Karachi: The State Bank of Pakistan (SBP) has allowed exchange companies to connect with Raast, the country’s instant digital payment system, enabling faster and more secure processing of home remittances.
Under the new framework, beneficiaries receiving remittances through exchange companies will be able to receive funds directly into bank accounts, microfinance bank accounts, or digital wallets held with electronic money institutions. The initiative aims to enhance convenience for both remitters and recipients, while supporting Pakistan’s transition towards a cashless economy.
Launched by the SBP in 2021, Raast is a state-of-the-art digital payment system designed to facilitate instant, low-cost, and interoperable transactions across the financial ecosystem. The inclusion of exchange companies represents a major expansion of Raast’s role within the remittance landscape.
The central bank said the digital integration of exchange companies with Raast aligns with its Strategic Plan 2023–2028, which prioritises the development of an innovative, inclusive, and customer-focused digital financial services framework. Strengthening digital payments infrastructure and enabling secure cross-border transfers remain key objectives under the plan.
Over the past two years, the SBP has also implemented a series of reforms to regulate exchange companies and prevent misuse of the foreign exchange market. These measures include enhanced transaction monitoring, stricter regulatory requirements, permission for commercial banks to establish exchange companies as subsidiaries, and the closure of non-compliant firms.
Officials said the latest initiative is expected to improve transparency, strengthen consumer protection, and further formalise remittance flows through the banking and digital payments system.
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