The State Bank of Pakistan (SBP) has selected 11 commercial banks in its FX Portal to provide end-to-end digitalization of the Foreign Exchange requests. Accordingly, the customers of these banks can submit their cases digitally from their places of work.
The names of the banks are:
- Allied Bank Ltd.
- Bank Al-Falah Ltd.
- Faysal Bank Ltd.
- Habib Bank Ltd.
- Habib Metropolitan Bank Ltd.
- The Industrial and Commercial Bank of China
- MCB Bank Ltd.
- Meezan Bank Ltd
- Standard Chartered Bank (Pakistan) Ltd.
- The Bank of Punjab
- United Bank Ltd.
The SBP has launched the FX Regulatory Approval System (RAS) for end-to-end digitalization of the Foreign Exchange (FX) related case submission processes.
The objective of this initiative is to provide both individuals and the business community a fully-digitized platform to approach banks for their FX-related requests.
The initiative will transform FX operations by replacing paper-based requests with electronic submissions, which is both efficient and cost-effective.
The central bank has developed this online platform under the umbrella of its ‘Knowledge Management System’ to digitize its decision-making processes. The system will eliminate the inherent problems related to the paper-based processes and will ensure the timely delivery of its services to stakeholders.
This end-to-end digitization of the process through the commercial banks’ portals will enable customers to lodge their FX-related requests from a location of their convenience, thereby sparing their valuable time that would otherwise be spent navigating the paper-based processes.