Pakistan Single Window (PSW) has entered into a strategic partnership with Fintech Transformation Services (Private) Limited (FTSL) to introduce a new digital solution for commercial banks in Pakistan. This innovative solution aims to streamline the process of verifying the prices of imported and exported goods, ensuring compliance with the State Bank of Pakistan’s Framework for Managing Risks of Trade-Based Money Laundering (TBML) and Terrorist Financing (TF).
The solution leverages advanced data analytics built on international and national trade data, empowering commercial banks to enhance their price assessment mechanisms and mitigate risks associated with trade-based money laundering.
By partnering with FTSL, PSW is leveraging its position as the country’s largest repository of cross-border trade data to introduce TCN – Pakistan Trade Data Analytics. This automated solution utilizes international data sources and advanced analytics to provide financial institutions with a reliable and efficient tool for price verification.
The collaboration between PSW and FTSL is a significant step towards improving transparency and security in trade transactions. By integrating national trade data, the solution enhances the effectiveness of financial institutions’ efforts to combat money laundering and foster a more secure financial environment.
Syed Aftab Haider, CEO of PSW, emphasized the importance of this partnership in modernizing Pakistan’s trade infrastructure. He highlighted the solution’s role in supporting financial institutions to comply with national and international financial frameworks and fostering a more transparent trading environment. Haider reiterated PSW’s commitment to leveraging technology to improve Pakistan’s trade competitiveness.
Nasir Qureshi, CEO of FTSL, expressed pride in partnering with PSW and utilizing its vast repository of cross-border trade data. He acknowledged the groundbreaking nature of this collaboration, which aligns with international best practices in fostering transparency and combating financial crime. Qureshi highlighted the dedication and expertise of his team in developing a system that meets the stringent compliance standards set by the State Bank of Pakistan.
The partnership between PSW and FTSL marks a significant milestone in Pakistan’s efforts to enhance trade compliance and combat money laundering. By providing financial institutions with a powerful and efficient tool, this collaboration contributes to a more secure and transparent trading environment.
