Pakistan shortlists six companies to test digital banking solutions
As per the State Bank, the firms will work on new financial tools for remittances, banking, and merchants onboarding
Business Desk
The Business Desk tracks economic trends, market movements, and business developments, offering analysis of both local and global financial news.
The State Bank of Pakistan has shortlisted six applicants to test new digital financial solutions under its Regulatory Sandbox initiative, the central bank said.
The selected firms will pilot their proposed products in a controlled live environment for up to six months, subject to conditions set at the time of approval.
The shortlisted participants are Neem Exponential Financial Services Private Ltd, Digi Khata (SMC-Private) Limited, and Swich Retail Private Limited under the open banking theme; the Bank of Punjab under remote onboarding of merchants; and Barq Fintech (Pvt) Ltd, along with a joint application by Taptap Send UK Limited and United Bank Limited, under technology-enabled solutions for inward remittances.
The Regulatory Sandbox was launched in May 2025 as part of the central bank’s Vision 2028 strategy to promote innovation in digital financial services.
The first cohort of applicants was announced in August 2025, with calls for proposals across three themes: technology-enabled solutions for inward remittances, open banking, and remote onboarding of merchants.
The central bank said it received strong interest from regulated financial institutions as well as local and international fintech companies. To ensure transparency and effective oversight, it has formed a high-level steering committee to oversee the process.
The State Bank said it expects the initiative to encourage the development and introduction of practical, user-focused technological solutions in Pakistan’s financial sector.
Comments
See what people are discussing