Fintech Barq Pakistan Secures SBP Approval for EMI Wallet

Big news is coming to Pakistan’s digital payment scene. A leading fintech company, Barq, announced it has received initial approval from the State Bank of Pakistan (SBP). This approval allows them to start the process of launching an Electronic Money Institution (EMI) wallet.

This is a major step that could bring new and easy payment solutions to millions of people across the country.

A Pivotal Step for Fintech Barq Pakistan

Barq received this important go-ahead, known as an In-Principle Approval (IPA), on October 10. For Barq, this is a major milestone in its plan to grow across the region. Consequently, the company is now closer to its goal of building a safe and easy-to-use digital payment system for everyone in Pakistan.

The company’s main aim is to give people and businesses modern payment tools. This will ultimately help Pakistan move faster towards a cashless economy.

The Path to Launching the EMI Wallet

So, what happens next? The IPA is the first of two main steps.

Barq must pass a detailed review by the SBP. This includes checks on its business plan, security, and technology. After this, they will run a pilot or test phase. If everything goes well, Barq can then apply for the full EMI license to officially launch its services for everyone.

The company has stated it is working closely with the government to meet all requirements for a full commercial launch.

What to Expect from Barq Pakistan’s Services

Once fully licensed, Fintech Barq Pakistan aims to offer many useful digital services. For example, users will get access to e-wallets and easy mobile payment options for their daily transactions. Above all, Barq promises that all its services will follow the strict security rules set by the SBP and international standards.

This move comes at a perfect time, as more and more Pakistanis are starting to use digital financial services.

Barq’s Strong Background from Saudi Arabia

Barq is not a new player in the fintech world. The company has a very successful track record in Saudi Arabia. According to Dr. Zain Farooq, the Managing Director of Barq Pakistan, the company is the fastest-growing digital wallet in Saudi Arabia.

In fact, it has reportedly grown even faster than established players like STC Pay. As of July, Barq had over 7 million users from 150 different countries on its platform in Saudi Arabia. Barq’s entry into Pakistan was made possible by acquiring the local operations of another fintech firm, MyTM.