KARACHI: As the country surges ahead with a financial technology (FinTech) revolution, Pakistan’s central bank said on Monday that it has launched laws for Electronic Money Institutions (EMIs) as a step toward issuing digital currency by 2025.
The regulations – which have been designed with the help of the World Bank — will also seek to cover other requirements such as outsourcing activities, anti-money laundering and counter-terror financing measures, consumer protection, complaint handling mechanism, oversight and regulatory reporting.
EMIs are non-bank entities that will be licensed by the State Bank of Pakistan (SBP) to issue e-Money for the purpose of digital payments.
On Monday, Finance Minister Asad Umar stressed on the need to safeguard financial institutions as “cybersecurity was a growing threat” and termed the launch of the electronic money institutions as a game changer in promoting e-Commerce and a digital economy in the country.
“This new category of institutions will complement the efforts of the government in creating an enabling environment to empower stakeholders in trade and commerce. This will help businesses in improving their productivity and contribute toward positioning the nation for global competition,” he said.
Officials from the SBP concurred. “These landmark regulations are a testament of the SBP’s commitment toward openness, adoption of technology and digitization of our financial system,” Jameel Ahmad, Deputy Governor of SBP, said, adding that the SBP is transforming itself into a modern, digital and technology-oriented bank.
He said that the SBP is working on issuing digital currency by 2025, with the aim to promote financial inclusion and reduce corruption, and inefficiency.
“Our currency will remain the same, but as opposed to existing online payment services — where there is the backing of any financial institution — there will be not [be any] financial institution which we are going to bring in,” Abid Qamar, spokesman of the SBP said dispelling the impression that the central bank was going to issue a cryptocurrency.
Financial experts lauded the initiative as a “landmark in FinTech space”, terming it as the most progressive measure taken by the SBP in years.
“The launch of e-Money regulations…is a key landmark in our FinTech space. This way, Fintechs have been empowered to open and manage accounts themselves. This day is going to mark the inflection point for digital payments in Pakistan. We need this sort of speed and regulatory environment to set the ground for our FinTechs to flourish,” Khurram Schehzad, a senior financial analyst and CEO of Alpha Beta Core — a financial advisory firm, said.
Meanwhile, experts said that the initiative will place Pakistan among the few nations in the world who have adopted e-Money mechanisms. “This initiative is capital intensive and would help Pakistan achieve financial inclusion, especially in the rural sector of the country,” S. M. Arif, a financial and banking technologist, told Arab News.
He added that it would also help small and medium enterprises, the farming community, and rural dwellers gain access to financial instruments. “By enabling this regulations authorities have enabled wider base of population whether Urban or Rural, to have access to finance through these new digital mode of payments from verity of players. This will require proper and frequent education of masses from issuers to make good use of such facilities and safety of these instruments” he said, before quickly adding that “the business model must be made keeping in view the local market requirements and security threats as copy pasting a foreign model may backfire”.
Pakistan to tap into digital currency potential by 2025
Pakistan to tap into digital currency potential by 2025
- Move to address cybersecurity threats faced by institutions, FM Umar says
- Launch of e-Money regulations a key landmark in FinTech space, analysts add
Pakistan PM visits Azerbaijan embassy, condoles loss of lives in Kazakhstan plane crash
- At least 38 people were killed when Azerbaijan Airlines passenger plane crashed in Kazakhstan’s Aktau city
- Shehbaz Sharif says ties between Pakistan and Azerbaijan rooted in shared religious and cultural values
ISLAMABAD: Prime Minister Shehbaz Sharif visited Azerbaijan’s embassy in Islamabad on Thursday to condole over the loss of lives in the Azerbaijan Airlines plane crash in Kazakhstan, the Prime Minister’s Office (PMO) said.
At least 38 people were killed when an Azerbaijan Airlines passenger plane with 67 people on board crashed near the Kazakhstan city of Aktau on Wednesday. The Embraer 190 aircraft was en route from the Azerbaijani capital of Baku to the Russian city of Grozny in the North Caucasus.
The Pakistani prime minister visited the Azerbaijan embassy in Islamabad where he met Khazar Farhadov to offer his condolences over the incident.
“In this hour of grief, the government of Pakistan and the people of Pakistan express their complete solidarity with the brothers and sisters of Azerbaijan,” Sharif was quoted as saying by the PMO.
The Pakistani prime minister prayed for the speedy recovery of all injured in the blast.
“Azerbaijan and Pakistan have strong relations of brotherhood based on shared religious and cultural values,” Sharif said.
Pakistan has eyed closer economic cooperation with Central Asian states such as Azerbaijan in recent months as the South Asian nation faces an economic crisis.
During Azerbaijan President Ilham Aliyev’s two-day visit to Pakistan in July, both nations agreed to enhance the volume of bilateral trade to $2 billion, vowing to strengthen ties and increase cooperation in mutually beneficial economic projects.
They also signed the Pakistan-Azerbaijan Preferential Trade Agreement to boost economic cooperation through the reduction of tariffs on goods like Pakistani sports equipment, leather, and pharmaceuticals as well as Azerbaijani oil and gas products.
Pakistan reports two new polio cases as 2024 tally surges to 67
- Pakistan detects poliovirus cases from Kashmore in southern Sindh and Tank in Khyber Pakhtunkhwa provinces
- Efforts to eradicate polio have been undermined by misinformation, opposition from religious hard-liners
KARACHI: Pakistan reported two new polio cases on Thursday, pushing this year’s tally of the infection to 67, the country’s polio eradication program said amid Islamabad’s struggle to contain the spread of the disease.
Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world. The nation’s polio eradication campaign has faced serious problems with a spike in reported cases this year that have prompted officials to review their approach to stopping the crippling disease.
The Regional Reference Laboratory for Polio Eradication at Pakistan’s National Institute of Health confirmed that two wild poliovirus type 1 cases, one each from Tank in northwestern Pakistan and Kashmore in Sindh were reported on Thursday.
“Pakistan is responding to the resurgence of WPV1 this year with 67 cases reported so far,” the Polio Eradication Programme said. “Of these, 27 are from Balochistan, 19 from Khyber Pakhtunkhwa, 19 from Sindh, and one each from Punjab and Islamabad.”
It said that this was the fourth case reported from Tank and second from Kashmore this year.
Pakistani authorities last week conducted a large-scale sub-national polio vaccination campaign in Punjab, Sindh, Khyber Pakhtunkhwa, Azad Jammu and Kashmir, Gilgit-Baltistan and Islamabad, vaccinating over 42 million children.
The second phase of the campaign is scheduled to begin on Dec. 30, covering Balochistan province.
Poliovirus, which can cause crippling paralysis particularly in young children, is incurable and remains a threat to human health as long as it has not been eradicated. Immunization campaigns have succeeded in most countries and have come close in Pakistan, but persistent problems remain.
In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.
Pakistan’s polio program began in 1994 but efforts to eradicate the virus have since been undermined by vaccine misinformation and opposition from some religious hard-liners, who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies. Militant groups also frequently attack and kill members of polio vaccine teams.
UN calls for investigation into Pakistan’s alleged air strikes on Afghanistan border
- UN mission in Afghanistan says dozens of civilians killed in airstrikes this week by Pakistan in Paktika province
- Islamabad accuses Kabul of harboring militant fighters, allowing them to strike on Pakistani soil with impunity
KABUL: The UN mission to Afghanistan on Thursday called for an investigation into Pakistani air strikes in Afghanistan, in which the Taliban government said 46 people were killed, including civilians.
The United Nations Assistance Mission in Afghanistan (UNAMA) said it had “received credible reports that dozens of civilians, including women and children, were killed in airstrikes by Pakistan’s military forces in Paktika province, Afghanistan, on 24 December.”
“International law obliges military forces to take necessary precautions to prevent civilian harm,” the agency said in a statement, adding an “investigation is needed to ensure accountability.”
The Taliban government said the 46 deceased were mainly women and children, with another six wounded, mostly children.
An AFP journalist saw several wounded children in a hospital in the provincial capital Sharan, including one receiving an IV and another with a bandaged head.
A Pakistan security official told AFP on Wednesday the bombardment had targeted “terrorist hideouts” and killed at least 20 militants, saying claims that “civilians are being harmed are baseless and misleading.”
On a press trip to the area organized by Taliban authorities, AFP journalists saw four mud brick buildings reduced to rubble in three sites around 20-30 kilometers (10-20 miles) from the Pakistan border.
AFP spoke to multiple residents who said the strikes hit in the late evening, breaking doors and windows in villages and destroying homes and an Islamic school.
Several residents reported pulling bodies from the rubble after strikes targeted houses, killing multiple members of the same families.
Afghanistan’s Minister of Borders and Tribal Affairs Noorullah Noori called the attack “a brutal, arrogant invasion.”
“This is unacceptable and won’t be left unanswered,” he said during the site visit.
Pakistani foreign ministry spokesperson Mumtaz Zahra Baloch did not confirm the strikes but told a media briefing on Thursday: “Our security personnel conduct operations in border areas to protect Pakistani from terror groups, including TTP.”
She was referring to the Tehreek-e-Taliban Pakistan (TTP) — Pakistan’s homegrown Taliban group which shares a common ideology with its Afghan counterpart.
The TTP last week claimed a raid on an army outpost near the border with Afghanistan in which Pakistan said 16 soldiers were killed.
Baloch said Pakistan prioritized dialogue with Afghanistan, and that Islamabad’s special envoy, Sadiq Khan, was in Kabul meeting with officials where “matters of security” and “terror groups including TTP” were discussed.
The strikes were the latest spike in hostilities on the frontier between Afghanistan and Pakistan, with border tensions between the two countries escalating since the Taliban government seized power in 2021.
Islamabad has accused Kabul’s authorities of harboring militant fighters, allowing them to strike on Pakistani soil with impunity — allegations Kabul denies.
Army major, 13 militants killed during separate operations in northwestern Pakistan — military
- Major Muhammad Awais, 31, killed while battling militants in South Waziristan district, says military
- Sixteen soldiers were killed on Saturday in northwest Pakistan as Islamabad grapples with militancy
ISLAMABAD: An army major and 13 militants were killed during three separate intelligence-based operations in northwestern Pakistan, the military’s media wing said on Thursday, vowing to eliminate militancy from the country.
Pakistan’s Khyber Pakhtunkhwa province, which lies on the country’s border with Afghanistan, has witnessed frequent attacks by the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP) and other militant groups that targeted security forces convoys and check posts in recent months.
The latest killings were reported after three separate gunbattles between militants and Pakistani security forces from Dec. 25-26, the Inter-Services Public Relations (ISPR) said. Two militants were killed in Bannu district while five others were killed in the North Waziristan district in a separate operation.
“However, during this operation, Major Muhammad Awais (age: 31 years, resident of District Narowal), a brave officer, who was leading his troops from the front, having fought gallantly, paid the ultimate sacrifice and embraced Shahadat [martyrdom],” the ISPR said.
In the third operation in South Waziristan district, six militants were gunned down by the security forces while eight others were injured.
“Security forces of Pakistan are determined to wipe out the menace of terrorism and such sacrifices of our brave soldiers further strengthens our resolve,” the military said.
Prime Minister Shehbaz Sharif paid tribute to Pakistan’s security forces for battling militants and offered condolences for Major Awais’s killing.
“The entire nation salutes martyred Major Owais,” he said in a statement. “We remain resolute in our desire to eliminate all forms of terrorism.”
Pakistan has struggled to contain militancy in its northwestern KP province. Sixteen Pakistani soldiers and eight militants were killed in a gunfight on Saturday in South Waziristan, the military reported.
The attack was claimed by the Pakistani Taliban.
Islamabad has frequently accused neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.
KSrelief distributes food aid to displaced persons from Pakistani district facing sectarian clashes
- 500 food packages distributed to people from Kurram district currently residing in Tehsil Thall and facing urgent food insecurity
- KSrelief has implemented 210 projects in Pakistan worth millions of dollars to improve the lives of vulnerable communities
ISLAMABAD: Saudi Arabia’s King Salman Humanitarian Aid and Relief Center (KSrelief) on Thursday launched a food security initiative in Pakistan’s northwestern Khyber Pakhtunkhwa province, distributing food packages to people from a district marred by sectarian clashes since last month.
Kurram — a tribal district of around 600,000 in the northwestern Khyber Pakhtunkhwa where federal and provincial authorities have traditionally exerted limited control — has frequently experienced violence between its Sunni and Shia communities over land and power. Travelers to and from the town often ride in convoys escorted by security officials. The latest violence erupted on Nov. 21 when gunmen ambushed a vehicle convoy, killing 52 people, mostly Shias.
The assault triggered road closures and other measures that have disrupted people’s access to medicine, food, fuel, education and work. Over 130 people have been killed in the fighting that has ensued after the convoy attack, according to police records.
“As part of this effort, 500 food packages were distributed to displaced beneficiaries from Kurram district, who are currently residing in Tehsil Thall and facing urgent food insecurity,” the Saudi charity KSRelief said in a statement.
“The distribution took place in a camp in District Hangu, providing timely relief to displaced families in need.”
The initiative is part of KSrelief’s first phase of the Food Security Support Project for 2024-25, which aims to distribute 10,000 food packages among poor people across 14 districts in Khyber Pakhtunkhwa.
KSrelief has implemented 210 projects in Pakistan worth millions of dollars to improve the lives of vulnerable communities. Efforts include emergency relief for natural disasters, and long-term projects addressing food security, health care, education, and shelter. Shelter NFI and Winter Kits Project are notable initiatives providing essential items to families in harsh weather conditions, and food distribution programs that combat hunger and malnutrition.
In partnership with UNICEF, KSrelief supports critical health initiatives, such as vaccination campaigns to prevent polio and measles, safeguarding millions of children. The Noor Saudi Volunteer Project provides free eye care through eye camps, combating blindness among underprivileged populations.
