SBP Approves EMI License for Fintech

The State Bank of Pakistan (SBP) has supported Pakistan’s digital financial ecosystem by implementing several initiatives such as the Roshan Digital Account and the Raast instant payment system. In this context, the central bank recently awarded preliminary clearance to a new fintech’s application for an Electronic Money Institution (EMI) license.

Akhtar Fuiou Technologies (AFT) will shortly begin a pilot operation for its e-wallet business after receiving approval. The company wants to change Pakistan’s economic and technological environment in order to increase financial inclusion quickly.

The company wants to change Pakistan’s economic and technological environment in order to increase financial inclusion quickly.

The Akhtar Group, Shanghai Fuiou Payment Services (Fuiou Group), and JollyChic, three big Pakistani and Chinese business companies, came together to form the organization.

Commodities, fast-moving consumer goods (FMCGs), ethanol, industrial gases, and textile manufacturing are among the Akhtar Group’s specialties.

AFT Chairman Humayun Akhtar Khan stated, “Our objective is to provide a range of hardware and software solutions to assist the growth of the fintech sector and improve the digitization of FMCGs and farm transactions.”

“I am confident that with our technology, the domestic industry will be able to tackle many cases about their payment needs,” he added.

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Pak Revenue

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