On April 1, 2019, the State Bank of Pakistan (SBP) released a circular announcing the launch of regulations, which have been made under the Payment Systems and Electronic Fund Transfers Act 2007, providing the framework within which non-banking entities will be able to obtain a licence as an e-money institution (EMI).
The SBP aims to foster innovation in the payments industry and promote financial inclusion in the country by creating a level playing field that would allow new players, prospective EMIs, to enter the payments sector and offer digital payments products and services that are more convenient, cost effective, interoperable and secure. The regulations also address potential risks to ensure a high level of consumer protection.
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