Pakistan Is Now Fully Committed to Supporting Fintech Startups, Also Updates Foreign Equity Investment Policy
Arshad Mehmood Bhatti, Director, Exchange Policy Department at the
State Bank of Pakistan (SBP), the nation’s central bank, has noted that the SBP has updated its Foreign Exchange Manual in order to facilitate local startups and Fintech firms in the country.
The manual was also updated to improve the process of handling exports from Pakistan and also to help with modernizing the foreign exchange regulations in the Asian country that’s home to around 220 million residents.
Bhatti confirmed the following updates:
“The changes include revised Equity Investment Abroad Policy, which facilitates (a) start-ups / Fintechs to establish holdco abroad to channelize investment in their operating companies, (b) exports through allowing establishment of subsidiary, branch offices, marketing offices etc, (c) acquisition of shares as sweat equity.”