SBP Grants Initial EMI License to Saudi-Based Barq for Pakistan Launch

The State Bank of Pakistan has granted in-principle approval (initial license) to Barq Pakistan to establish an Electronic Money Institution (EMI) wallet in Pakistan. Barq Pakistan plans to introduce a full suite of digital financial services, including e-wallets, mobile payments, and everyday transaction tools, fully aligned with the regulatory and security frameworks set by the SBP and global standards. This approval marks a pivotal milestone in Barq’s regional expansion strategy, reinforcing its commitment to building a secure, inclusive, and innovative digital financial ecosystem. Through this IPA, Barq aims to empower individuals and businesses in Pakistan with seamless, technology-driven payment solutions that accelerate the country’s transition toward a cashless economy. The company continues to work closely with regulatory authorities to complete all necessary technical and compliance requirements for full commercial licensing ahead of the planned launch phase. Barq’s entry into Pakistan comes at a time when the country is witnessing rapid growth in the adoption of digital financial services, underscoring a nationwide push toward financial inclusion and innovation, values that remain at the core of Barq’s mission across all its markets.