Pakistan’s remittances hit $3 billion
Inflow of overseas workers’ remittances clocked in at nearly $3 billion in July, a massive 48 percent higher on a year-on-year basis when compared with $2.03 billion in the same month of the previous year, according to the statement by the State Bank of Pakistan.
Editor
JS Bank wins leading Digital Bank Award
JS Bank, one of the fastest growing banks in Pakistan, has been awarded the Leading Digital Award accolade at the CxO Elevate 2024 Awards. JS Global, a subsidiary of JS Bank, has been recognized with the Digital Investment Transformation Award.
Mehfooz
SECP alerts public to fraudulent trading platform Aviva Investment Group
The Securities and Exchange Commission of Pakistan (SECP) has identified an illegal trading platform operating under the name “Aviva Investment Group/ H1- Aviva Securities Exchange Academy/ Aviva Investment Limited “. The platform is being promoted through various WhatsApp groups and social media channels and is falsely claiming\substantial returns on trading in the Pakistan Stock Exchange and international stock markets.
State Bank to announce monetary policy on Monday
The State Bank of Pakistan (SBP) will announce Monetary Policy on July 29 in a meeting of the Monetary Policy Committee (MPC).
Pakistan’s total liquid foreign reserves $14.335 billion
The total liquid foreign reserves of Pakistan stood at US$ 14,335.4 million as of July 19 while the reserves held by the central bank were recorded as $ 9,027.2 million.
Adil Aziz
Mobilink Bank to upgrades treasury operations with collaboration of AutoSoft Dynamics
Pakistan’s leading digital microfinance bank, Mobilink Bank, has brought on board AutoSoft Dynamics, a renowned global provider of core banking and financial application solutions, as a strategic partner to automate their treasury operations.
JazzCash leads way in Digital supply chain finance
Speaking at a panel titled ‘Strategies for Thriving in Pakistan’s Digital Supply Chains: Inflation, Credit Dynamics, and Digital Imperatives’ at the DigiBap Summit 2024, Aamir illustrated how fintech players like JazzCash are enabling grassroots digitisation in rural and semi-urban areas to enable end-to-end Digital Supply Chain Finance (DSCF) Solutions for MSMEs.
Stakeholders urged to collaborate for enhancing digital supply chain finance
Top representatives from the banking and fintech sectors along with state regulators gathered to discuss ways and suggest implementable solutions to digital based financing for supply chains for small and medium enterprises and the agriculture sectors at the 5th DigiBAP Summit 2024 on Monday at a local hotel. The summit featured panel discussions and presentations by leading bank presidents and CEOs as well as senior executives on issues such as Financing the Future, Digital SME Lending, Strategies for Digital Supply Chain Financing, and Future of Digital Lending.
SECP notifies adoption of fresh AAOIFI Shariah, Governance, and Ethics Standards
The fresh Shariah Standards, namely 21, 27, 30, 44, 45, 46, and 53, have been notified through SRO 729 (I)/2024 for implementation by the Islamic financial institutions under SECP’s regulatory domain. The SECP is gradually adopting AAOIFI’s Standards as a benchmark for Islamic financial services, aiming to ensure harmonization and standardization in business practices within the local business context.
Pakistan’s digital transactions in retail payments significantly rises
Digital transactions were 83% of total retail payments for the quarter, processed by Banks and Electronic Money Institutions (EMIs) whereas 17% of transactions were conducted Over-the Counter (OTC) at bank branches. Collectively, Banks and EMIs processed 844 million retail payments amounting to PKR 128,470 billion during the quarter. This included 47% funds transfer transactions, 33% cash withdrawals, 11% POS and e-commerce purchases, 6% bill payments and mobile top-ups, and the remaining transactions comprised deposits, tax payments, invoice-based payments, and donations.