SBP Receives 20 Applications For Digital Bank Licenses

The State Bank of Pakistan (SBP) has received 20 applications for digital bank licenses following its announcement of 31 March as the deadline.

The interested companies are from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions, and FinTech players.

It was previously reported that as many as 40 companies were interested in applying for five licenses for digital banks but only 20 had successfully submitted applications as per the criteria.

Foreign players that are already operating in the digital banking space overseas have also expressed their keenness to venture into the Pakistani market. The strong interest shown by both local and international players in the SBP’s digital banks’ initiative reflects their confidence in Pakistan’s financial sector and the potential of the investment opportunities available in the country.