SBP takes regulatory action against TAG Innovation Pvt Ltd

MG News | August 05, 2022 at 10:01 AM GMT+05:00

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,034.93 513.44M	1.52% 2679.44
ALLSHR	107,392.74 1,107.91M	1.22% 1297.66
KSE30	55,017.41 279.74M	1.86% 1007.08
KMI30	254,699.07 209.00M	1.60% 4013.10
KMIALLSHR	69,477.96 622.48M	1.19% 818.48
BKTi	50,802.42 123.06M	2.40% 1189.90
OGTi	36,086.91 28.98M	2.36% 830.36

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	90,810.00	91,370.00 88,720.00	2925.00 3.33%
BRENT CRUDE	60.13	61.38 60.01	-0.72 -1.18%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	0.55 0.64%
ROTTERDAM COAL MONTHLY	98.00	98.00 97.40	1.10 1.14%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	56.74	57.93 56.60	-0.68 -1.18%
SUGAR #11 WORLD	14.66	15.05 14.60	-0.35 -2.33%