The State Bank of Pakistan (SBP) has selected 11 commercial banks in its FXPortal to provide end-to-end digitalization of the Foreign Exchangerequests. Accordingly, the customers of these banks can submit their casesdigitally from their places of work.

The names of the banks are:

1. Allied Bank Ltd. 2. Bank Al-Falah Ltd. 3. Faysal Bank Ltd. 4. Habib Bank Ltd. 5. Habib Metropolitan Bank Ltd. 6. The Industrial and Commercial Bank of China 7. MCB Bank Ltd. 8. Meezan Bank Ltd 9. Standard Chartered Bank (Pakistan) Ltd. 10. The Bank of Punjab 11. United Bank Ltd.

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The SBP has launched the FX Regulatory Approval System (RAS) for end-to-enddigitalization of the Foreign Exchange (FX) related case submissionprocesses.

The objective of this initiative is to provide both individuals and thebusiness community a fully-digitized platform to approach banks for theirFX-related requests.

The initiative will transform FX operations by replacing paper-basedrequests with electronic submissions, which is both efficient andcost-effective.——————————

The central bank has developed this online platform under the umbrella ofits ‘Knowledge Management System’ to digitize its decision-makingprocesses. The system will eliminate the inherent problems related to thepaper-based processes and will ensure the timely delivery of its servicesto stakeholders.

This end-to-end digitization of the process through the commercial banks’portals will enable customers to lodge their FX-related requests from alocation of their convenience, thereby sparing their valuable time thatwould otherwise be spent navigating the paper-based processes.