ISLAMABAD, Sep 22 (APP):Telenor Microfinance Bank, operator of Pakistan’s leading digital financial services platform, easypaisa, has received In-Principle Approval (IPA) for Digital Retail Bank (DRB) license from the State Bank of Pakistan (SBP) under the Licensing and Regulatory Framework for Digital Banks.
This remarkable achievement positions TMB as a digital bank poised to offer a wide array of exciting financial services primarily through digital channels, revolutionizing the digital banking experience for millions of Pakistanis, said a press release issued here on Friday.
The SBP hosted a ceremony in Karachi to officially grant In-Principle Approval to five banks, including TMB. The event saw the presence of sponsors of other DRBs, incumbent bank CEOs, financial institutions, fintechs, SBP’s top management, as well as TMB’s senior management and shareholders, including Kashif Ahmed, Acting CEO, Amna Abbas, CLO, Solomon Jamin, Vice President, Investment Management, Telenor Asia, and Douglas Feagin, Senior Vice President, Global Strategic Partnerships and Investments, Ant Group.
In January 2022, SBP introduced a Licensing and Regulatory Framework for Digital Banks and planned to issue up to five digital banks’ licenses. Earlier this year, 5 applicants including TMB were selected after a rigorous assessment process as per the requirements of the framework and were awarded a No Objection Certificate (NOC) to set up a digital bank.
Commenting on the development, Irfan Wahab Khan, Chairman, Telenor Microfinance Bank, said “This is a great milestone for us and a testament of our efforts towards enabling financial inclusion in Pakistan. TMB & easypaisa has emerged as one of the most trusted financial platforms during the last 13 years. On behalf of the Board and Management, I would like to thank the State Bank of Pakistan for believing in us and giving us the In-Principle approval to set up a digital bank in Pakistan. Kudos to the entire team for working with full zeal and commitment for this achievement. Through this revolutionary step, we are now one more step closer to our vision of a financially inclusive, Digital Pakistan.”
Sharing his thoughts, Kashif Ahmed, Acting CEO, Telenor Microfinance Bank said, “This monumental achievement validates our unwavering commitment to our digital-first business model, a strategic pivot we made to advance our mission of a financially inclusive Pakistan. Our success is indebted to the trust of our millions of customers who have made us a household name. The steadfast support from our esteemed shareholders, Telenor Group and Ant Group, has been instrumental in steering our organization in the right direction. It also stands as a testament to the extraordinary dedication of our entire team. My gratitude to the State Bank of Pakistan for giving us this opportunity. We eagerly embrace the role of being the regulator’s partner in the journey towards greater financial inclusion and innovation.”
Telenor Microfinance Bank is now prioritizing its operational preparedness in accordance with SBP’s framework for digital banks. With this In-Principle approval, the Bank is poised to redefine the banking landscape in Pakistan, ushering in an era of financial inclusion, convenience, and empowerment for every Pakistani.
NEW YORK, Sep 22 (APP):Caretaker Prime Minister Anwaar-ul-Haq Kakar on Friday said the expansionist designs of Indian government under its Hindutva ideology were extremely dangerous for regional and global peace and security.
Referring to the murder of a Sikh leader on the Canadian soil by India as a state, he said Pakistan had been directly bearing the brunt of India’s nefarious designs for a long time but the recent wave of Hindutva had even alarmed the Western capitals.
Pakistan, he said, had been persistently highlighting India’s hegemonic designs under its Hindutva ideology since long and would keep doing so.”We have also taken up the issue along with the target killing in Canada with the United Nations general secretary,” he added.
The capturing of the Indian spy Kulbhushan Yadav from Balochistan area was a clear proof of India’s direct interference in Pakistan, the prime minister said in an interview with PTV on the sidelines of 78th session of the UN General Assembly.
He said Pakistan was fully capable to tackle the challenge of terrorism. “We are proud of our military that has developed the capability of eliminating the menace,” he said, adding Pakistan was in close coordination with the regional countries, including Afghanistan, in that regard.
The entire region was deeply concerned and worried about the resurgence of terrorism, he remarked.
As regards relations with China, PM Kakar said Pakistan enjoyed its deep-rooted and all- weather friendship with China, which “will remain intact in future”.
He said Pakistan was a sovereign and independent country. “If anybody think that we will develop relations with any country at China’s cost, he or she cannot understand the legitimate interests of Pakistan with respect to China.”
He said Pakistan had also friendly relations with the United States and other Western countries. A large number of Pakistanis were in the US and were playing a key role in furthering bilateral relations between the two countries, he added.
Regarding his meeting with the International Monetary Fund (IMF) chief, the prime minister said that the IMF chief expressed her pleasure when she was told about the strict actions taken by the Government of Pakistan against smugglers and currency hoarders.
The IMF’s only objective was to improve Pakistan’s economic situation and that was why it wanted assurances that the funds being given by it were in safe hands, he added.
The prime minister said all the multilateral financial institutions had expressed satisfaction over the government’s economic revival plan, which included tax reforms, enhancing tax net, measures to increase revenue generation, smooth running of privatization process and reforms in the power sector.
He expressed the hope that due to the government’s crackdown against the electricity theft, the utility bills would gradually reduce in the coming days.
He said the power sector reforms were extremely necessary for improving the country’s overall economic structure.
With respect to the last year’s donor conference held in Geneva in the wake of devastating floods in Pakistan, PM Kakar called upon the countries and financial institutions to honour their pledges of around $10 billion so that the rehabilitation and reconstruction work could be undertaken in the flood-affected areas.
To a question regarding the general elections, the prime minister said the caretaker government’s key responsibility was to facilitate the Election Commission of Pakistan in holding smooth, free and fair polls.
ISLAMABAD, Sep 22 (APP): Chief of the Naval Staff, Admiral Muhammad Amjad Khan Niazi has attended 25th International Seapower Symposium-2023 (ISS-25) held at US Naval War College Newport, Rhode Island during official visit to the United States of America (USA).
The event involved panel discussions on issues related to common maritime challenges and opportunities to enhance international maritime security cooperation.
A large number of Heads of World Navies or their senior representatives attended ISS-25, a Pakistan Navy news release said on Friday.
During ISS, bilateral meetings and interactions of the Chief of the Naval Staff with senior International Naval dignitaries including Chief of Staff Spanish Navy, Naval Chiefs of Azerbaijan, Egypt, Netherlands, Saudi Arabia, Secretary of the US Navy (SECNAV) and Chief of Naval Operations (CNO) of US Navy were held to discuss matters of mutual interest.
During the interactions, Admiral Muhammad Amjad Khan Niazi briefed the participants on Maritime Perspective of Pakistan with special focus on PN contributions to regional maritime security.
The admiral highlighted the challenges to Indian Ocean security and mentioned Pakistan Navy’s initiative of Regional Maritime Security Patrol (RMSP) which was aimed to shoulder international obligations for safe and secure maritime environment in the region.
The purpose of International Seapower Symposium is to provide a forum for senior international naval leaders to discuss common maritime challenges and opportunities to enhance international maritime security cooperation.
Discussions at ISS would further strengthen the efforts to enhance cooperation in countering piracy, providing disaster relief & humanitarian assistance, coordinating search & rescue at sea including submarine rescue, planning & conducting coalition military operations and joint law enforcement to counter arms, drugs and human trafficking as well as fisheries and pollution violations.
The participation of the Pakistan Naval Chief in 25th International Seapower Symposium-2023 reflects Pakistan’s commitment for regional peace and is a manifestation of PN contribution towards regional maritime security through a collaborative approach.
Concurrent to Symposium activities, Chief of the Naval Staff also met Commander Pacific Fleet, Commander U.S. Naval Forces Central Command (NAVCENT) and Commander US Coast Guard wherein matters pertaining to maritime security were discussed.
MIRPUR ( AJK): Sep. 22 (APP) :: Vice President Telenor Pakistan, Raza Zulfiqar Naqvi was called on AJK Prime Minister Chaudhry Anwaar ul Haq at Jammu and Kashmir House here Friday and discussed the issues of mutual interest with special reference to the cellular phone services operated by the Telenor company in the State.
Speaking on the occasion, Chaudhry Anwaar ul Haq said that Telenor should improve its service quality to the satisfaction of its customers in AJK. He said that the company should take immediate measures to improve the network coverage in remote areas.
He said that the world had now become a global village and cellular companies had played an important role in this regard. The PM said that the Easy Paisa facility offered by Telenor was also very important for the benefit of the people. He also stressed the need for providing the Easy Paisa facility to get the Zakat money delivered to the people of Azad Kashmir.
The PM said that the cellular companies, which have been earning huge revenue from Azad Kashmir, should also spend money on CSR projects for the citizens of Azad Kashmir.
Raza Zulfiqar Naqvi gave a detailed briefing to the prime minister regarding the service-quality of Telenor network in Azad Kashmir and the provision of facilities offered to the customers by the company.
He said that Telenor, being one of the largest mobile networks, has been providing quality service to its customers living in remote areas. He said that Telenor has installed 450 towers in Azad Kashmir to provide quality services to customers. ENDS / APP / AHR.
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