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:
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-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.