Fintech YAP Obtains In-Principle Approval From State Bank Of Pakistan For E-Money Institute License
Marwan Hachem, Founder & Group CEO of YAP and Anas Zaidan, Founder & Managing Director of YAP.
YAP, a Fintech streamlining the virtual banking experience in the MENA and South Asia region, has announced that it has been granted an In-Principle Approval (IPA) from the State Bank of Pakistan for an Electronic Money Institute (EMI) License.
The approval provides “a tremendous opportunity for YAP to provide dynamic financial service tools for consumers.”
After launching its digital banking platform in the UAE, YAP has “identified Pakistan’s rapidly growing fintech landscape as the ideal market to expand its operations.”
YAP Pakistan, which is a subsidiary of YAP, has a vision “to become the leading digital banking platform in the country and to make banking an effortless experience for every Pakistani citizen.”
A quick and simple onboarding process will “equip users with a digital account, an IBAN, a YAP Mastercard debit card and a PayPak card, along with an app that offers users a comprehensive array of services.”
These include transfers, spending analytics, bill payments, and real-time notifications of purchases “along with the ability to create virtual cards for secure online shopping.
YAP Pakistan also aims to address the challenges consumers face in the foreign remittance market.”
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Source: Fintech YAP Obtains In-Principle Approval From State Bank Of Pakistan For E-Money Institute License – Crowdfund Insider