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YAP secures In-Principle Approval from the State Bank of Pakistan for an Electronic Money Institute (EMI) License

Written by Usman Aslam ·  1 min read >

YAP, a leading fintech revolutionizing the digital banking experience in the Middle East, Africa and South Asia has announced that it has been granted an In-Principle Approval (IPA) from the State Bank of Pakistan for an Electronic Money Institute (EMI) License. The approval provides a tremendous opportunity for YAP to provide dynamic financial service tools for consumers.

After successfully launching its digital banking platform in the UAE, YAP has identified Pakistan’s rapidly growing fintech landscape as the ideal market to expand its operations. YAP Pakistan, which is a subsidiary of YAP, has a vision to become the leading digital banking platform in the country and to make banking an effortless experience for every Pakistani citizen.

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 a comprehensive 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 is eager to introduce products for agri, households, and women, along with YAP Young, a feature for children. The YAP Pakistan app has been fully customized to support its local audience including an Urdu version of the app which is currently in development.
“We are dedicated towards expanding into the underserved Pakistani fintech arena to increase financial inclusion,” said Meharyab Niazi, CEO of YAP Pakistan. “To achieve this goal, we will be rolling out several products that are fine-tuned and curated for our Pakistani audience. We would like to thank the authorities for their trust and support in making this IPA possible.”
“YAP has revolutionized the fintech sector by providing products that meet gaps in the marketplace and launching in Pakistan was a natural next step as there is a need which we are able to meet,” said Marwan Hachem, Founder and Group CEO of YAP. “We look forward to providing the people of Pakistan with more options and choices for their money.”
“We aim to provide agile and effortless remittance products to our users along with an exciting portfolio of products that cater to all segments of the Pakistani audience. With YAP launching nationwide we hope to accelerate financial innovation and accessibility,” said Anas Zaidan, Founder and Managing Director of YAP.

About YAP

YAP is redefining the fintech sector in the Middle East, Africa, and South Asia by creating smarter and faster financial tools. The app offers a suite of versatile features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchases, virtual cards and more. With an extensive database of resources at their fingertips, users can go from financially inexperienced to expert money managers. YAP is available to download on iOS and Android devices. For more information, please visit:

Written by Usman Aslam
A tech enthusiast, writer, researcher and strategist working on the latest technologies and making an impact. Usman has been heavily focused on building communities, empowering people through technological trends and advancements for over 3+ years including many notable names such as IEEE Region 10, TEDx, Google Developers, United Nations Programmes, Microsoft Partner Program and much more. Reach out: Profile