Roshan Digital Account: A groundbreaking investment initiative facilitating foreign investors
The revolutionary vision of an evolved ‘Naya Pakistan’ has also paved way for the banking industry in Pakistan which can utilise this opportunity to pioneer innovative digitised solutions for not only the citizens but also the Pakistani diaspora. Prime Minister Imran Khan has, on many occasions, termed overseas Pakistani’s as the ‘most patriotic’ and has always pressed upon the commendable contribution made by the Non Resident Pakistanis (NRPs) to the socio-economic development and prosperity of their country. And so, for the first time in Pakistan’s history, NRPs are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process.
The Roshan Digital Account (RDA) is the brainchild of the Government of Pakistan and has been spearheaded by the State Bank of Pakistan. The RDA initiative aims at connecting the diaspora with Pakistan financially by facilitating their remittances, and will operate in collaboration with 8 leading commercial banks operating in Pakistan, including Bank Alfalah. These banks will provide innovative banking solutions for millions of NRPs enabling them to open an account in any bank through an entirely digital and online process; without having to visit any bank, embassy or consulate. All they need to do is submit the basic set of information and documents.
Banks have been asked to complete all necessary customer due diligence within the time span of 48 hours.
This initiative was introduced to the overseas’ community in an exclusive dinner hosted by His Highness Sheikh Nahayan Mabarak Al Nahayan, Chairman Bank Alfalah and UAE Minister for Tolerance. His Excellency spoke about the progressive vision behind the Roshan Digital Account, and its significance for Pakistan.
His Highness, Sheikh Al Nahayan said “Pakistan, by several important measures, is recognised as an emerging international financial services centre. This Roshan Digital Account has been designed from the ground up to cater to the needs of high-net-worth individuals through a sophisticated digital platform. This is a product that is rooted in the present and future progress of Pakistan’s economy as one of the emerging markets of the world – an economy where astute investors should want to invest, for the present and the future.”
Mr Atif Bajwa, President & CEO, Bank Alfalah also graced the event and expressed his pleasure at Bank Alfalah’s partnership with the State Bank of Pakistan. He also acknowledged the immense contribution that Non-Resident Pakistanis continue to make towards the prosperity of the nation.
Mr Atif Bajwa, President & CEO of Bank Alfalah commented, “There has forever been a high recognition of the immense contribution that Non-Resident Pakistanis make for the their home country’s economy as well, as for their communities, through remittances and investments. This has been driven by their strong emotional connection with their homeland and their families. However, for the first time, an initiative has been taken to also give them direct and easy access to their financial needs in Pakistan through the Roshan Digital Account. Bank Alfalah is pleased to be a partner in this initiative with the State Bank and Government of Pakistan, and feels privileged to be bringing convenience and flexibility to Pakistanis across the world."
The event was also attended by Dr Murtaza Syed, Deputy Governor SBP and Dr Reza Baqir, Governor State Bank of Pakistan, who spoke to the audience about the convenience and flexibility that this groundbreaking initiative was bringing to NRPs.
The RDA not only allows a faster, cheaper, accessible and secure route to them, but also acts as a corridor that allows them to engage in myriad business activities including renting, selling/buying of property, investment in stocks, as well as in other reliable government led investment opportunities such as the Naya Pakistan certificates, apart from other routine business transactions
The overall concept of Roshan Digital Account, as well as its underlying policies, has been crafted from the ground up to provide NRPs a seamless banking experience, and to extend the net of financial inclusivity to the Pakistani diaspora. The account holder can opt for a fully digitised account in multiple currencies, which means they can choose whether to open a rupee dominated account, foreign currency (including USD, AED, GBP, Euros, and more) or both, and funds in the account will be fully repatriable. Meaning, it will allow for a withdrawal of funds without any extensive approval process or the need for any regulatory approval.
How to open an account?
- Select any of the 8 banks for opening an account (HBL, UBL, Bank Alfalah, Standard & Chartered, MCB, Meezan Bank, Faysal Bank and Samba Bank).
- Visit the selected bank’s website for filling account opening form digitally
- Select the type of Digital Account – a Foreign Currency Account or a Pak Rupee Account
- Upload scanned copies of the following documents to open an account:
CNIC/NICOP/POC
Passport (Pakistani and/or foreign country)
Proof of non-resident status
Proof of profession and source of income/funds:
For salaried individuals: job certificate/salary slips
For business persons: tax return/ rent agreement/ any proof of income- Digital photo will be required that will be taken at the time of filling the form, and will be uploaded live
- Account confirmation opening will be sent within 48 hours
- After account opening, funds can be transferred in the account through banking channels from the country of the residence
For more information regarding Roshan Digital Account, visit here