The State Bank of Pakistan (SBP) sets up a specialized entity to scale the Raast payment system and drive innovation in digital payments across Pakistan.
This new entity functions as a wholly owned subsidiary of SBP. It focuses on expanding Raast’s reach by using expert talent, maintaining operational independence, and following a market-driven approach. Inspired by successful global models like India’s UPI, Singapore’s FAST, Brazil’s PIX, and Saudi Payments, the entity aims to meet Pakistan’s growing digital transaction needs.
Raast serves as Pakistan’s national instant payment system. It enables real-time, low-cost, and secure transactions between banks, microfinance institutions, EMIs, PSOs, fintech firms, merchants, and government bodies. Developed with Karandaaz Pakistan’s support, Raast makes digital payments more inclusive and accessible for everyone.
SBP also works on integrating Raast with the Arab Monetary Fund’s Buna Payment System. This step helps support seamless cross-border payments. So far, over 41 million user IDs register on Raast, with more than 295 million transactions worth Rs. 6.4 trillion processed in one quarter.
Karandaaz plays a key role in helping the SBP operationalize the new entity. It supports the development of clear and practical policies covering HR, finance, technical systems, and overall governance. The goal is to build a strong foundation for long-term success.
To do this, Karandaaz hires a consulting firm to design detailed policy frameworks. These frameworks include skill requirements and benchmarks from both local and international markets. The firm also provides a skills matrix, linking policies to the entity’s mission for innovation and financial inclusion.
This initiative marks a big step in Pakistan’s journey toward a fully digital economy.
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