SBP Grants License to Wemsol for Digital Payments Operations

The State Bank of Pakistan (SBP) has issued a license to M/s. Wemsol Private Limited, allowing it to begin commercial operations as an Electronic Money Institution (EMI). With this approval, Wemsol will offer e-money wallet and payment gateway services to both consumers and businesses.

This addition brings the total number of EMIs in commercial operation to six, joining NayaPay, Finja, SadaPay, Akhtar Fuiou Technologies, and E-Processing Systems.

Meanwhile, M/s. HubPay Private Limited remains in the pilot phase. Additionally, three other firms—YAP Pakistan, Cerisma, and Toko Lab—have received in-principle approval and are currently working on their organizational and technological infrastructure before launching pilot operations.

Zayn

Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.