial operations in two to three months after it gets central bank approval, Chief Executive Officer Talal Gondal said in an interview. The startup aims to have millions of customers for its digital wallets in the first few years under its electronic money institution license, he said.”

May 24, 2021

On the web

PM Khan to Launch Ehsaas’ Mobile Saving Wallets Initiative

Global Village Space

“Prime Minister, Imran Khan will visit an Ehsaas Kafaalat payment site in Islamabad to inaugurate the Ehsaas Saving Wallets (Ehsaas Bachat Bank Account) initiative. According to a press release issued here Sunday, the financial and digital inclusion of seven million households is one of the seven overarching goals of the Ehsaas Strategy. Ehsaas Saving Wallets (ESWs) initiative is predicated on the understanding that digital and financial inclusion will open avenues for women to take better advantage of opportunities offered under the Ehsaas National Poverty Graduation Initiative.”

May 3, 2021

On the web

Karandaaz Offering Grants for Digital Financial Services in Savings, Insurance

The Nation

“Karandaaz Pakistan is accepting applications from commercial banks, branchless banks, PSO/PSPs, Fintechs, non-banking financial institutions and entities that primarily focus on the excluded segments of the population, to apply for grants to scale up their pilots that generate new financial use-cases for digital channels. Two categories that have been defined for this set of grants are savings and insurance. In savings, pilots that are testing the use-case generation in term deposits, periodic returns, and rotating savings and credit association (ROSCA), locally known as committee system will be focused”

March 18, 2021

On the web

Pakistani Province Plans to Build Pilot Crypto Currency Mining Farms


“The Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilot “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters on Wednesday. The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon Musk pour funds into it, and the first big U.S. bank, Morgan Stanley, offering its wealth management clients access to bitcoin funds.”

February 11, 2021

On the web

January 12, 2021

On the web

Digital Payments Provider i2c Granted Approval by State Bank of Pakistan to Serve As Electronic Money Institution

Crowdfund Insider

“i2c, a digital payments and banking technology provider, has revealed that it was selected to develop Pakistan’s TAG, which is described as a “digital-native” financial app. i2c is the latest Fintech firm in the country to be granted approval by the State Bank of Pakistan (SBP), the nation’s central bank, to operate as an Electronic Money Institution (EMI).”

Pakistan Government Announces New Instant Digital Payment System


“Pakistan has announced a new government-run instant digital payment system in a bid to boost financial inclusion and government revenue in the country where only a fraction of economic transactions occur on the books. The new system, called “Raast” or “direct way”, will be rolled out in three phases culminating in early 2022, officials from the State Bank of Pakistan said on Monday. Developed through a multi-year collaboration between the State Bank of Pakistan and the Bill & Melinda Gates Foundation, with support from the World Bank, Britain and the United Nations, one goal for Raast is to boost involvement of women in the formal economy.”

September 2, 2020

On the web

Karachi based Fintech Safepay Plans to Become “the Stripe of Pakistan” after Receiving Support from Y Combinator

Crowdfund Insider

“Pakistani Fintech firm Safepay recently received an investment from Y Combinator and it’s now planning to become “the Stripe of Pakistan.” Karachi-headquartered Safepay has notably become the first Pakistani Fintech to complete Y Combinator’s program for startups. The company was reportedly a part of YC’s S20 batch and recently graduated. It has also secured $150,000 in capital.”

August 24, 2020

On the web

NIFT signs MoU with Checkout.com for int’l payment methods

Business Recorder

“NIFT and Checkout.com sign a Memorandum of Understanding (MoU) for collaboration between both entities, bringing greater payment optionality to the Pakistan market. The agreement enables both organisations to provide payment services through each other’s infrastructure, pursue commercial opportunities as a partnership. This strives towards a borderless experience for business and consumers alike, promoting digital payments and settlements for exports and digital commerce across Pakistan.”

November 7, 2018

On the web

‘Almost all’ Pakistani banks hit by hackers


“FIA director Mohammad Shoaib told local media about the breach shortly after cybersecurity firm Group-IB warned that a dump of Pakistani credit and debit card details has been doing the rounds of carder forums. According to Geo News, six banks have suspended the use of their debit cards outside of Pakistan. Last week, hackers got away with at least Rs2.6 million from Bank Islami accounts.”

August 6, 2018

On the web

The need to digitise the economy


“PAKISTAN has been undergoing a digital shift for some years now which has changed the way people shop, pay bills, order cabs, buy cinema tickets, book hotels, do grocery shopping and dine outside.”

May 11, 2018

On the web

State Bank of Pakistan sets new rules for electronic funds transfer

The News Internaitonal

“The State Bank of Pakistan (SBP) on Wednesday unveiled new guidelines for electronic funds transfer to ensure consumer protection and payment transparency.The guidelines define how customers should electronically access their bank accounts for fund transfer, using automated teller machines (ATMs), internet and mobile devices. The regulations will be effective from October.”

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