YAP Obtains In-Principle Approval from the State Bank of Pakistan for an EMI License

YAP, a leading fintech in the Middle East, Africa and South Asia, has announced that it has been granted an In-Principle Approval (IPA) from the State Bank of Pakistan for an Electronic Money Institute (EMI) License.

The approval provides a tremendous opportunity for YAP to provide dynamic financial service tools for consumers.

After successfully launching its digital banking platform in the UAE, YAP has identified Pakistan's rapidly growing fintech landscape as the ideal market to expand its operations. YAP Pakistan, which is a subsidiary of YAP, has a vision to become the leading digital banking platform in the country and to make banking an effortless experience for every Pakistani citizen.

"We are dedicated towards expanding into the underserved Pakistani fintech arena to increase financial inclusion,"said Meharyab Niazi, CEO of YAP Pakistan."To achieve this goal, we will be rolling out several products that are fine-tuned and curated for our Pakistani audience. We would like to thank the authorities for their trust and support in making this IPA possible."

"YAP has revolutionized the fintech sector by providing products that meet gaps in the marketplace and launching in Pakistan was a natural next step as there is a need which we are able to meet,"said Marwan Hachem, Founder and Group CEO of YAP."We look forward to providing the people of Pakistan with more options and choices for their money."

"We aim to provide agile and effortless remittance products to our users along with an exciting portfolio of products that cater to all segments of the Pakistani audience. With YAP launching nationwide we hope to accelerate financial innovation and accessibility,"said Anas Zaidan, Founder and Managing Director of YAP.

Source: Finextra