LAHORE: The State Bank of Pakistan (SBP) has continued to support Pakistan’s digital financial ecosystem by implementing several Roshan Digital Account and the Roast fast payment system.

In this context, the central bank recently awarded preliminary clearance to a new fintech’s application for an Electronic Money Institution (EMI) license.

After receiving approval, Akhtar Fuiou Technologies (AFT) will shortly begin a pilot operation for its e-wallet business. The company wants to change Pakistan’s economic and technological environment to increase financial inclusion quickly.

Read more: State Bank of Pakistan launches 5-year plan for the Islamic banking sector

The corporation was founded as a result of the collaboration of three major Pakistani corporate conglomerates. Commodities, fast-moving consumer goods (FMCGs), ethanol, industrial gases, and textile manufacturing are among the Akhtar Group’s specialties.

AFT Chairman Humayun Akhtar Khan stated, “Our objective is to provide a range of hardware and software solutions to assist growth of the fintech sector and improve digitization of FMCGs and farm transactions.”

“The arrival of well-known international players in Pakistan will help Pakistan’s digital infrastructure.”

He hoped that foreign corporations would invest through local players in Pakistan. As a first step, the company would provide domestic industries with e-wallets to aid in the digitization of their operations. He talked about his aspirations to create an ecosystem for inbound and outbound remittances, saying it was in keeping with State Bank’s goal of bringing abroad Pakistanis into the local financial system.

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.