Karandaaz Pakistan has reinforced its commitment to advancing digital financial services by highlighting its strategic collaboration with the State Bank of Pakistan (SBP) in shaping digital banking regulations, a move considered pivotal for the country’s ongoing digital transformation.
Speaking on the occasion, Mr. Waqas Ul Hasan, a senior representative of Karandaaz Pakistan, emphasized that this partnership marks a significant milestone in the development of Pakistan’s fintech and digital banking ecosystem. He explained that close coordination with the SBP has allowed Karandaaz Pakistan to contribute to regulatory frameworks that foster innovation while ensuring compliance, security, and consumer protection.
Mr. Hasan noted that the collaboration reflects the growing momentum of Pakistan’s digital ecosystem, which has seen remarkable growth in mobile banking, digital wallets, and online financial services in recent years. “This achievement is a clear indicator of the sector’s potential to broaden financial inclusion, particularly for underserved populations, and to support long-term economic growth,” he added.
He further pointed out that regulatory clarity and streamlined compliance mechanisms are crucial for fintech companies and traditional financial institutions to scale their operations efficiently. By aligning regulatory policies with emerging digital trends, Karandaaz Pakistan and the SBP are enabling a more conducive environment for innovative solutions in payments, lending, and digital savings.
The initiative is also expected to encourage collaboration between private and public sector stakeholders, fostering partnerships that can expand access to financial services across urban and rural areas. Mr. Hasan highlighted that digital banking adoption in Pakistan is steadily increasing, driven by user-friendly platforms, government-backed programs such as Raast, and incentives for merchants and consumers to participate in cashless transactions.
In addition, he stressed that the regulatory framework being developed will not only focus on compliance but will also emphasize risk management, cybersecurity, and transparency. This holistic approach aims to create a resilient digital financial infrastructure capable of supporting the country’s broader economic objectives.
Karandaaz Pakistan’s role extends beyond regulatory collaboration. The organization continues to provide technical assistance, capacity-building programs, and investment facilitation for fintech startups and financial institutions. By doing so, it helps ensure that innovative solutions are scalable, sustainable, and inclusive.
According to Mr. Hasan, the digital transformation of Pakistan’s financial sector has the potential to significantly reduce the country’s reliance on cash, streamline payments, and enhance financial literacy among the population. These developments are expected to translate into tangible benefits, including increased productivity, improved access to credit, and stronger participation in the formal economy.
He concluded by emphasizing that the ongoing partnership between Karandaaz Pakistan and the SBP represents a model for proactive engagement between regulators and fintech innovators, and is a cornerstone for building a modern, inclusive, and digitally empowered financial ecosystem in the country.
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