State Bank approves EMI licence for fintech
Company aims to rapidly enhance financial inclusion in country
There is a need for the Islamic banking industry to capitalise on fintech to sustain its growth momentum, says SBP statement. PHOTO: FILE
LAHORE:
The State Bank of Pakistan (SBP) has continued to aid the digital financial ecosystem by taking different measures including the Roshan Digital Account and Raast instant payment system.
In this regard, the central bank recently gave, in principle, approval for the grant of Electronic Money Institution (EMI) licence to a new fintech.
Following the receipt of approval, Akhtar Fuiou Technologies (AFT) will soon launch pilot operation for its e-wallet business.
Akhtar Fuiou Technologies – A Step Towards Digital Pakistan
Akhtar Fuiou Technologies, a new Fintech in Pakistan, has received SBP’s in-principle approval for an Electronic Money Institution License. AFT will soon launch a pilot operation for its e-wallet business.
In the recent push for digitization in the country, Akhter Fuiou Technologies (AFT) is a dynamic new entrant. Its vision is to revolutionize the country’s commercial and technology environment to rapidly increase financial inclusion.
A potential powerhouse, AFT is a collaboration between three large business groups of Pakistan and China. They include the Akhtar Group, Shanghai Fuiou Payment Services Corp. Ltd (Fuiou Group) and JollyChic. Akhtar Group is a local conglomerate owned by a prominent business family of Pakistan involved in Sugar, FMCG, Ethanol, and Textile manufacturing. The group’s business expertise and influence will power its expansion to the digitalization sector.