The State Bank of Pakistan will be launching new category in Banking called Digital Banks. According to Syed Irfan Ali (Executive Director of SBP) “This category of banking services will provide more customerswith access to banking services online”He also said that the with this you do not need physical locations as it will be all online.

State Bank of Pakistan Set to Launch Digital Banks

Right now, the State Bank of Pakistan is working on the operation of the digital banks. The framework is

• The minimum amount of capital a bank would need to run the digital banking services.
• Entry requirements for the establishment of a digital bank.
• The criteria of on-boarding customers among other regulations.

According to Syed Irfan Ali “Digital banks is the new technology in the financial services industry which will provide the improved customer services in an efficient manner”

This is in accordance with the new technological influence and the new era of smartphones.  It will provide easy access to the banking services whenever you need.

He also said that “State Bank of Pakistan is working on the concept paper” The concept paper would be about the international experiences of Digital Banks, regulatory framework and the top international practices”

Depending upon the access of fast internet all over the world most people are using the mobilebanking services. The digital banks will open the branchless banking to their customers.