SBP gives IPA for EMI licence to fintech

The State Bank of Pakistan (SBP), in its efforts to enhance digital financial inclusion in the country, has given in principle approval for the grant of Electronic Money Institution (EMI) licence to a financial technology firm.

With the central bank’s approval, Hubpay became the first fintech with an international licence to gain an in principle approval in Pakistan to hold the EMI licence.

Talking to The Express Tribune, Hubpay Pakistan CEO Owais Shaikh said that the MENAP-focused firm dealt in digital payments and expanded its services to Pakistan.

Talking about the fintech ecosystem, he said that there were countless opportunities in the country. “With a population of 240 million, no type of effort is enough and fintechs are working to boost financial inclusion in Pakistan,” the CEO said.

Speaking about the aim of the startup, he added that it was stepping up efforts to enhance the flow of remittances to Pakistan.

He expressed satisfaction over the State Bank’s regulations, terming the central bank highly supportive of fintechs and other companies. He cherished that the central bank was helping international companies to enter Pakistan.

“We are also the first fintech licenced in the UAE to get in principle approval to operate as an EMI in Pakistan,” he said.

On the occasion, Hubpay Founder and CEO Kevin Kilty remarked that the fintech market across MENAP (Middle East, North Africa, Afghanistan and Pakistan) was at a turning point.

A wave of new digital regulatory regimes had been launched, enabling businesses to offer all-out digital solutions to the under-banked consumers, he said.

Published in The Express Tribune, February 16^th, 2022.

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