The state bank of Pakistan has given the fintech startup SadaPay permission to start a pilot next year. The startup plans to shake up Pakistan's financial services industry by running physical bank branches and partnering with MasterCard to offer free banking services.
The company drew a lot of attention before it started with a waiting list of 150,000 people who wanted to use the service. Brandon Timinsky, Founder and CEO of SadaPay said earlier, “The demand for the launch of SadaPay has exceeded all our expectations and our team is absolutely delighted to see nearly 150,000 people on our waiting list.
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We can't wait for our users to discover what we've developed over the past year! " SadaPay will now offer its services for a period of 60 days from January 2021 under the supervision of SBP. Initially, the company will be allowed to add up to 1,000 customers to the waiting list and operations will be closely monitored by SBP SBP to measure the performance of the company's new banking model.
After the trial period, the company will receive a full commercial license if it meets the requirements of the SBP. Dr. Waqar Masood Khan, Chairman of SadaPay, said of SBP's approval: “It is encouraging to see the Bank of Pakistan so focused on realizing the true potential of digital payments in the country.
SadaPay has always been a business driven company with the goal of making life better and I couldn't be more thrilled to see the impact this offering can have on our economy. "
