Faysal Bank Limited, a leading Islamic financial institution known for its commitment to technological innovation with Sharia compliance, announced a strategic collaboration with OPay, a global fintech giant with a proven track record in providing cutting-edge digital payment solutions.
The collaboration aims to empower the entire spectrum of small, medium,...
Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi with support from the Abu Dhabi Investment Office (ADIO) to grow its international operations.
ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in 2022 where the...
NayaPay, a rapidly growing financial platform, has partnered with Alipay+, a cross-border digital payments and marketing platform operated by Ant International.
The collaboration between NayaPay and Alipay+ is set to make a significant impact by deploying QR codes compatible with both RAAST and Alipay+ payment partners, including e-wallets and bank...
In a groundbreaking announcement, the State Bank of Pakistan (SBP) has revealed its upcoming launch of an advanced foreign exchange trading platform, a move set to redefine the landscape of financial transactions within the country. This introduction signifies a significant stride toward modernizing financial systems and fostering innovation in...
In a significant move towards digitizing financial transactions, the government is set to introduce a National Digital Wallet equipped with enticing cashback rewards. This strategic initiative underscores the administration's commitment to fostering a digital economy, promoting financial inclusion, and encouraging the use of electronic payment methods across the country.
The...
In a significant economic development, there has been an astonishing 86% decline in bank loans extended to the private sector. This substantial reduction raises concerns and points to a shift in the dynamics of lending activities, potentially impacting businesses, entrepreneurs, and overall economic growth.
The sharp decline in bank loans...
In a collaborative effort, Pakistan is set to engage with the World Bank to secure an additional financing of $250 million for the Competitive and Livable City of Karachi (CRISP) Program. This strategic collaboration reflects Pakistan's ongoing commitment to addressing urban development challenges, enhancing the livability of cities, and...
In a noteworthy directive, the State Bank of Pakistan (SBP) has called upon banks to adopt Shariah standards and practices formulated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This strategic move underscores the SBP's commitment to enhancing the Islamic banking sector's adherence to globally recognized...
In a recent communication with the International Monetary Fund (IMF), Pakistan Tells IMF its intention to raise the key interest rate should there be a simultaneous occurrence of rupee depreciation and a surge in inflation. This strategic communication emphasizes Pakistan's proactive approach to economic management, signaling its commitment to...
In a recent development, Pakistan assures the IMF of its dedication to maintaining a market-determined exchange rate. This commitment is a significant aspect of the ongoing collaboration between Pakistan and the IMF, aiming to stabilize the country's economy, enhance financial transparency, and meet the conditions outlined in the IMF...
