SBP directed all banks to use SECP's digital portal for digital verification of companies' documents willing to open their bank accounts and also directs TAG innbovation

State Bank of Pakistan (SBP) announced on Friday night that it has revoked the in-principle approval and pilot operations approval granted to M/s. TAG Innovation Pvt. Ltd. to operate as an Electronic Money Institution (EMI) with immediate effect as per the applicable laws.

SBP claims to have taken this decision to protect the interest of public at large after identifying violation of its regulatory requirements and other concerns during the pilot operations of the company. EMIs are entities that offer innovative, user-friendly and cost effective low value digital payment instruments like wallets, prepaid cards, and contactless payment instruments.

M/s TAG has been advised to close all customers’ wallets and remove their application from Google’s Play Store and Apple’s App Store and any other platform with immediate effect.

SBP further mentioned that through its Press Release dated August 04, 2022 it had informed the public about the regulatory action taken against M/s TAG.

Also Read: SBP Directs TAG Innovations to Refund All Outstanding Funds to its Clients

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