Raqami Islamic Digital Bank and Euronet Pakistan Pvt. Ltd. entered into an exclusive agreement to promote digital payments in the country. In January 2023 Raqami Islamic Digital Bank (RIDB) obtained a no objection certificate (“NOC”) from the State Bank of Pakistan (SBP) to establish an Islamic digital retail bank in the country. In September 2023 SBP awarded in-Principal Approval (IPA) to Raqami and four other aspirants for the digital bank license. Under the IPA, RIDB is in the process of developing its operational readiness for pilot, followed by commercial launch as a digital retail bank.
