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SBP to provide low-cost financial services with digital banking - Zameen News

SBP to provide low-cost financial services with digital banking

April 19, 2019 • news

Karachi: The State Bank of Pakistan (SBP) will promote digital banking through policymaking to provide low-cost financial services to the people, a news source reported. The authority will introduce this measure under its Financial Inclusion Programme.

Read: SBP plans to issue digital currency by 2025

Executive Director Banking Policy & Regulations Group SBP Syed Irfan Ali addressed the 12th UBL Digital International Mobile Commerce Conference 2019 in Karachi. He said that the banking industry in Pakistan will go through a major change this year due to measures being taken for digital banking through policy making.

He also stated that SBP has already implemented e-Money (Electronic Money Institutions) regulations. He added that this provision has helped financial institutions to make payments with crypto-currencies.

Read: SBP to establish facilitation desk for foreign exchange, remittances

UBL President & CEO Sima Kamil said that Pakistan is experiencing a digital revolution given the imperatives of financial inclusion inherent with the explosion of digital technology. She thanked SBP for having played the role of a supportive regulator in the banking industry’s initiatives for digitisation.