In a strategic move to deepen Pakistan’s digital financial infrastructure, the State Bank of Pakistan (SBP) has announced its intention to establish a specialized, wholly owned subsidiary focused exclusively on the development and promotion of the Raast payment system. The initiative is aimed at driving rapid innovation, expanding adoption, and ensuring long-term operational scalability of digital payment systems in the country.
The proposed entity will be fully owned by the SBP but will operate with operational independence, allowing it to function more efficiently and with greater agility. The central goal is to accelerate Raast’s ecosystem through market-driven strategies, the hiring of specialized talent, and a strong focus on innovative financial technologies. This structure is designed to ensure that while the entity aligns with the SBP’s policy goals, it can simultaneously respond to the evolving demands of the payments sector with the flexibility typically found in private sector enterprises.
Raast is Pakistan’s national instant payment system, developed to facilitate low-cost, real-time digital transactions across various financial platforms. Developed with support from Karandaaz Pakistan, Raast offers a reliable, interoperable framework connecting banks, microfinance institutions, fintechs, government agencies, merchants, and consumers alike. It has already demonstrated substantial traction, processing over 295 million transactions worth Rs. 6.4 trillion in the most recent quarter alone, with more than 41 million unique user IDs registered on the platform.
Inspired by successful models such as India’s UPI, Brazil’s PIX, Saudi Payments, FAST in Singapore, and JoPACC in Jordan, the SBP envisions this new entity as Pakistan’s answer to the global push for seamless, inclusive, and efficient payment systems. These benchmarks serve as foundational references for shaping both the governance and operational blueprint of the new subsidiary.
In parallel with the establishment of the entity, the SBP is advancing efforts to integrate Raast with the Buna Payment System of the Arab Monetary Fund. This cross-border linkage aims to enable secure and efficient international remittance flows and transactions, positioning Raast not only as a domestic solution but as a player in the regional payments infrastructure.
To ensure the entity is built on sound governance and policy structures, Karandaaz Pakistan is playing an instrumental role in operational planning. This includes the development of robust policy frameworks that cover key areas such as human resources, technical operations, administrative controls, and financial governance. Karandaaz intends to hire a consulting firm to assist in this undertaking. The firm will provide detailed recommendations, including a skills matrix and global benchmarks, to ensure the right talent and processes are embedded from the start.
The consulting firm will also be tasked with aligning policies with both domestic regulations and international standards, enabling the new entity to scale operations while maintaining transparency, compliance, and innovation readiness.
The SBP’s latest move underscores its commitment to building a cash-lite economy by reinforcing foundational digital infrastructure. With the creation of this independent Raast-focused entity, Pakistan aims to not only boost digital financial inclusion domestically but also establish itself as a leader in the broader regional fintech landscape.