The DRB license to Easypaisa Bank is expected to promote
innovation, enhance financial inclusion, and ensure the availability of
accessible and affordable digital financial services. The event was attended by
CEOs of digital banks, members of the Executive Committee of the Pakistan
Banks’ Association, the Board of Directors and the senior management of
Easypaisa Bank and senior executives of SBP.
Delivering the keynote address, the Governor underscored
SBP's strategic role in establishing the framework for digital banking in
Pakistan and facilitating the development of digital banks through a structured
licensing process. He urged Easypaisa Bank to draw inspiration from its
sponsor, Ant Group, by prioritizing the digital transformation of small and
medium enterprises (SMEs) in Pakistan.
The Governor also highlighted the critical importance of
achieving licensing milestones and encouraged digital banks to innovate and
design customer-centric solutions tailored to the needs of individuals, micro,
small, and medium enterprises (MSMEs), and other underserved segments. He
emphasized that this focus would be instrumental in fostering financial
inclusion and driving economic growth.
The Governor stressed upon the importance of addressing
challenges associated with rapid technological advancements. He highlighted two
critical areas of digital literacy of customers and cyber security measures to
protect customer trust and ensure the integrity of the financial system.
He also expressed his confidence that, with the issuance of
this license, Easypaisa Bank will prioritize the development of innovative,
customer-focused, and affordable digital financial solutions, particularly for
underserved and unserved segments of society. He emphasized that such efforts
will play a pivotal role in advancing the financial inclusion and
digitalization objectives.
In
January 2023, SBP issued No Objection Certificates (NoCs) to five successful
applicants: HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan
Limited, Raqami Islamic Digital Bank Limited, and Easypaisa Bank Limited.
These entities were selected following a rigorous evaluation
process that assessed key criteria, including governance and fitness, industry
expertise, financial capacity, business strategies, implementation frameworks,
funding plans, and IT and cybersecurity infrastructure.
In September 2023, these banks received In-Principle
Approval (IPA) to prepare for operational readiness. Subsequently, after
fulfilling the required conditions, Easypaisa Bank Limited has now been
authorized to commence commercial DRB operations.
The ceremony also featured remarks from the member of the
Board of Directors of Easypaisa Bank who shared their vision and commitment to
driving innovation in digital financial services. They expressed their
gratitude to the State Bank of Pakistan for its support and reaffirmed their
dedication to setting new benchmarks in customer-centricity and technological
advancement in the financial sector.
