KARACHI: Governor State Bank of Pakistan (SBP) Dr Reza Baqir announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions to benefit all segments of society. These initiatives are the introduction of digital cheques clearing and a unified QR code for payments.

According to a SBP release, at the 5th stakeholders meeting on Digital Financial Services, Governor SBP also shared that SBP is actively exploring the development of Open Banking, which allows sharing and leveraging of customer-permissioned information among financial institutions to facilitate consumer choice, promote competition and efficiency in the financial sector, and encourage the introduction of innovative products and services to benefit consumers.

SBP announces digital cheques clearing, unified QR code for payments initiatives

The goal of these stakeholders’ meetings that were started by Governor SBP in October, 2019 is to bring key players from the public and private sector together to share information and co-ordinate the resolution of cross cutting issues in a collaborative manner to accelerate digitalization of financial services and promote the vision for Digital Pakistan.

Copyright Business Recorder, 2021