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Articles for tag: connect, globally, Pakistan, Pakistan will connect Raast payment system globally, payment, Raast, system

July 23, 2024

News Desk

Pakistan will connect Raast payment system globally

KARACHI: Pakistan’s central bank is poised to connect Raast – the world’s most advanced instant payment system – to 60 countries within a year, including countries in the Middle East, with the aim of significantly boosting remittance inflows of repatriated Pakistani workers of abroad. The bank has received technical assistance from the International Monetary Fund (IMF) and the World Bank to introduce digital currency in the future. It is currently in the evaluation stage, assessing the need and process for the circulation of the currency in the country. State Bank of Pakistan (SBP) Deputy Governor Saleem Ullah noted that the

July 22, 2024

News Desk

No ‘capacity payment’ for small Hydel units

Islamabad: The government has decided to abolish the concept of ‘capacity payments’ for small hydropower projects, with the aim of reducing the financial burden on energy consumers. Currently, consumers bear 70% of the cost of electricity due to these payments made to Independent Power Producers (IPPs), totaling around Rs 2.2 trillion annually to those who do not generate a single unit of electricity. During discussions on standard security arrangements for small hydro projects under the Electricity Generation Policy 2015, the cabinet committee on energy (CCoE) was informed that hydrological risk is now parked with electricity producers, although the policy predicted

July 10, 2024

News Desk

Payment hopes push PSX to new highs

KARACHI: The Pakistan Stock Exchange (PSX) closed at an all-time high with modest gains on Tuesday amid speculation about the corporate earnings season, which sparked interest in select oil and banking stocks on expectations of high dividend payouts. In the morning, trading started on a subdued note with the KSE-100 index hitting an intraday low of 80,530.85. However, the market quickly gained momentum on investor expectations of a $15 billion restructuring of Chinese energy debt ahead of a new International Monetary Fund (IMF) loan program. The government’s discussions on the privatization of distressed state-owned enterprises (SOEs) contributed to the uptrend,

June 11, 2024

News Desk

SBP will strengthen payment mechanism for small and medium enterprises

KARACHI: The State Bank of Pakistan (SBP) has directed commercial banks to adopt digital supply chain finance (DSCF) solutions to support small and medium enterprises (SMEs). The central bank has instructed commercial banks to develop and implement these DSCF solutions within six months. DSCF is a solution that helps businesses maximize their cash flow by extending the payment terms they give their suppliers, while giving their suppliers the ability to get paid sooner. As a result, both the buyer and the provider benefit. This initiative aims to improve SMEs’ access to finance. In addition, it will enable effective use of

June 2, 2024

News Desk

Digital payment cap for cattle purchase increased

KARACHI: Pakistan’s central bank has temporarily raised the online payment limit to Rs 5 million to facilitate the purchase of offerings ahead of Eidul Azha and get rid of the hassle of carrying heavy cash. In a statement, the State Bank of Pakistan (SBP) said it has temporarily enhanced transaction/balance limit for various account categories from May 31 to June 20, 2024 to facilitate digital payments in cattle markets for the purchase of sacrificed animals on Eid fall in mid-June 2024. Accounts for which the limits have been enhanced include Branchless Banking L-1, Asaan Account/Asaan Digital Account and Merchant Account

May 25, 2024

News Desk

How will digital payment mechanism work in cattle markets?

A man feeds cattle at the cattle market on the outskirts of Karachi on June 19, 2023. — AFP KARACHI: With street crimes on the rise ahead of Eid ul Adha, the State Bank of Pakistan (SBP) is all set to introduce a QR code payment mechanism in cattle markets across the country, a move that will help people and traders make payments securely. The digital payment mechanism aims to curb cash transactions and promote financial inclusion in a market estimated to be worth Rs 550-600 billion during the festival. SBP is working with 25 banks to enable QR code

February 27, 2024

News Desk

Rupiah, Yuan to join the UAE Buna payment system

PHOTO: FILE BEIJING: UAE-based cross-border payments system Buna is set to expand to include currencies from Pakistan, China, India and several African and European countries by 2024-25. The system is already connected to 108 live banks in 14 countries, with an additional 105 banks installed on the platform. Currently, six currencies, including four from the Arab region, namely UAE dirham, Saudi Arabian riyal, Egyptian pound and Jordanian dinar, as well as the US dollar and the European single currency Euro, are part of the platform, which is being processed the cost of transferring funds in real time – efficiently. “The

November 13, 2023

News Desk

Pakistan’s World Cup campaign has been overshadowed by the drama of payment disputes

Despite their stand-off with the PCB over wages and match fees, the national cricketers could not translate their efforts into positive results during the ongoing 2023 World Cup after the Asia Cup. According to the details, the central contract dispute was also blamed for the poor performance of the national cricketers in the mega-event tournaments. The players remained embroiled in financial issues even before the departure, reducing the focus on the game. In the final moments before departure, the board reached an agreement with the players accepting their terms and finalizing the contracts. According to sources, there has been a

November 7, 2023

News Desk

IT specialists support the national payment system

KARACHI: In a convergence of views, IT experts in Pakistan have warmly welcomed global FinTech giants such as PayPal and Stripe, while also supporting the development of a robust national payments system to improve connectivity with the global economy. Noman Said, digital expert, technology entrepreneur and international IT investor expressed his excitement, stating, “The introduction of international payment gateways PayPal and Stripe could revolutionize Pakistan’s technology ecosystem.” According to him, interactions with various IT groups, trade bodies and universities in the US indicate the potential processing of more than 800 million dollars in the first year alone. This, he believes,

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