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YAP launches in Pakistan

Friday 20 May 2022 13:20 CET | News

YAP, a UAE-based fintech, has been granted an In-Principle Approval (IPA) from the State Bank of Pakistan for an Electronic Money Institute (EMI) Licence.

The approval provides an opportunity for YAP to provide dynamic financial service tools for consumers.

A quick and simple onboarding process will equip users with a digital account, an IBAN, a YAP Mastercard debit card, and a PayPak card, along with an app that offers users an array of services. These include transfers, spending analytics, bill payments, and real-time notifications of purchases along with the ability to create virtual cards for secure online shopping.

YAP Pakistan also aims to address the challenges consumers face in the foreign remittance market. Pakistan is ranked sixth in the top 10 recipient countries of workers remittances globally, and from July 2021 until February 2022, a total of USD 11.2 billion were remitted from the GCC to Pakistan. The company aims to introduce products for agri, households, and women, along with YAP Young, a feature for children.

The YAP Pakistan app has been fully customised to support its local audience including an Urdu version of the app which is currently in development.


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Keywords: fintech, product launch, banks, EMI licence, financial services
Categories: Banking & Fintech
Companies: YAP
Countries: United Arab Emirates
This article is part of category

Banking & Fintech

YAP

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