SBP Selects 11 Banks for FX Portal The names of the banks are: Allied Bank Ltd. MCB Bank Ltd. The Bank of Punjab The SBP has launched the FX Regulatory Approval System (RAS) for end-to-end digitalization of the Foreign Exchange (FX) related case submission processes. The objective of this initiative is to provide both individuals and the business community a fully-digitized platform to approach banks for their FX-related requests. The initiative will transform FX operations by replacing paper-based requests with electronic submissions, which is both efficient and cost-effective. ALSO READ The central bank has developed this online platform under the umbrella of its ‘Knowledge Management System’ to digitize its decision-making processes. The system will eliminate the inherent problems related to the paper-based processes and will ensure the timely delivery of its services to stakeholders.