State Bank of Pakistan (SBP) has launched an initiative to transform digital foreign exchange operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost effective.
Dr. Reza Baqir launched the SBP FX Regulatory Approval System (RAS) for end-to-end digitalization of Foreign Exchange (FX) related case submission process of Friday in a ceremony held in Karachi.
At the invitation of Governor Baqir, Dr. Ishrat Husain, Advisor to the Prime Minister on Institutional Reforms and Austerity and the Governor State Bank of Pakistan (SBP) gave the keynote speech at the event.
The objective of this initiative is to provide a fully digitalized platform to the business community and individuals in approaching banks for their foreign exchange related requests.
The initiative will transform FX operations by replacing the paper-based requests with electronic submissions, which is not only efficient but also cost effective. This development is also congruent with the Government of Pakistan’s vision of Digital Pakistan.
He informed that SBP has worked with various public and private sector entities for providing alternate delivery channels for payments. He also mentioned that work of micropayment gateway is at advance stage, which would revolutionize the payment spectrum in the country.