KARACHI: The State Bank of Pakistan (SBP) has issued a no-objection certificate (NOC) for incorporation of the proposed KT Bank Pakistan Limited for establishing the Digital Retail Bank (DRB) under the SBP’s Licensing and Regulatory Framework.

The Fatima Fertilizer Company, along with other sponsors including Kuda Technologies Limited and City Schools (Private) Limited, will incorporate the proposed DRB with the Securities and Exchange Commission of Pakistan, material information sent to the Pakistan Stock Exchange on Monday said.

Going forward, the SBP’s approval in principle will be sought for demonstrating operational readiness and for commencement of operations under the pilot phase. Subsequently, the proposed DRB will launch commercial operations after obtaining SBP’s approval.

Copyright Business Recorder, 2023