[November 19, 2009] SBP, PTA to introduce unified regulatory framework for enhancing mobile banking in Pakistan Tweet (Pakistan Press International Via Acquire Media NewsEdge) State Bank of Pakistan and Pakistan Telecommunication Authority agreed to introduce a unified regulatory framework for enhancing mobile banking in the country. It was decided Wednesday to set up a “Joint Regulatory Committee†, said a joint statement released after meeting at SBP, Karachi between Syed Salim Raza, Governor, SBP and Dr. Mohammad Yaseen, Chairman PTA. This Committee, comprising members from SBP and PTA, is to introduce unified regulatory framework for Third Party Solution Provider (TPSP) system. It will propose modification in existing regulatory/legal framework, if needed. An M-banking Stakeholders Group (including mobile network operators, financial institutions, Ministry of Information Technology, PTA SBP, TPSP/integrators) is proposed to be set up, which would address technical standards, product & services. Licensing regime and relevant operational issues etc. “We hope this understanding will encourage innovative technological products which would ultimately enhance outreach of financial services in the country,’ joint statement said. Mobile banking services are increasingly being provided by financial institutions in collaboration with mobile operators around the world to increase outreach, generate additional revenues, reduce costs and increase customer satisfaction Mobile banking offers a variety of financial/non financial functions, including merchant payments, utilities bills payments, fund transfers, and remittances etc. The synergy likely to be created by financial institutions, mobile operators and other partners will bear very promising results. In Pakistan, such innovative services have been possible through introduction of Branchless Banking regulations (BBRs) by State Bank. Subsequent to BBRs, Ministry of Information Technology issued Policy Directives to PTA to prepare a framework on technical implementation of BBRs. By assessing potential of partnership between banks and mobile operators, it is felt there is need for a joint platform of both regulators (SBP and PTA) for achieving the very purpose of these regulations. (c) 2009 Pakistan Press International (PPI). All rights reserved. Provided by Syndigate.info an Albawaba.com company [ Back To TMCnet.com's Homepage ]