Exporters of goods and services, including IT-based services, are allowed to retain a certain portion of their export proceeds in their Special Foreign Currency Accounts. The fund from these accounts, however, could be utilized for specified purposes only.  Over time the types of payments that exporters need to make have increased as exports are becoming […]

IDEMIA’s Global Fintech Accelerator Card Program, the Pakistan-based fintech firm can now effectively scale-up its operations and offer a superior payment experience, powered by state-of-the-art technology. As the world goes digital payment cards are arguably the last physical touch-point between the bank and its customers. SadaPay’s approach to financial services is to offer free basic […]

The Honorable Prime Minister of Pakistan, Mr. Imran Khan, launched the completion of the first phase of Pakistan’s Instant Payment System, Raast, in a ceremony held in Islamabad and hosted by the State Bank of Pakistan (SBP). Raast is an initiative of SBP under which it has developed Pakistan’s first instant payment system in collaboration […]

Finja, Pakistan’s leading digital lending platform, announced today that it has closed $9 Million of a $10 Million Series A1 financing round. This latest round brings in new investor ICU Ventures, with all previous institutional investors participating again including BeeNext, Vostok Emerging Finance, Quona Capital, and Gray MacKenzie Engineering Services (a Descon company). Under the […]

Today we’ve reached a huge milestone, The State Bank of Pakistan has finally granted SadaPay approval to officially begin pilot operations.  Until now, we had been testing our app and debit card internally with friends and family under our “in-principle” approval, which was awarded to us by the State Bank of Pakistan (SBP) earlier this […]

State Bank of Pakistan (SBP) has issued a regulatory framework to facilitate Business-to-Consumer (B2C) e-Commerce exports from Pakistan. Under the new regulatory framework, the mandatory requirement of ‘Export’ (E) form has been done away with and now an exporter can export goods up to USD 5,000/- per consignment without the requirement of ‘E’ Form. This […]

Zameen.com, Pakistan’s biggest real estate portal, recently entered into an agreement with Faysal Islami to facilitate the construction of affordable houses in the country (as per Prime Minister Imran Khan’s directives). Zameen.com’s Country Head Ahmad Bhatti and Faysal Islami’s Head Retail Banking Tahir Yaqoob Bhatti signed the agreement on behalf of their organizations. Zameen.com CEO […]

The Board of Directors of BankIslami Pakistan Limited (‘The Bank’ or ‘BankIslami’) in their meeting held on October 29, 2020, in Karachi, approved the Bank’s financial results for the nine months ended September 30, 2020. BankIslami posted a profit after tax of Rs. 1.76 Bn during 9M20, depicting a growth of 81% vis-à-vis the same […]

ACE Money Transfer, a leading cross-border remittance provider, today advanced its services and partnership with Bank Alfalah by launching a mega incentive campaign for its customers sending remittances to Pakistan and which are paid by Bank Alfalah. Customers stand to win various prizes, including high-end laptops, smartwatches, motorbikes, gift vouchers, and a grand bumper prize […]

The Board of Directors of Bank Alfalah Limited in its meeting held on October 21, 2020, approved the Bank’s unaudited condensed interim financial statements for the period ended September 30, 2020. The Bank’s operating profit at Rs. 20.614 billion showed a growth of 11.4% compared to the corresponding period of 2019 despite lockdown in the […]