Faysal Bank

Faysal Bank and OPay Collaborate for Expanding Digital Merchant Acceptance Across Pakistan

Faysal Bank Limited, a leading Islamic financial institution known for its commitment to technological innovation with Sharia compliance, announced a strategic collaboration with OPay, a global fintech giant with a proven track record in providing cutting-edge digital payment solutions. The collaboration aims to empower the entire spectrum of small, medium, and large enterprises to accept…

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Hub71

Hub71-backed ABHI establishes Abu Dhabi HQ

Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi with support from the Abu Dhabi Investment Office (ADIO) to grow its international operations. ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in 2022 where the company flourished by tapping into…

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NayaPay

NayaPay, Alipay+ Boost Global Payments into Pakistan

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…

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Hub Power

Hub Power To Convert Furnace Oil Base Plants To Thar Coal For Supply of Cheaper Electricity To K-Electric

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…

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bank exchange rates

Foreign Exchange: SBP Set to Introduce New Trading Platform

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…

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Digital Wallet

Govt Introduces National Digital Wallet with Cashback Rewards

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…

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Shariah Standards

Shariah Standards: SBP Urges Banks to Embrace AAOIFI’s

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…

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Profit Rates

Bank Loans to Private Sector Witness an 86% Decline

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…

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