Pakistan is set to have digital banks soon. The State Bank of Pakistan has taken an initiative in this regard and its executive director Syed Irfan Ali said this new category of banking services will provide more people with access to banking services. He said that the current crop of banks will be allowed to operate online services without the need for physical locations. The central bank is now working on a regulatory framework for the operation of the digital banks. Ali said the digital banks would incorporate new and developing technologies throughout a financial services entity, in concert with associated changes in internal and external relationships, to provide enhanced customer services and experiences effectively and efficiently. Owing to the availability of fast internet all over the country, most citizens are adopting the use mobile banking. The inclusion of digital banks will further enhance the penetration of branchless banking which is quickly catching up.
