YAP Pakistan obtained in-principle approval from SBP for EMI license

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Pakistan has obtained in-principle approval from the State Bank of Pakistan for Electronic Money Institute (EMI) license.

YAP, the global art tech leader who has revolutionized the digital banking experience in the Middle East, Africa and South Asia, has announced that it has received in-principle approval from Bank Daulat Pakistan for the Electronic Money Institute (EMI) license. Is. This approval gives YAP the best opportunity to provide dynamic financial service tools for consumers.

Following the successful launch of the Digital Banking Platform in the UAE, YAP has identified the fast-growing art tech landscape in Pakistan as an ideal market for expanding its operations. YAP Pakistan, a subsidiary of VIP YAP, aims to be the leading digital banking platform in the country and to make banking accessible to every Pakistani citizen.

A fast and easy onboarding process that will equip customers with a digital account, an international banking account number and a YAP with YAP PayPak Card and MasterCard Debit Card that will provide customers with a comprehensive set of services. Is. These include instant notifications of transfers, cost analysis, bill payments, and purchases, as well as the ability to create a virtual card for secure online shopping.

YAP Pakistan aims to provide solutions to the problems faced by consumers in the foreign remittance market.

Pakistan ranks sixth out of ten countries in the world in receiving workers’ remittances. From July 2021 to February 2022, a total of US 11 11.2 billion was sent to Pakistan from the Gulf Cooperation Council. The company wants to introduce special products for agriculture, housework and women as well as youth.

The YAP Pakistan app is designed for local viewers to their liking, with translation of the Urdu app being completed.

Mr. Marwan Hashim, Chief Executive Officer, YAP Pakistan, said, “We have dedicated ourselves to increasing financial inclusion in the less resourceful field of tech. To achieve this, we will offer a number of organized products to Pakistani audiences. We would like to thank the departments for their trust and support in making this IPA possible. ”

Mr. Marwan Hashmi, Founder and Global Chief Executive Officer, YAP, said, And introducing it in Pakistan was a natural next step because it is needed here, which we are able to fulfill. We are working to give the Pakistani people more options and choices for their money. ”

Mr. Anas Zeidan, Founder and Managing Director of YAP, said, “Our goal is to provide customers with an amazing portfolio of products for all segments of the Pakistani audience with quick and easy remittance products. We hope that the launch of YAP across the country will accelerate financial innovation and accessibility. ”

About YAP

YAP is introducing a new approach to the art sector in the Middle East, Africa and South Asia by making it a better and faster financial instrument. The app offers a combination of many features, such as analytics and budgeting tools, easy money transfers, instant purchase notifications, virtual cards and much more. With an extensive database of resources at their fingertips, consumers can become anything from financially inexperienced to expert financial managers. YAP is available for download on iOS and Android. For more information, please visit www.yap.com.