KPMG in Pakistan has announced its strategic partnership with Karandaaz Pakistan in developing a comprehensive roadmap for the introduction of digital payment escrow services in the country. The initiative marks a significant step toward advancing Pakistan’s digital financial infrastructure, ensuring greater transparency, trust, and security in digital transactions.
As part of this collaborative effort, KPMG joined Karandaaz Pakistan and the State Bank of Pakistan (SBP) in organizing a high-level industry consultation in Karachi. The session brought together a diverse group of stakeholders, including senior representatives from the banking sector, fintech companies, e-commerce platforms, trade associations, and regulatory authorities. The objective was to deliberate on the design, governance, and operational model of a digital payment escrow utility that aligns with global best practices while addressing local market needs.
The consultation served as a platform to foster dialogue among industry leaders and gather insights on the technical and regulatory aspects of implementing an escrow service within Pakistan’s digital payments ecosystem. Participants discussed key elements such as risk management, consumer protection, interoperability, and integration with existing digital payment systems. The deliberations emphasized the importance of establishing a robust framework that ensures secure, transparent, and efficient payment transactions for individuals and businesses alike.
KPMG’s role as the strategic partner in this initiative underscores its commitment to supporting the evolution of Pakistan’s financial technology landscape. The firm’s expertise in digital transformation, regulatory frameworks, and financial services consulting is instrumental in designing a practical roadmap that can be effectively adopted across industries.
Speaking about the collaboration, representatives from KPMG acknowledged the leadership of Karandaaz Pakistan and the State Bank of Pakistan in driving innovation through policy and infrastructure development. They noted that such multi-stakeholder consultations are vital for building consensus and creating sustainable financial solutions that foster trust among consumers and businesses.
The event also highlighted Karandaaz Pakistan’s continuous efforts to enable a more inclusive digital economy. By working alongside public and private sector partners, Karandaaz aims to strengthen financial systems and expand access to digital payment mechanisms for all segments of society. The digital payment escrow project is expected to play a transformative role in enabling secure online transactions, particularly within the e-commerce and services sectors, where trust and payment reliability remain key challenges.
The participants, including prominent names such as Sharjeel Murtaza, Qazi Shoaib Ahmad, Taimoor Ali, Nadeem Rana, Fawad Abdul Kader, Sana Bilal, Saad Sarfraz, Malik Haider Iqbal Mehdi, Reem Javed (ACCA), Ayesha Hussain, Yasir Farhan, and Ramsha Khan, contributed valuable perspectives to the discussion. Their combined expertise in finance, technology, and regulatory affairs helped shape a shared understanding of the opportunities and challenges ahead.
By hosting this consultation, KPMG, Karandaaz, and the SBP have collectively taken an important step toward building a trusted digital payment ecosystem in Pakistan. The outcome of this initiative is expected to lay the groundwork for a future-ready escrow utility that enhances confidence in online financial transactions, ultimately supporting Pakistan’s broader goal of financial inclusion and digital transformation.
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