SBP Gives EMI License To Fintech

Web Desk — To enhance digital financial inclusion in Pakistan, the State Bank of Pakistan (SBP) has approved in principle the grant of an Electronic Money Institution (EMI) license to ‘Hubpay’ – a financial technology firm.

With the central bank’s approval, Hubpay becomes the first fintech with an international license to receive an in-principle approval in Pakistan to hold the EMI license.

Hubpay Pakistan CEO Owais Shaikh says that the MENAP-focused firm specializes in digital payments and is expanding to Pakistan.

In terms of the fintech ecosystem, he said that there were many opportunities in the country. A population of 240 million makes no type of effort enough, and fintechs are working to boost financial inclusion in Pakistan, the CEO said.

Throwing light on the startup’s goals, he said it would increase the flow of remittances to Pakistan.

The company is also the first fintech licensed in the UAE to receive in-principle approval to operate as an EMI company in Pakistan, he added.

Kevin Kilty, Founder, and CEO of Hubpay commended the growing fintech market in MENAP (Middle East, North Africa, Afghanistan, and Pakistan).

WHAT IS A FINTECH COMPANY?

Fintech companies integrate technologies (such as AI, blockchain, and data science) into traditional financial sectors to make them safer, faster, and more efficient. Fintech is one of the fastest-growing tech sectors with companies innovating in almost every area of finance; from payments and loans to credit scores and stock trading.

What Is An Electronic Money Institution?

An electronic money institution stores the monetary value in a central accounting system (the enterprise’s server) or on an electronic carrier, such as a chip. The monetary value of this electronic money can then be used to make payments to parties other than the one who issued it.

Digital Storm Financing:

Digital Storm offer easy and affordable financing for people so that they can pay for their purchase over time.