SBP Cancels Glaxy Exchange License for Serious Regulatory Violations
The State Bank of Pakistan has revoked the license of Glaxy Exchange with immediate effect due to serious regulatory violations, barring the company from conducting foreign exchange business nationwide.
State Bank of Pakistan Introduces Dual Biometric System for Exchange Company Customer Verification
The State Bank of Pakistan has directed exchange companies to adopt facial recognition alongside thumb and fingerprint scans from January 1, 2026, enhancing security and reducing identity fraud in foreign exchange transactions.
SBP Updates Governance Rules, Permits Bank Board Members to Serve on Subsidiary Exchange Company Boards
The State Bank of Pakistan has amended its Corporate Governance Regulatory Framework to permit bank board members to also serve on the boards of their wholly-owned exchange companies, strengthening oversight and institutional alignment.
SBP Updates Governance Rules to Allow Bank Leadership on Boards of Wholly-Owned Exchange Companies
The State Bank of Pakistan has revised its Corporate Governance Regulatory Framework, permitting bank presidents, CEOs, and directors to serve on the boards of exchange companies wholly owned by their respective banks, while maintaining existing restrictions for other financial entities.
Link International Exchange Partners with SBP to Launch QR-Based Payments under Raast Across 75 Branches Nationwide
Link International Exchange joins hands with the State Bank of Pakistan to roll out QR-based payments under the Raast framework across its 75 branches, marking a key milestone in Pakistan’s journey toward a cashless and digitally inclusive economy.
SBP Warns Cutting Remittance Incentives Could Push Billions Back to Informal Channels
The State Bank of Pakistan has cautioned that reducing incentives under the Pakistan Remittance Initiative could divert critical inflows away from formal banking channels, threatening the country’s top source of foreign exchange.
Pakistan Cuts Bank Rewards for Overseas Remittance Inflows Despite Record $38.3 Billion
Pakistan has reduced rewards paid to banks and exchange companies for bringing in record overseas remittances, aiming to curb rising costs while pushing for more direct benefits to senders. The move comes alongside debates on promoting local payment networks like PayPak.