KT Bank receives SBP approval to introduce digital banking services in Pakistan

KT Bank, an under formation digital bank has received In-Principle approval from the State Bank of Pakistan (SBP) in a ceremony recently organized by SBP. The approval was handed over by Mr. Jameel Ahmad, Governor SBP in an elegant ceremony organized at the SBP Museum. Deputy Governor, Dr. Inayat Hussain and Executive Director SBP, Mr. Akhtar Javed were also present on this occasion.

KT Bank is primed to harness cutting-edge technology and deploy digital channels to provide a wide array of banking services and products, encompassing digital payments, online account management and personalized financial solutions.

Speaking on this occasion, Mr. Ali Mukhtar, Director at Fatima Group and Sponsor of KT Bank said,

“Pakistan’s vast demographic and economic potential enables it to stand at the threshold of a financial renaissance. KT Bank, is pioneering a new trajectory for the financial landscape of Pakistan. The bank will leverage the strengths of its consortium partners to make unparalleled benefits available to all of Pakistani citizens, including the companies’ millions of collective users. Particularly through Fatima Fertilizer’s agricultural connectivity and City School Group’s insights into the education industry, KT Bank plans to introduce customized financial solutions that will enable farmers to access latest farming technology. The digital bank will also develop effective education finance solutions.

Tooran Asif, Transaction Lead and Designated CEO (subject to regulatory approval) of KT Bank stated, “I would like to extend a heartfelt gratitude to the State Bank of Pakistan which for so long has served as a beacon of visionary leadership in the realm of financial inclusion and branchless banking. The Bank will drive the financial inclusion agenda of SBP by building digitally enabled simplified accessibility and convenience for all prospective customers. KT Bank is proudly built upon the foundational strengths of its consortium members. The Bank will also enter the SME segment by offering best-in-class digital solutions and will also contribute towards building the SME eco-system.”

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