Web Desk — The State Bank of Pakistan (SBP) issues no-objection certificates (NOCs) to Easy Paisa DB, Hugo Bank, KT Bank, Mashreq Bank, and Raqami \u2014 for establishing digital banks.<\/p>\n\n\n\n
The SBP, in January last year, introduced a Licensing and Regulatory Framework for Digital Banks in line with international best practices.<\/p>\n\n\n\n
With a view to introducing full-fledged digital banks, the framework was the first step, to provide all the banking services through digital means without any need for their customers to visit the branches physically.<\/p>\n\n\n\n
Venture capital firms and a number of foreign players including those already operating in the digital banking space also expressed their interest to venture into the Pakistani market directly or in collaboration with local partners.<\/p>\n\n\n\n
The five applicants, after a thorough and rigorous assessment process, were selected.<\/p>\n\n\n\n
Applicants were assessed on the basis of various parameters including fitness and propriety, experience and financial strength; business plan; implementation plan; funding and capital plan; IT and cybersecurity strategy and outsourcing arrangements, etc.<\/p>\n\n\n\n
Furthermore, it was mandatory for all the applicants to present their business cases to SBP.<\/p>\n","protected":false},"excerpt":{"rendered":"
Web Desk — The State Bank of Pakistan (SBP) issues no-objection certificates (NOCs) to Easy Paisa DB, Hugo Bank, KT Bank, Mashreq Bank, and Raqami \u2014 for establishing digital banks. The SBP, in January last year, introduced a Licensing and Regulatory Framework for Digital Banks in line with international best practices. With a view to …<\/p>\n","protected":false},"author":1,"featured_media":3661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3817","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n