NayaPay, a rapidly growing financial platform, has partnered with Alipay+, a cross-border digital payments and marketing platform operated by Ant International. The collaboration between NayaPay and Alipay+ is set to make a significant impact by deploying QR codes compatible with both RAAST and Alipay+ payment partners, including e-wallets and bank apps, thereby enhancing incoming foreign…
Committed to enabling access to affordable power and bolstering the energy security for its customers, CEO K-Electric (KE) Mr. Moonis Abdullah Alvi and CEO The Hub Power Company Limited (HUBCO) Mr. Kamran Kamal, signed a Memorandum of Understanding (MoU) to explore the opportunity for off-take of electricity following the conversion of HUBCO’s Hub Plant to…
In a groundbreaking announcement, the State Bank of Pakistan (SBP) has revealed its upcoming launch of an advanced foreign exchange trading platform, a move set to redefine the landscape of financial transactions within the country. This introduction signifies a significant stride toward modernizing financial systems and fostering innovation in the foreign exchange trading domain. The…
In a significant move towards digitizing financial transactions, the government is set to introduce a National Digital Wallet equipped with enticing cashback rewards. This strategic initiative underscores the administration’s commitment to fostering a digital economy, promoting financial inclusion, and encouraging the use of electronic payment methods across the country. The introduction of a National Digital…
In a noteworthy directive, the State Bank of Pakistan (SBP) has called upon banks to adopt Shariah standards and practices formulated by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This strategic move underscores the SBP’s commitment to enhancing the Islamic banking sector’s adherence to globally recognized Shariah principles and fostering consistency in…
In a significant economic development, there has been an astonishing 86% decline in bank loans extended to the private sector. This substantial reduction raises concerns and points to a shift in the dynamics of lending activities, potentially impacting businesses, entrepreneurs, and overall economic growth. The sharp decline in bank loans to the private sector reflects…
In a collaborative effort, Pakistan is set to engage with the World Bank to secure an additional financing of $250 million for the Competitive and Livable City of Karachi (CRISP) Program. This strategic collaboration reflects Pakistan’s ongoing commitment to addressing urban development challenges, enhancing the livability of cities, and fostering competitiveness in key metropolitan areas….
In a significant development, the FBR commits to the International Monetary Fund (IMF) that it will undertake measures to raise taxes on digital markets during the fiscal year 2024. This commitment is part of Pakistan’s broader efforts to align its fiscal policies with international standards, address economic challenges, and fulfill the conditions outlined in the…
In a remarkable economic development, the mobile phone imports in Pakistan has witnessed an impressive surge of nearly 120% during the first half of the fiscal year 2024. This substantial increase in mobile phone imports is indicative of the dynamic consumer demand and the evolving technological landscape in the country. During the initial half of…
In a recent communication with the International Monetary Fund (IMF), Pakistan Tells IMF its intention to raise the key interest rate should there be a simultaneous occurrence of rupee depreciation and a surge in inflation. This strategic communication emphasizes Pakistan’s proactive approach to economic management, signaling its commitment to addressing potential challenges and maintaining financial…
