KARACHI - In a bid to foster innovation, financial inclusion and availability of affordable digital financial services, State Bank of Pakistan has granted In-Principle Approval for establishing five digital retails banks, namely HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited.
Today, in a momentous ceremony at SBP Museum Building in Karachi, Governor SBP, Mr. Jameel Ahmad awarded IPAs to the five proposed digital banks. Mr. Jameel assured the financial fraternity of SBPs commitment to make financial system more inclusive, more innovative, and more responsive to the needs of the citizens of Pakistan. He also shared his expectations that post operational commencement, digital banks will help developing a digital eco-system, foster a new set of customer experience, provide affordable digital financialEarlier, while welcoming the participants, Dr.
The sponsors of proposed DRBs also shared their thoughts during the program. While welcoming SBP’s landmark initiative, proposed DRBs’ sponsors highlighted that SBP’s framework for digital banks served as a comprehensive guidepost throughout the required journey of setting up digital banks in Pakistan.