In a significant move for Pakistan’s fintech sector, the State Bank of Pakistan (SBP) has granted pilot approval to Hubpay (Private) Limited to begin operations as an Electronic Money Institution (EMI). With this approval, Hubpay Pakistan, a subsidiary of UAE-based Hubpay ADGM, is set to test its innovative financial products on a pilot basis, marking a key step towards a full commercial launch.
Hubpay: A Trusted Name in International FX Solutions 🌍
Hubpay ADGM, headquartered in the UAE, is renowned for its AI-powered international money transfer solutions and Corporate FX services, enabling secure transactions to over 50 countries. With over 1.2 million downloads of its consumer app, Hubpay has become a trusted choice for individuals and businesses alike, leveraging advanced AI technology to make FX payments faster and more accessible.
What Does SBP’s Approval Mean for Hubpay Pakistan?
With this pilot approval, Hubpay Pakistan is set to introduce a limited range of digital financial products under SBP’s close supervision. This initial phase will focus on:
- Delivering secure and accessible financial solutions to a select group of users.
- Testing and refining these offerings to ensure they meet market needs and regulatory standards.
- Collaborating with SBP to bring products from Hubpay’s global operations into Pakistan’s financial landscape.
Owais Shaikh, CEO of Hubpay Pakistan, shared his excitement:
“We are thrilled to begin operations in Pakistan and work closely with SBP to bring reliable, accessible financial solutions to the market. This pilot phase is a key first step in our journey to empower individuals and businesses with digital financial services tailored to their needs.”
Join Hubpay’s Waitlist
While user access will be limited in this initial phase, interested users can join the waitlist on Hubpay’s official website. Stay tuned as Hubpay Pakistan works to bring the same innovative solutions that have transformed international payments in the UAE to the financial sector in Pakistan.
What’s Next?
Hubpay’s expansion into Pakistan opens up exciting possibilities for digital financial inclusion and enhanced FX payment solutions. This pilot phase aims to set a foundation for a full-scale launch that could transform the way Pakistan handles digital payments, making transactions smoother, faster, and more reliable for both personal and business needs.
