HugoBank to launch digital banking in Pakistan

HugoBank is humbled to announce its receipt of the In-Principle Approval (IPA) for its Digital Retail Banking (DRB) license from the State Bank of Pakistan (SBP) under its Licensing and Regulatory Framework for Digital Banks. This significant milestone positions HugoBank as a retail bank offering various exciting financial services primarily through digital channels, transforming the banking experience for millions of Pakistanis.… Continue


Zindigi and EFU collaborate to digitise the insurance landscape.

Zindigi, a key player in digital financial services, has joined forces with EFU Life Assurance, a leading life insurance provider in Pakistan. This partnership is aimed at offering insurance solutions to safeguard against uncertainty and rising prices, empowering people in Pakistan to protect their physical, mental, and financial well-being through digital insurance products.… Continue


Pakistan Economy – Pak Rupee: Recent gain & outlook

Pakistan’s currency has once again made headlines, but this time it’s due to administrative measures that have resulted in the PKR gaining value in both the official interbank market and the open market. Ever since the caretaker government took charge on August 14, 2023, in Pakistan, the PKR came under pressure amid speculation that the non-political caretaker setup might allow the currency to adjust to market forces in line with IMF instructions.… Continue


KMBL and HBL Konnect sign agreement

The Khushhali Microfinance Bank Limited and HBL Konnect have signed an agreement, enabling payments for Khushhali Bank customers through HBL Konnect branchless banking and agents network across Pakistan. The agreement marks a significant step taken by KMBL to incorporate partners from the digital payments industry to transform its infrastructure, thereby facilitating customers to make their Khushhali Bank payments conveniently throughout the country.… Continue


Mastercard’s strategic partnership with Delivery Hero

Mastercard’s strategic partnership with Delivery Hero, the world’s leading local delivery platform, continues to fuel the growth of e-commerce in the Middle East and North Africa (MENA) region.

Since announcing a large-scale collaboration aimed at digitalising Delivery Hero’s payment chain in 2020, the two companies have seen more than double the number of transactions through its platforms.… Continue


MEBL announces the establishment of an Exchange Company

MEBL intends to establish an Exchange Company

MEBL, in a notice today, has announced its intent to establish an Exchange Company, a strategic move influenced by recent structural reforms implemented by the State Bank of Pakistan, we believe. MEBL’s Board made this decision of Directors and is subject to regulatory approval.… Continue


Standard Chartered enters into an agreement with the Kashf Foundation

Standard Chartered Bank has entered into a distribution agreement with Kashf Foundation. Through this arrangement, Standard Chartered will be offering Kashf Gender Bonds to the Bank’s non-individual business banking clients. This distribution arrangement of the Kashf Gender Bond is a significant step towards the Government’s agenda of economic empowerment and financial inclusion of women in Pakistan.… Continue


SBP’s reserves decreased by US$ 140 million to US$ 7,638.9 million

The total liquid foreign reserves held by the country stood at US$ 13,079.1 million as of 08-Sep-2023. The break-up of the foreign reserves position is as under:

  • Foreign reserves held by the State Bank of Pakistan: US$ 7,638.9 million
  • Net foreign reserves held by commercial banks    : US$ 5,440.2 million
  • Total liquid foreign reserves                 : US$ 13,079.1 million

During the week ended on 08-Sep-2023, SBP’s reserves decreased by US$ 140 million to US$ 7,638.9 million on account of debt repayments.… Continue


SBP decided to maintain the policy rate at 22%.

At its meeting today, the Monetary Policy Committee (MPC) decided to maintain the policy rate at 22 percent. This decision takes into account the latest inflation outturn reflecting the continuing declining trend in inflation from its peak of 38 percent in May to 27.4 percent in August 2023.… Continue


JS Bank and State Life forge strategic alliances to provide financial solutions for customers and employees.

State Life Insurance Corporation of Pakistan (SLIC) and JS Bank Limited have signed a Memorandum of Understanding (MoU) to provide seamless financial and insurance services to their customers and employees. Through this agreement, JS Bank will provide innovative transaction banking solutions, including cash management and employee banking services, to SLIC.… Continue


OMI Hospital and Jubilee Life Insurance join hands to elevate healthcare access for Jubilee Health Cardholders

OMI Hospital, a renowned healthcare institution based in Karachi, and Jubilee Life Insurance, Pakistan’s largest private-sector insurance company, are pleased to announce their strategic partnership.

Under this partnership, OMI Hospital extends exclusive privileges to Jubilee Health Insurance members, including discounts on Outpatient Services (OPD), Emergency Room (ER) consultations, radiology services, laboratory services, and home collection of specific test samples at reduced rates.… Continue


Visa card tips to avoid online fraud

According to Visa’s latest Stay Secure study, overconfidence is leaving Pakistan’s consumers open to becoming fraud victims. Despite more than half of respondents (56%, similar to the global average) claiming to be savvy enough to sidestep online and phone scams, the reality is that nine out of ten (91%; similar to global) are likely to disregard the warning signs that suggest online criminal activity.… Continue


SBP to announce policy rate on Sept 14, 2023 – market expects some advancement.

The monetary policy committee is set to commence its next meeting on Sept 14, 2023, and we expect the SBP to increase the policy rate by 150bps to 23.5% in this meeting. During its meeting on July 31st, 2023, SBP kept the policy rate unchanged.… Continue


EFU General Insurance wins the prestigious 20th Annual Environment Excellence Award 2023

EFU General takes great pride in announcing its recent achievement as the recipient of the esteemed 20th Annual Environment Excellence Award 2023 by the National Forum of Environment and Health (NFEH). This accolade recognises EFU General Insurance’s unwavering commitment towards incorporating sustainable practices and environmental stewardship within its operations.… Continue


Bank Alfalah and ACE Money Transfer partner to facilitate overseas Pakistanis

Bank Alfalah, one of the leading commercial banks in Pakistan, strengthens its longstanding partnership with ACE Money Transfer, a leading fintech platform to enable overseas Pakistanis to remit money back home seamlessly. Bank Alfalah and ACE Money Transfer have proudly announced their collaboration with Babar Azam, Captain of the Pakistan National Cricket Team, who has joined them as a distinguished brand ambassador.… Continue


Enabling an ‘Islamic First’ mindset and opting for Islamic mechanisms are crucial for developing an Islamic economic system

Pakistan can transform its external debts, by opting for Islamic financial modes of IMF and World Bank, and domestic debts, through mechanisms like Mudarabah, Musharakah, and Murabaha, provided that the necessary steps are taken in a timely manner and strict priorities are set by the legal authorities.… Continue


Pakistan foreign reserves stand at US$ 13,171.1 million.

The total liquid foreign reserves held by the country stood at US$ 13,171.1 million as of 25 August 2023. The break-up of the foreign reserves position is as under:

Foreign reserves held by the State Bank of Pakistan: US$ 7,849.3 million

Net foreign reserves held by commercial banks    : US$ 5,321.8 million

Total liquid foreign reserves                 : US$ 13,171.1 million

During the week ended on 25-Aug-2023, SBP’s reserves decreased by US$ 81 million to US$ 7,849.3 million on account of debt repayments.… Continue


Mobilink Bank forges multiple partnerships to facilitate customers and employees.

Mobilink Bank has entered a series of strategic partnerships to foster holistic well-being for its valued customers and dedicated employees. These partnerships underscore the Bank’s commitment to advancing financial inclusivity and creating a positive social impact within the communities it serves.… Continue


Standard Chartered launches a comprehensive banking solution.

Standard Chartered Bank Pakistan announced the strengthening of its Digital Banking Solution at a press conference today. This full-fledged client-centric solution will enable the Bank’s clients to enjoy the benefits of 24X7 banking convenience and experience unparalleled financial services in the digital age.… Continue


JS Bank announces BankIslami acquisition

JS Bank has announced the successful acquisition of an additional 67.33% stake in BankIslami Pakistan Limited, a move that solidified its position as one of Pakistan’s fastest-growing financial institutions. The acquisition was executed through a series of agreements with existing shareholders and a public offer, taking JS Bank’s total shareholding to 75.12% in BankIslami Pakistan Limited, effectively making BankIslami a subsidiary of JS Bank and an integral part of the JS Group.… Continue


NymCard joins Visa’s Ready To Launch program

Visa, the world’s leader in digital payments has launched the Visa Ready To Launch (VRTL) program, giving fintech and non-banking entities a seamless experience in issuing payment products. NymCard is the first BaaS player in the Middle East and Pakistan region to join Visa Ready to Launch program and transform payment credentials issuance capabilities for fintech through a first of its kind plug and play end to end platform in the region.… Continue


BankIslami and KSBL partner to advance business education and Islamic banking.

BankIslami, one of Pakistan’s leading Islamic banks with an AA- rating, is thrilled to announce the signing a significant Memorandum of Understanding (MoU) with the prestigious Karachi School of Business & Leadership (KSBL). This landmark agreement solidifies a partnership aimed at nurturing the development of future business leaders and fostering excellence in Islamic banking and business management.… Continue


Jubilee Life Insurance and Telenor Pakistan to facilitate insurance access through Telenor’s Apollo app

Jubilee Life Insurance, Pakistan’s largest private sector insurance company, has signed an MOU with Telenor Pakistan, one of the country’s largest telecommunications service providers, to bring unprecedented ease and accessibility for health and life insurance services. Under this collaboration, insurance products from Jubilee Life will be directly integrated into the Apollo app, Telenor’s flagship platform, which caters to a robust network of 120,000 retailers across Pakistan.… Continue


Standard Chartered Pakistan delivers record half-yearly operating profit


  • Profit before tax of PKR 38.1 billion, up 73 per cent year on year
  • Highest ever revenue of PKR 46.6 billion, growth of 70 per cent year on year
  • Healthy increase in total assets of 7 per cent
  • Strong growth in current deposits of PKR 83.7 billion; up 25 per cent from the start of the year
  • Prudent risk approach resulting in a net release in loan impairment of PKR 12 million

Standard Chartered Bank (Pakistan) Limited delivered a record profit before tax of PKR 38.1 billion for H1’23, registering an increase of 73 per cent year on year.… Continue


Meezan Bank wins first prize at ICAP Digital Technology Awards – AccounTech Innovation Congress

Meezan Bank, Pakistan’s leading Islamic bank, has been recognised at the first ‘The Digital Technology Awards – AccounTech Innovation Congress’ held by The Institute of Chartered Accountants of Pakistan (ICAP). The Bank has been conferred with the top award in the ‘Best Dashboards’ category for its ‘Customer 360 Degree Dashboard’ – a pivotal tool that has helped the Bank bridge gap between data streams and actionable insights.… Continue