Islamabad, Nov 1: SBP Grants EMI License to UAE-Based FX Payment System. The State Bank of Pakistan has authorized Hubpay (Private) Limited to begin pilot operations as an Electronic Money Institution (EMI). Hubpay ADGM, a licensed financial institution with operations in the United Arab Emirates, is the parent company of Hubpay Pakistan.
As a company, Hubpay ADGM specializes in international payments and is transforming money transfers and FX payments. It is the only AI-powered money transfer software that can send money to more than 50 countries and is the most dependable partner for corporate foreign exchange solutions in the United Arab Emirates. More than 1.2 million people have downloaded the Hubpay app for consumers.
With this clearance, Hubpay Pakistan has taken a big step forward and can now begin the process of launching its full-scale commercial venture in Pakistan. Under the careful supervision of the State Bank of Pakistan, Hubpay will grant access to a restricted selection of products to a chosen group of users during this pilot phase. In cooperation and agreement with State Bank of Pakistan, Hubpay Pakistan will seek to introduce goods from its group companies into Pakistan as it moves further in its journey.
Owais Shaikh, CEO of Hubpay Pakistan, expressed enthusiasm at this achievement: “We are excited to launch our business in Pakistan and collaborate closely with the State Bank of Pakistan to provide the market with dependable, easily accessible financial solutions.
This pilot program is a crucial first step in our mission to provide businesses and individuals with specialized digital financial services.
