Pakistan’s Instant Payment System
– RAAST
Karandaaz supported the State Bank of Pakistan in creating Raast, an instant payment system enabling low-cost, interoperable digital transactions across various financial service providers. Raast promotes financial inclusion, connecting merchants, businesses, SMEs, consumers, and government entities to banks, fintechs, and microfinance institutions.
BUNA-Raast Intergration
The Arab-Pakistan remittance corridor handles nearly USD 20 billion, with USD 6 billion in the informal market. Buna, launched by the Arab Monetary Fund (AMF), aims to simplify and formalize remittances. In November 2023, SBP and AMF signed an MoU for Buna-Raast integration, with Karandaaz supporting Raast’s development and exploring technical and financial assistance opportunities with AMF.
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