YAP, a UAE-based fintech revolutionizing the digital banking experience in the Middle East, Africa and South Asia, has announced that it has been granted an In-Principal 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.
A quick and simple onboarding process will equip users with a digital account, an IBAN, a YAP Mastercard debit card and a PayPal card, along with an app that offers users a comprehensive array of services. These include transfers, spending analytics, bill payments, and real-time notifications of purchases along with the ability to create virtual cards for secure online shopping.
YAP Pakistan also aims to address the challenges consumers face in the foreign remittance market. Pakistan is ranked sixth in the top 10 recipient countries of workers remittances globally, and from July 2021 until February 2022, a total of USD 11.2 billion was remitted from the GCC to Pakistan. The company is eager to introduce products for agri, households, and women, along with YAP Young, a feature for children. The YAP Pakistan app has been fully customized to support its local audience including an Urdu version of the app which is currently in development.
“We are dedicated [to] 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.