Under this exclusive arrangement, Raqami will leverage Euronet’s system for Card Issuance, Enterprise Fraud Management & Payment processing services, alongside, integration with the core banking system, non-core applications, and digital channels. The move aims to build operational efficiency, reduced costs, improved service availability, and ensure a seamless digital banking experience for Raqami’s customers. In January 2023, Raqami Islamic Digital Bank (RIDB) obtained a no objection certificate (NOC) from the StateBank of Pakistan (SBP) to establish an Islamic digital retail bank in the country. In September 2023 SBP awarded in-Principal Approval (IPA) to Raqami and four other aspirants for the digital bank license. Under the IPA, RIDB is in the process of developing its operational readiness for pilot, followed by commercial launch as a digital retail bank.
Source: IBP