Barq PK has reached a major regulatory milestone with the announcement that it has received In-Principle Approval (IPA) from the State Bank of Pakistan (SBP) to establish an Electronic Money Institution (EMI) Wallet in Pakistan. This marks a significant step forward for Barq PK as it moves toward offering innovative, technology-driven financial solutions aimed at supporting the country’s transition to a more inclusive and cashless economy.
The approval, which comes as part of SBP’s broader vision of fostering a progressive fintech ecosystem, allows Barq PK to move closer to launching its suite of digital financial services. Once fully licensed, the company plans to offer secure and user-friendly payment solutions including e-wallets, mobile payments, and everyday transaction tools. These offerings are being designed in full compliance with SBP’s regulatory and security frameworks and in alignment with international standards.
The leadership at Barq PK described the IPA as more than a regulatory achievement, calling it validation of the company’s vision to build trust in digital financial services through secure and transparent technology. By securing the SBP’s confidence, Barq PK aims to empower individuals and businesses across Pakistan, enabling them to participate more actively in the formal financial system.
This move comes at a time when Pakistan is witnessing rapid growth in the adoption of digital payment solutions, driven by expanding smartphone penetration, growing trust in fintech, and increased regulatory support for financial inclusion initiatives. The company’s entry into the market positions it strategically to tap into this momentum, contributing to a robust and tech-driven financial ecosystem.
Barq PK’s EMI Wallet will enable customers to perform transactions with ease and security, providing services that extend beyond simple payments. The company envisions a platform that supports everyday financial activities, encouraging greater use of digital channels over traditional cash-based transactions. This shift is expected to accelerate the development of a more connected, inclusive, and efficient financial environment across the country.
The IPA also aligns with Barq PK’s regional expansion strategy, underscoring its commitment to advancing digital financial inclusion in emerging markets. The company is working closely with the SBP to complete all necessary compliance and technical requirements ahead of its commercial launch. This collaborative approach reflects a shared vision between regulators and fintech innovators to strengthen the country’s financial infrastructure.
In a statement, Barq PK’s leadership expressed gratitude to the State Bank of Pakistan for fostering a regulatory environment that encourages innovation and competition. They also acknowledged the efforts of their team for their dedication and resilience in turning this vision into reality.
As Barq PK progresses toward launching its services, it joins a growing list of fintechs playing a transformative role in reshaping Pakistan’s financial landscape. By integrating advanced digital payment technologies with a user-centric approach, the company aims to set new standards for accessibility and trust in the digital economy.
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