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The State Bank of Pakistan Awards In-Principle Approval to 5 Digital Retail Banks
The State Bank of Pakistan (SBP) awarded in-principle approval (IPA) to five digital retail banks including HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited.
"These entities are now ready to enter the next phase, which is preparing themselves for the launch of the pilot project. The SBP will work closely with each one of them to support their successful launch and ultimately towards full operations," said SBP Governor Jameel Ahmed while addressing a ceremony on Wednesday. Ahmad said digital banking promises revolutionizing the way for customers to access financial services.
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