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Pakistan to have framework for launching digital banks

State Bank of PakistanKarandaaz, a not-for-profit company promoting access to finance for SMEs through commercially directed investments and financial inclusion for individuals through digital solutions signed an agreement, has signed an agreement with State Bank of Pakistan under which Karandaaz will support the regulator’s efforts to create an enabling environment based on international best practices for digital banks. Karandaaz will provide technical assistance to the regulator for formulating legal and regulatory framework including licensing criteria for digital banks in Pakistan. Improving the efficiency, effectiveness and fairness of the banking system through strengthening and streamlining the regulatory and supervisory framework are amongst the six main goals of State Bank of Pakistan’s Vision 2020. The banking sector and market players at present need regulatory direction to offer services as standalone digital banks. State Bank of Pakistan is already working to introduce a separate category of banking services through promulgation of a framework for digital banks in Pakistan. The output of this engagement will be comprehensive recommendations for formulation of the regulatory framework, including licensing criteria and any amendments required in existing legal frameworks for the advent of digital banks in Pakistan.

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