SBP launches Challenge Fund for SME banking innovation

MG News | October 14, 2024 at 10:13 AM GMT+05:00

0:00

October 14, 2024 (MLN): The State Bank of Pakistan (SBP) has announced the launch of a Challenge Fund for Technology Adoption & Digitalization of SME Banking (CFS) to support innovative solutions in SME banking across the country.

This initiative is part of SBP's efforts to enhance banks' ability to improve access to finance for the SME sector.

This fund in form of grant will facilitate banks in developing innovative technological solutions to cater the banking needs of SME sector.

Scope of CFS

Loan Origination and Processing System for SMEs.
Developing digital products (digital score card, digital supply chain products, digital on-boarding of SMEs for account opening, etc.).
Creation or enhancing digital platforms that offer financial education, helping customers make informed decisions about their banking and financial management.
Upgradation or development of digital banking platforms, including mobile banking apps, online banking system and customer portals.
Any other unique idea relating to technological innovations that address the issues faced by SMEs to avail financing.

Eligibility

Commercial Banks (conventional & Islamic) and other SBP regulated entities are eligible to apply for grant under CFS. Banks can also apply in partnership with EMIs and Fintechs. However, lead responsibility will rest with applicant bank.

Grant Size

Grant size will be determined according to the financing requirements of the proposal under consideration. However, each grantee will contribute 15% of the total cost.

Depending upon the quality & innovations of proposal, the grant size can vary, however one bank will get only one grant.

The projects to be implemented through CFS grant should not exceed 08 months.

SBP invites interest of banks through Expression of interest (EOI) placed at Annexure A for availing grant under CFS to improve their SME financing portfolio. Banks proposals will be evaluated as per internal criteria by SBP.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	169,864.53 309.70M	0.77% 1289.83
ALLSHR	102,725.13 871.92M	0.54% 553.85
KSE30	51,670.42 144.06M	0.97% 495.07
KMI30	244,230.82 127.19M	0.88% 2126.86
KMIALLSHR	67,141.83 400.81M	0.66% 438.06
BKTi	45,511.25 34.21M	0.74% 335.27
OGTi	33,787.05 15.45M	0.86% 288.90

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	90,435.00	93,070.00 89,640.00	-1575.00 -1.71%
BRENT CRUDE	61.18	61.86 60.81	-0.10 -0.16%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	1.00 1.11%
ROTTERDAM COAL MONTHLY	97.30	97.30 97.30	0.90 0.93%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	57.48	58.19 57.15	-0.12 -0.21%
SUGAR #11 WORLD	15.10	15.27 14.83	0.25 1.68%