How Raast facilitates cross border digital payments
State Bank of Pakistan Governor Jameel Ahmed recently announced that Pakistan has reached a significant milestone by enabling cross-border payments in Pakistani rupees between Pakistan and Arab countries. This has been achieved by integrating the country's Raast instant payment system with the Buna platform of the Arab Monetary Fund. Moreover, Pakistan's central bank is working towards allowing e-wallet holders in the country to make direct payments in China via online banking, as part of its broader initiative to enhance regional financial connectivity and promote digitalization. The SBP also unveiled plans to launch the third National Financial Inclusion Strategy (NFIS) 2028 during the fiscal year 2024-25. This strategy aims to expand banking services to 75% of the adult population, up from the current 60%, with the goal that by 2028, 25% of these users will be women. Raast is Pakistan's first instant payment platform which enables end-to-end digital payments between individuals, businesses and government
Cross-Country Payments: How They Work
In an increasingly globalized world, cross-country payments play a crucial role in facilitating trade, investment, and remittances between individuals, businesses, and governments across borders. These payments are essentially financial transactions made from one country to another, involving the transfer of money between parties using different currencies and banking systems. Understanding how these transactions work is essential for anyone engaged in international business, personal remittances, or trade. The Basics of Cross-Country Payments At the core of cross-country payments is the process of converting one currency into another. When an individual or business in one country needs to send money to another country, the currency they hold (e.g., U.S. dollars) must often be exchanged for the currency used in the recipient's country (e.g., euros or yen). This conversion is typically handled by banks, financial institutions, or online payment platforms, which charge fees for currency exchange and the transaction itself. Types of Cross-Country Payments Bank
Starlink Satellite Fast Internet: PTA to grant license to Starlink
Officials at PTA confirm that Starlink would have to go for a commercial agreement with Suparco. In an effort to increase internet speed throughout the country, the Pakistan Telecommunication Authority has moved one step further by intending to issue a license to Starlink—a satellite internet company by Elon Musk. The officials from the PTA said that, in principle, a license has already been given to Starlink; now, the final step will be when the security clearance comes through, after which Starlink will be officially licensed. "Starlink's license is ready, and only security clearance is pending," PTA confirms to the reporters. The new high-speed satellite internet service, Starlink, is going to be introduced in the near future, and this can give a major fillip to internet connectivity over large parts of the country, especially in those rural and remote areas where conventional broadband services are either unavailable or slow. The PTA officials, who initially started