SBP Approves Two New Digital Money Companies
The State Bank of Pakistan grants in-principle approvals to Toko Lab and Accept Technologies for establishing Electronic Money Institutions, marking progress in Pakistan's digital payment landscape.
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KARACHI: The State Bank of Pakistan (SBP) has given initial approval to Toko Lab Private Ltd and Accept Technologies Pvt Ltd (PayMob) to set up as digital money companies. Toko Lab will operate as an Electronic Money Institution (EMI), and PayMob will work as a Payment System Operator (PSO) and Payment Service Provider (PSP).
According to the SBP press release on Tuesday, both companies have six months to build their systems and make preparations before they can apply to start test operations.
SBP has also allowed HubPay Pvt Ltd to begin pilot testing as an EMI, following a review of their readiness.
Currently, four EMIs NayaPay, Finja, SadaPay, and Akhtar Fuiou Technologies are already running in Pakistan. Additionally, Wemsol, E-Processing System, and HubPay are in the testing phase, while YAP, Cerisma, and Toko Lab have initial approvals to start preparations for testing.
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