Hubpay Pakistan, a subsidiary of Hubpay ADGM, has secured approval from SBP to initiate pilot operations as an Electronic Money Institution (EMI). This milestone marks a significant step towards expanding access to secure and convenient digital financial services in Pakistan.
Hubpay Pakistan aims to offer a range of innovative financial solutions, including international payments and foreign exchange services. The company’s AI-powered platform has already proven successful in the UAE, with over 1.2 million downloads.
The pilot phase will allow Hubpay Pakistan to gradually introduce its services to a limited number of users under the close supervision of the SBP. Once the pilot phase is successfully completed, the company plans to launch a full suite of financial products and services for the Pakistani market.
Owais Shaikh, CEO of Hubpay Pakistan, expressed excitement about the company’s entry into the Pakistani market. He highlighted the potential to revolutionize the country’s digital finance landscape and provide innovative solutions to meet the evolving needs of individuals and businesses.
Hubpay Pakistan’s approval underscores the SBP’s commitment to promoting digital financial inclusion and fostering a thriving fintech ecosystem in Pakistan.
