The State Bank of Pakistan (SBP) has withdrawn the license of Zing DigiComm as the PSO/ PSP operator due to failure to launch its operations in the required time period.
The banking regulator stated that it withdrew the In-principle approval (IPA) on account of non-completion of terms and conditions in a timely manner, as mentioned in their IPA letters.
This is the third operator to lose their IPA after Mobi Direct and Euronet. Zing DigiComm was given the license or IPA in 2017. It was granted to carry out a pilot project in 2021, but it did not meet the regulator’s requirements within the given deadline.
ing DigiComm introduced itself as an independent payment services entity to facilitate digital commerce in Pakistan. It planned to establish an e-commerce payment gateway and a person-to-merchant payments system under its license. However, the entity lacks a website and its Facebook page has been dormant for many years
