PFA has called 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, the PFA expressed its readiness to support fintechs in achieving and maintaining these standards.
In a recent statement, the PFA urged fintech companies to adopt and reinforce strong governance frameworks and compliance measures. This emphasis is deemed essential not only for regulatory adherence but also for sustaining customer trust and ensuring long-term success. The PFA is committed to assisting fintechs by providing guidance, resources, and support to help develop and implement effective governance and compliance strategies.
The past two years have presented significant challenges for the fintech sector, especially for those focused on savings and financing, due to macroeconomic pressures. Despite these hurdles, payment fintechs have continued to thrive, demonstrating resilience and adaptability. The 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.
Additionally, the PFA advocates for expanding Raast’s distribution partnerships. 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 extending its distribution partnerships beyond traditional banks. The PFA calls for greater inclusion of fintechs as distribution partners for Raast, which would enhance its reach and accessibility. This collaborative approach is expected to bolster Raast’s adoption while driving innovation and inclusivity within Pakistan’s financial landscape.
The PFA’s initiatives underscore the importance of robust governance and compliance in the fintech sector, the need for sustainable growth models, and the potential for greater collaboration to enhance financial services in Pakistan.
