KT Bank, an under-formation digital bank has received In-Principle approval from the State Bank of Pakistan (SBP) in a ceremony recently organized by SBP. The approval was handed over by Mr. Jameel Ahmad, Governor of SBP in an elegant ceremony organised at the SBP Museum. Deputy Governor, Dr. Inayat Hussain and Executive Director SBP, Mr Akhtar Javed were also present on this occasion.
KT Bank is primed to harness cutting-edge technology and deploy digital channels to provide a wide array of banking services and products, encompassing digital payments, online account management and personalised financial solutions.
On this occasion, Mr Ali Mukhtar, Director at Fatima Group and Sponsor of KT Bank, said, “Pakistan’s vast demographic and economic potential enables it to stand at the threshold of a financial renaissance. KT Bank is pioneering a new trajectory for the financial landscape of Pakistan. The bank will leverage the strengths of its consortium partners to make unparalleled benefits available to all of Pakistani citizens, including the companies’ millions of collective users. KT Bank plans to introduce customised financial solutions enabling farmers to access the latest farming technology, particularly through Fatima Fertilizer’s agricultural connectivity and City School Group’s insights into the education industry. The digital bank will also develop effective education finance solutions.
Tooran Asif, Transaction Lead and Designated CEO (subject to regulatory approval) of KT Bank, stated, “I would like to extend heartfelt gratitude to the State Bank of Pakistan, which for so long has served as a beacon of visionary leadership in the realm of financial inclusion and branchless banking. The Bank will drive the financial inclusion agenda of SBP by building digitally enabled simplified accessibility and convenience for all prospective customers. KT Bank is proudly built upon the foundational strengths of its consortium members. The Bank will also enter the SME segment by offering best-in-class digital solutions and contribute to building the SME eco-system.”