Karachi, March 16, 2021: To further extend the digitalization drive, enhance operational efficiency and transparency, promote ease of doing business and make case submission cost effective and environment friendly, State Bank of Pakistan (SBP) is encouraging ADs to develop their own portals to connect their customers.
For the purpose, ADs were advised to provide an online platform to their customers to submit the Foreign Exchange (FX) cases digitally, thus abolishing paper based case submission. In this backdrop, twenty-one (21) Authorized Dealers have already developed their portals, started onboarding their customers and receiving FX cases digitally, while the rest are in process of developing their digital platforms/ portals.
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Going forward, SBP is envisaging that paper-based submission of FX related cases to ADs by their customers would be discontinued. Accordingly, all ADs are advised to complete development of portals, onboard & educate their customers and take all necessary measures, with immediate effect, to discontinue paper-based submission of FX related cases to them by their clients latest by June 30, 2021.
In order to address legal, technology and other risks arising due to use of digital medium, ADs must make comprehensive mitigation arrangements and institute effective contingency plans to ensure operational continuity in case of any disruption in their portals’ service.
ADs are advised by SBP to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance of the same. In case of failure, the relevant AD’s may not be able to provide all the foreign exchange related services to their customers resulting in reputational risk and business loss for the concerned ADs besides exposing them to regulatory action under the applicable laws.
