KARACHI: The State Bank of Pakistan (SBP) has taken action against M/s. TAG Innovation Pvt. Ltd. for violating regulatory requirements.
The central bank in a statement issued on Thursday said M/s TAG Innovation Pvt. Ltd., currently in pilot stage of Electronic Money Institution (EMI) licensing process, had been advised to refund all outstanding funds to its wallet holders immediately but no later than August 19, 2022.
This action has been taken after identification of violations of SBP’s regulatory requirements and other concerns during the pilot operations of M/s TAG.
Electronic Money Institutions (EMIs) licenses are issued by SBP to non-bank entities in three stages i.e.
In-Principle Approval, Pilot Operations Approval and Commercial Operations Approval.
Moreover, pilot operation is conducted to assess the readiness of the business for commercial operations and only after its successful completion, license to commence commercial operations is granted to the respective EMI.