SBP takes regulatory action against TAG Innovation Pvt Ltd
MG News | August 05, 2022 at 10:01 AM GMT+05:00
August 5, 2022 (MLN): The State Bank of Pakistan (SBP) on Thursday took regulatory action against TAG Innovation Private Limited, an Electronic Money Institution (EMI), for violating the SBP’s regulatory requirements.
The SBP in a statement advised TAG Innovation Pvt. Ltd., currently in the pilot stage of Electronic Money Institution (EMI) licensing process, to refund all outstanding funds to its wallet holders immediately but no later than August 19, 2022, said a press release issued yesterday.
This action has been taken after the 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, the pilot operation is conducted to assess the readiness of the business for commercial operations and only after its successful completion, a license to commence commercial operations is granted to the respective EMI.
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