With the start of 2022, the State Bank of Pakistan has set the stage for the dawn of a new era for banking in Pakistan with the introduction of a licensing and regulatory framework for digital banks in line with international best practice.
This is the first step towards introducing a completely digital bank that will provide all the banking services, from account opening to deposit and lending, through digital means and the customers will not need to visit any bank branch physically, said SBP statement on Monday. Digital banks are the culmination of the digital journey on which the banking industry embarked upon many years ago.
The framework for digital banks being issued today is the latest in a series of recent initiatives by the State Bank of Pakistan towards digitalization of banking and payments solution in the country. Other recent digitalization initiatives introduced by SBP.—APP
