Friday, 24 March, 2023

State Bank of Pakistan Stops Fintech Start-up Tag’s Operations

<p>The central bank of Pakistan canceled the in-principle and pilot operations of &quot;Tag&quot; to work as an electric money institution. This move may lead to the closure of the firm permanently. The central bank also ordered the firm to close all wallet accounts of the customers and to remove its app from the play store. This action is in response to the Tag violating regulatory requirements like forging documents. The bank ordered to immediately refund all funds of customers.</p>