Total Communications organized a Future Banking 2021 Summit where the SBP Deputy Governor Sima Kamil said, “We have gone through a very intensive consultative phase for digital banking, that has been concluded. We would hopefully have approval and announce that within a month or so.” The State Bank of Pakistan (SBP) has established a comprehensive digital banking plan that will be approved within a month.
She also said the central bank has already allowed digital onboarding where the Pakistanis residents can open bank accounts online without any hassle. Digital banking will offer a variety of services online compared to other services available at present. The central bank is also working on “Open Banking” which is also going to be available for Pakistan, she further stated that, “We have actually finished a working plan. We are working on very critical things to open APIs (Application Programming Interface).”