KARACHI: The Pakistan Fintech Association (PFA) is calling on all fintech companies, both regulated and non-regulated, to place a heightened emphasis on robust governance and compliance structures.

Considering the evolving financial landscape and regulatory expectations, PFA stands ready to support fintech’s in achieving and maintaining these standards.

PFA urges fintech companies to adopt and reinforce strong governance frameworks and compliance measures. This is essential not only for regulatory adherence but also for sustaining customer trust and ensuring long-term success. PFA is committed to assisting fintech’s in navigating these requirements by providing guidance, resources, and support to develop and implement effective governance and compliance strategies.

The past two years have been challenging for the fintech sector, particularly for those focused on savings and financing, due to macroeconomic pressures. Despite these hurdles, payment fintechs have continued to thrive, demonstrating resilience and adaptability. PFA encourages all fintech founders to prioritize building sustainable growth models as the economic environment and Foreign Direct Investment (FDI) outlook gradually improve. By focusing on sustainability, fintechs can better weather economic fluctuations and contribute to the overall stability and growth of the financial ecosystem.

Raast, Pakistan’s instant payment system, represents a significant advancement in providing low-cost, contextual, and instant settlement rails. However, its potential can be further maximized by expanding its distribution partnerships beyond traditional banks. PFA advocates for greater inclusion of Fintechs as distribution partners for Raast, which would enhance its reach and accessibility. This collaborative approach will not only bolster Raast’s adoption but also drive innovation and inclusivity within Pakistan’s financial landscape.

Copyright Business Recorder, 2024