Workers’ remittances rise to a record-high in FY22
The overseas Pakistani workers’ remittances grew by 6.1 percent in fiscal year (Jul-Jun) 2021-22 to US$31.2 billion against the inflows of $29.45 billion in same period of the preceding year. On year-on-year basis, the remittances increased by 1.7% from $2.71 billion in June 2021 to $2.76 billion in same period of the fiscal year 2021-22….
Adil Aziz
U Microfinance Bank Enters into Strategic Partnership with TPL Corp Limited
President & CEO U Microfinance Bank Limited (U Bank) Mr. Kabeer Naqvi and Mr. Ali Jameel, CEO, TPL Corp Limited, signed a Memorandum of Understanding (MOU) of a strategic partnership to promote a synergic partnership between the two organizations. This strategic partnership will create a platform for strengthening the capability of organizations to provide a…
SBP extends Online Portal to EMIs, PSOs and PSPs
In order to promote digitalization and encourage eco-friendly practices, the State Bank of Pakistan (SBP) has developed online portal called SBP Regulatory Approval System (RAS) to enable regulated entities(i.e. banks, Electronic Money Institutions, Payment System Operators, Payment Service Providers etc.) to submit cases/proposals and receive regulatory decisions digitally. Previously, SBP implemented RAS for its various…
PM’s directive: NBP to launch online system for government payments
On the directive of Prime Minister Shehbaz Sharif, the National Bank of Pakistan (NBP) will launch online system for citizens to make government payments without additional charges. The system will start working soon after Eid-ul-Azha, Head of PM’s Strategic Reforms Salman Sufi said Wednesday. Sufi said efforts were afoot to transfer all government payments to…
SBP adopts further four AAOIFI shariah standards for Islamic banking industry
After a comprehensive process of evaluation and deliberations with the internal and external stakeholders, the State Bank of Pakistan (SBP) today, has adopted four more AAOIFI Shariah standards on Salam and Parallel Salam, Istisna’a and Parallel Istisna’a, Combination of Contracts and Irrigation Partnership (Musaqat), with certain clarifications and amendments, a press release said on Monday….
Hysab Kytab signed a strategic partnership with Winikon
Hysab Kytab – a leading FinTech that offers a suite of financial management solutions has signed a strategic partnership with Winikon – IT services company specialized in banking business to enhance the banking experience of customers. This collaboration will help in providing individual-level personalized financial management products and services to banking customers. The partnership between…
RDA inflows rise to $4.356 billion in May
Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.356 billion by the end of May 2022 as compared to US $4.167 billion till end of April, according to a latest data released by the State Bank of Pakistan. The data showed that the inflows of remittances during the month of May were…
Pakistan’s IT company NdcTech showcased at one of the largest global banking events held in Excel London
NdcTech, Pakistan’s leading IT and consulting company was invited to showcase its offerings as a Silver Sponsor at the Temenos Community Forum 2022, one of the most prestigious banking technology events held recently at the world’s financial city, London, UK. Ammara Masood, CEO and President of NdcTech and Asif Peer, CEO Systems Ltd were present…
SBP weighs in measures to conserve energy, fuel in banking sector
State Bank of Pakistan provides policy guideline to banking sector on energy conservation and the Central Bank has already a number of measures in this regard. SBP circular issued on Wednesday, addressing Presidents and CEO of commercial banks and other financial institutions, mentioned that the Federal and Provincial governments were taking a number of actions…
Highest ever daily inflows worth $57 million recorded in Roshan Digital Account: SBP
Deposit inflows in Roshan Digital Account (RDA) recorded highest ever daily figure on Tuesday as $57 million were deposited in a single day. According to a message by official twitter handle of the State Bank of Pakistan with the significant increase, total deposits in RDA have crossed $4.5bn till June 21, 2022. At the end…