{ "jurisdiction_id": "PK", "jurisdiction": "Pakistan", "url": "https://payments.gi/jurisdictions/pakistan/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 82, "source_register": 152 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/pakistan/#w1a-licensing-authorisation-market-access", "standing_position": "Pakistan enacted the Virtual Assets Act, 2026, converting PVARA from a temporary presidential-ordinance body (July 2025) into a permanent statutory regulator empowered to license, suspend and revoke VASP licences, with criminal penalties for unlicensed operation. The Act replaces the Virtual Assets Ordinance, 2025 outright, and existing operators have a six-month grace window (s.70).", "findings": [ { "finding": null, "instrument_type": "Regulations for Electronic Money Institutions (EMIs), SBP Payment Systems Department", "source": "https://www.sbp.org.pk/psd/2019/C1-Annex-A.pdf", "source_url": "https://www.readkong.com/page/regulations-for-electronic-money-institutions-9802339", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Regulations for Electronic Money Institutions (EMIs)", "source": "https://www.readkong.com/page/regulations-for-electronic-money-institutions-9802339", "source_url": "https://www.fintechfutures.com/digital-banking/state-bank-of-pakistan-names-five-successful-digital-bank-applicants", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Revised EMI Regulations 2023", "source": "https://pkrevenue.com/state-bank-revises-regulations-to-enhance-scope-of-electronic-money-institutions/", "source_url": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Licensing and Regulatory Framework for Digital Banks (Jan 2022)", "source": "https://www.sbp.org.pk/dfs/Digital-Bank-Regulatory.html", "source_url": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital Bank Licensing outcome", "source": "https://www.fintechfutures.com/digital-banking/state-bank-of-pakistan-names-five-successful-digital-bank-applicants", "source_url": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI market status mapping", "source": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_url": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI capital requirement", "source": "https://digitalpakistan.pk/emi-license-pakistan-in-2026/", "source_url": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SBP Act 1956 / Digital Bank Framework", "source": "https://www.ibanet.org/the-legal-landscape-for-fintech-in-pakistan", "source_url": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Customer-fund safeguarding via mandatory segregated Trust Account; Branchless Banking Regulations place ultimate agent liability on the principal institution; conduct sits within PS&EFT Act 2007 and SBP's BC&CPD.", "findings": [ { "finding": null, "instrument_type": "EMI Regulations - Trust Account definition", "source": "https://www.readkong.com/page/regulations-for-electronic-money-institutions-9802339", "source_url": "https://www.readkong.com/page/regulations-for-electronic-money-institutions-9802339", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI licensing conditions", "source": "https://khalidzafar.com/licensing-procedure-and-conditions-for-emis-electronic-money-institutions/", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Branchless Banking Regulations", "source": "https://www.sbp.org.pk/bprd/2019/C10-Branchless-Banking-Regulations.pdf", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Framework for Branchless Banking Agent Acquisition and Management", "source": "https://www.app.com.pk/business/sbp-issues-framework-for-branchless-banking-agent-acquisition-and-management/", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital payment security guidelines (conduct/redress)", "source": "https://www.brecorder.com/news/4652556", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI conduct restrictions", "source": "https://khalidzafar.com/emi-electronic-money-institutions/", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "AML/CFT/CPF Regulations conduct overlay", "source": "https://iclg.com/practice-areas/digital-business-laws-and-regulations/pakistan", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w2-stablecoins-digital-money", "standing_position": "Virtual Assets Act 2026 (successor to July 2025 Ordinance) grants PVARA permanent statutory status; algorithmic stablecoins prohibited, fiat/asset-backed tokens permitted under licensing/reserve rules; SBP authorises bank accounts for licensed VASPs (Apr 2026); CBDC pilot ongoing.", "findings": [ { "finding": null, "instrument_type": "Virtual Assets Act, 2026", "source": "https://complyfactor.com/pakistan-virtual-assets-act-2026-complete-guide-to-pvara-licensing-and-compliance/", "source_url": "https://complyfactor.com/pakistan-virtual-assets-act-2026-complete-guide-to-pvara-licensing-and-compliance/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Pakistan Virtual Assets Ordinance, 2025", "source": "https://fafen.org/pvar-ordinance-is-crypto-now-legal-in-pakistan/", "source_url": "https://www.pakistantoday.com.pk/2026/04/15/sbp-legalises-virtual-assets-under-new-law", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SBP Circular No. 10 of 2026", "source": "https://www.pakistantoday.com.pk/2026/04/15/sbp-legalises-virtual-assets-under-new-law", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PVARA stablecoin licensing scope", "source": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Historical crypto ban (BPRD Circular 03/2018)", "source": "https://sumsub.com/blog/crypto-in-pakistan/", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PVARA authority scope", "source": "https://www.ccn.com/news/crypto/pakistan-crypto-ban-regulation-passes-virtual-assets-act-2026/", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PVARA Regulatory Sandbox", "source": "https://www.coinconnect.site/pvara-guide", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w3-operational-resilience-critical-infrastructure", "standing_position": "SBP's 2017 IT security framework plus 2018-2020 cyber circulars, reinforced by the 2026 Cyber Shield strategy targeting institutional resilience and recovery.", "findings": [ { "finding": null, "instrument_type": "SBP 2017 IT security and risk management framework", "source": "https://www.mindofcyber.com/2025/10/05/cybersecurity-of-pakisthan/", "source_url": "https://www.mindofcyber.com/2025/10/05/cybersecurity-of-pakisthan/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SBP cyber-crime safeguard measures (Nov 2018)", "source": "https://www.dawn.com/news/1448345", "source_url": "https://photonews.com.pk/sbp-cyber-shield-strategy/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital payment security guidelines (2018)", "source": "https://www.brecorder.com/news/4652556", "source_url": "https://photonews.com.pk/sbp-cyber-shield-strategy/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSD Circular No. 3 of 2020 (Cyber Resilience amid COVID-19)", "source": "https://www.dataguidance.com/news/pakistan-sbp-issues-circular-cyber-resilience-amid", "source_url": "https://photonews.com.pk/sbp-cyber-shield-strategy/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SBP Cyber Shield strategy (2026)", "source": "https://photonews.com.pk/sbp-cyber-shield-strategy/", "source_url": "https://photonews.com.pk/sbp-cyber-shield-strategy/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "ADC vulnerability review and EMV migration mandate", "source": "https://thepaypers.com/payments/news/sbp-issues-guidelines-to-safeguard-banks-against-cyber-crimes", "source_url": "https://photonews.com.pk/sbp-cyber-shield-strategy/", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w4-scheme-network-compliance", "standing_position": "1LINK operates the dominant interbank switch, PCI DSS certified, connecting members to Visa/Mastercard/UnionPay/JCB; PayPak is PK's domestic scheme; 2016 card-security regulations mandate EMV.", "findings": [ { "finding": null, "instrument_type": "1LINK PSO/PSP licence", "source": "https://grokipedia.com/page/1link", "source_url": "https://1link.net.pk/faqs", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PayPak domestic payment scheme", "source": "https://1link.net.pk/", "source_url": "https://digitalpakistan.pk/1link-achieves-mastercard-card-bureau-certification/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "1LINK network membership/PCI DSS", "source": "https://1link.net.pk/faqs", "source_url": "https://digitalpakistan.pk/1link-achieves-mastercard-card-bureau-certification/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Regulations for Payment Card Security 2016", "source": "https://joshandmakinternational.com/payment-systems-and-electronic-fund-transfers-act-2007/", "source_url": "https://digitalpakistan.pk/1link-achieves-mastercard-card-bureau-certification/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Scheme certification (Mastercard, 2025)", "source": "https://digitalpakistan.pk/1link-achieves-mastercard-card-bureau-certification/", "source_url": "https://digitalpakistan.pk/1link-achieves-mastercard-card-bureau-certification/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w5-payment-corridor-dynamics", "standing_position": "RDA anchors overseas-remittance corridors via correspondent banking; Raast beginning cross-border extension via NayaPay-Alipay+ QR interoperability.", "findings": [ { "finding": null, "instrument_type": "Roshan Digital Account (RDA)", "source": "https://en.wikipedia.org/wiki/Roshan_Digital_Account", "source_url": "https://en.wikipedia.org/wiki/Roshan_Digital_Account", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "RDA correspondent banking fee arrangements", "source": "https://www.sbp.org.pk/rda/index.html", "source_url": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Historical remittance corridor volume", "source": "https://www.pakistanconsulateny.org/roshan-digital-accounts", "source_url": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Raast future cross-border direction", "source": "https://tribune.com.pk/story/2570322/sbp-to-use-raast-for-govt-payments", "source_url": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cross-border QR corridor linkage", "source": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_url": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SAARC Payments Initiative", "source": "https://www.comcec.org/wp-content/uploads/2021/07/Pakistan-4.pdf", "source_url": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w6-industry-structure-commercial-dynamics", "standing_position": "JazzCash/Easypaisa dominate mobile wallets; fragmented ~six-EMI cohort; fintech funding contraction (-31.5% YoY) alongside continued strategic bank-fintech investment.", "findings": [ { "finding": null, "instrument_type": "Mobile wallet market concentration", "source": "https://impakter.com/how-pakistans-fintech-boom-is-changing-online-commerce/", "source_url": "https://impakter.com/how-pakistans-fintech-boom-is-changing-online-commerce/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Fintech sector funding statistics", "source": "https://tracxn.com/d/explore/fintech-startups-in-pakistan/__OOMGzIeyZYPyvEWpfn5a944aEy78_lJ8i3yxi2iu-K8", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-pakistan/__OOMGzIeyZYPyvEWpfn5a944aEy78_lJ8i3yxi2iu-K8", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Strategic bank-fintech investment", "source": "https://www.fintechfutures.com/keyword/pakistan", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-pakistan/__OOMGzIeyZYPyvEWpfn5a944aEy78_lJ8i3yxi2iu-K8", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital bank rollout / regional positioning", "source": "https://tribune.com.pk/story/2580132/pakistans-fintech-bet-pays-off-in-a-new-era-for-south-asian-finance", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-pakistan/__OOMGzIeyZYPyvEWpfn5a944aEy78_lJ8i3yxi2iu-K8", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI market structure commentary", "source": "https://profit.pakistantoday.com.pk/2025/12/10/mapping-emis-in-pakistan-since-2020-6-live-4-face-death-and-6-at-ipa-or-pilot", "source_url": "https://tracxn.com/d/explore/fintech-startups-in-pakistan/__OOMGzIeyZYPyvEWpfn5a944aEy78_lJ8i3yxi2iu-K8", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w7-legal-litigation", "standing_position": "SBP's quarterly enforcement-penalty disclosure practice and EMI licence-revocation precedents (TAG, Paymax, Careem) establish the litigation/enforcement baseline.", "findings": [ { "finding": null, "instrument_type": "SBP quarterly enforcement disclosure", "source": "https://www.brecorder.com/news/40286427/enforcement-action-sbp-imposes-over-rs465mn-in-penalties-on-10-banks", "source_url": "https://www.brecorder.com/news/40286427/enforcement-action-sbp-imposes-over-rs465mn-in-penalties-on-10-banks", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI licence revocation precedent", "source": "https://profit.pakistantoday.com.pk/2024/02/17/turkish-fintech-unicorn-papara-set-to-acquire-sadapay-in-possible-50mn-deal/", "source_url": "https://profit.pakistantoday.com.pk/2024/02/17/turkish-fintech-unicorn-papara-set-to-acquire-sadapay-in-possible-50mn-deal/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FIA crypto enforcement action", "source": "https://fafen.org/pvar-ordinance-is-crypto-now-legal-in-pakistan/", "source_url": "https://profit.pakistantoday.com.pk/2024/02/17/turkish-fintech-unicorn-papara-set-to-acquire-sadapay-in-possible-50mn-deal/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring runs through 1LINK's switch; government/SBP subsidise P2M Raast adoption against a >85% cash-based economy.", "findings": [ { "finding": null, "instrument_type": "1LINK Switch Dispute Resolution System (SDRS)", "source": "https://grokipedia.com/page/1link", "source_url": "https://tribune.com.pk/story/2570322/sbp-to-use-raast-for-govt-payments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Merchant P2M subsidy programme", "source": "https://tribune.com.pk/story/2570322/sbp-to-use-raast-for-govt-payments", "source_url": "https://tribune.com.pk/story/2570322/sbp-to-use-raast-for-govt-payments", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Responsible merchant pricing study", "source": "https://www.brecorder.com/news/40385692/pakistans-digital-transformation-sbp-plans-to-route-govt-payments-through-raast", "source_url": "https://tribune.com.pk/story/2570322/sbp-to-use-raast-for-govt-payments", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/pakistan/#w9-product-innovation-market-development", "standing_position": "SBP's April 2026 circular ends the 2018 blanket prohibition on bank-crypto dealing, creating Pakistan's first formal bank-to-VASP funding bridge, though banks remain barred from trading, holding or investing in crypto themselves and VASP accounts must be segregated PKR-only.", "findings": [ { "finding": null, "instrument_type": "Raast Instant Payment System", "source": "https://en.wikipedia.org/wiki/Raast", "source_url": "https://profit.pakistantoday.com.pk/2025/02/22/sbp-sets-participation-criteria-for-raast-payment-system/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "QR code payment standard (March 2022)", "source": "https://www.sbp.org.pk/dfs/Raast-P2M.html", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Raast Participation Criteria", "source": "https://profit.pakistantoday.com.pk/2025/02/22/sbp-sets-participation-criteria-for-raast-payment-system/", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Regulatory Sandbox Guidelines (2025)", "source": "https://fintechnews.ae/pakistan/", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "CBDC pilot", "source": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "National Payment Systems Strategy (NPSS)", "source": "https://cbpn.currencyresearch.com/blog/2026/01/23/pakistans-journey-toward-a-digital-payments-ecosystem", "source_url": "https://issra.pk/insight/2026/adopting-cryptocurrency-in-pakistan-prospects-and-concerns/insight.php", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w10-consumer-protection-app-fraud", "standing_position": "Tiered redress (CMU -> Sunwai -> Banking Mohtasib) with statutory backing; two-day cyber-fraud reimbursement mandate in force.", "findings": [ { "finding": null, "instrument_type": "Banking Mohtasib Pakistan (Ombudsman)", "source": "https://www.bankingmohtasib.gov.pk/", "source_url": "https://www.bankingmohtasib.gov.pk/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Complaint Grievance Handling Mechanism / Sunwai", "source": "https://sunwai.sbp.org.pk/faq.html", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "BMP jurisdictional scope", "source": "https://smartchoice.pk/blog/2022/01/the-banking-ombudsman-banking-mohtasib-of-pakistan/", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cyber-fraud reimbursement mandate", "source": "https://www.brecorder.com/news/4652556", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Fraud complaint turnaround standards", "source": "https://www.faysalbank.com/quick-links/complaint-lodgment-process", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SBP consumer protection scope for microfinance", "source": "https://www.sbp.org.pk/cpd/cpd-com.asp", "source_url": "https://www.brecorder.com/news/4652556", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w11-aml-cft-financial-crime", "standing_position": "Pakistan exited the FATF grey list Oct 2022, remained off-list through Feb 2026 plenary and 19 June 2026 update; residual digital-wallet misuse risk flagged.", "findings": [ { "finding": null, "instrument_type": "AML/CTF Regulations for Banks & DFIs", "source": "sentinel.pjlaw.com.pk/v4i3-108-116", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Pakistan operates under the Anti-Money Laundering Act 2010 (as amended), with the Financial Monitoring Unit (FMU) as FIU, State Bank of Pakistan and SECP as sectoral AML/CFT supervisors, and a 2025-created Pakistan Virtual Assets Regulatory Authority (PVARA) for crypto. Delisted from FATF grey list October 2022; remains in APG enhanced follow-up on residual technical-compliance gaps.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Pakistan", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: Government of Pakistan (Prime Minister-chaired Task Force, incl. national AML/CFT authority) — Migrant-smuggling financial networks", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Sanctions: OFAC listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-001)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: OFAC (U.S. Department of the Treasury) — Imran Asghar (Pakistani national, linked to Arkan Mars Petroleum DMCC)", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-001)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/pakistan/#w12-correspondent-banking-settlement-access", "standing_position": "PRISM RTGS (since 2008) with 1LINK as special participant; RDA correspondent-fee arrangements; FATF-history-linked de-risking exposure flagged as a live vulnerability.", "findings": [ { "finding": null, "instrument_type": "Pakistan Real-time Inter-bank Settlement Mechanism (PRISM)", "source": "https://www.comcec.org/wp-content/uploads/2021/07/Pakistan-4.pdf", "source_url": "https://www.comcec.org/wp-content/uploads/2021/07/Pakistan-4.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "1LINK PRISM settlement integration", "source": "https://grokipedia.com/page/1link", "source_url": "https://www.mondaq.com/money-laundering/1808758/out-of-the-shadows-but-watching-the-fatf-horizon-pakistan-fatf-and-the-ever-present-risk-of-the-grey-list", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "RDA correspondent bank fee arrangements", "source": "https://www.sbp.org.pk/rda/index.html", "source_url": "https://www.mondaq.com/money-laundering/1808758/out-of-the-shadows-but-watching-the-fatf-horizon-pakistan-fatf-and-the-ever-present-risk-of-the-grey-list", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Correspondent banking de-risking exposure", "source": "https://www.mondaq.com/money-laundering/1808758/out-of-the-shadows-but-watching-the-fatf-horizon-pakistan-fatf-and-the-ever-present-risk-of-the-grey-list", "source_url": "https://www.mondaq.com/money-laundering/1808758/out-of-the-shadows-but-watching-the-fatf-horizon-pakistan-fatf-and-the-ever-present-risk-of-the-grey-list", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Correspondent bank charge disclosure practice", "source": "https://www.sc.com/pk/save/roshan-digital-account/", "source_url": "https://www.mondaq.com/money-laundering/1808758/out-of-the-shadows-but-watching-the-fatf-horizon-pakistan-fatf-and-the-ever-present-risk-of-the-grey-list", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/pakistan/#w13-commercial-intelligence-fintech", "standing_position": "Virtual-asset market entry (Binance/HTX NOCs, MoF-Binance tokenisation MoU), continued strategic bank-fintech investment (VEON-Mobilink), new digital-bank entrant (Mashreq), and a16z-led ZAR stablecoin raise dominate commercial activity amid overall funding contraction.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fintechfutures.com/keyword/pakistan", "source_url": "https://www.fintechfutures.com/keyword/pakistan", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://tribune.com.pk/story/2580132/pakistans-fintech-bet-pays-off-in-a-new-era-for-south-asian-finance", "source_url": "https://tribune.com.pk/story/2580132/pakistans-fintech-bet-pays-off-in-a-new-era-for-south-asian-finance", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://fintechnews.ae/pakistan/", "source_url": "https://fintechnews.ae/pakistan/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.dawn.com/news/1961913", "source_url": "https://www.dawn.com/news/1961913", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://tracxn.com/d/companies/nayapay/__G2o0yIVhDANG_pkerCcfCBoCY664Oir9jqPYwy6-SqA", "source_url": "https://www.dawn.com/news/1961913", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fintechfutures.com/keyword/pakistan", "source_url": "https://www.dawn.com/news/1961913", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://tracxn.com/d/explore/fintech-startups-in-pakistan/__OOMGzIeyZYPyvEWpfn5a944aEy78_lJ8i3yxi2iu-K8", "source_url": "https://www.dawn.com/news/1961913", "source_tier": "3", "retrieved_at": "2026-07-04" } ] } ] }