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How nsave is enabling financial independence for the global majority — your money, your terms

How nsave is enabling financial independence for the global majority — your money, your terms

Across the globe, many strive to attain greater financial security, but while local banking systems often fall short, even newer alternatives don't always deliver. Struggling with inflation, unstable currencies, and limited financial infrastructure, individuals often struggle to find safe, reliable ways to save or invest their money.
That's where nsave comes in.
nsave is a user-friendly, secure financial app that gives individuals across emerging and frontier markets direct access to global money management tools. Whether you're earning, sending, investing, or saving — nsave puts control in your hands. With just a passport, you can open multi-currency accounts, transfer and receive funds globally, and invest in U.S. stocks — all from your phone.
Available on iOS and Android, nsave offers the features of an international account with the ease of a mobile-first platform.
Why nsave Matters
In many parts of the world, holding stable currencies like USD or GBP isn't just helpful — it's essential. But traditional banks often make this difficult, if not impossible. For Pakistanis, Egyptians, Nigerians, Bangladeshis, and others around the world, nsave offers a practical way to engage with and benefit from the global financial system, no matter where they are in the world.
No more uncertainty around inflation or currency devaluation. No more gatekeeping. Just simple, secure tools for financial freedom.
A Feature-Rich Toolkit at Your Fingertips
Once signed up, here's what nsave users can do:
• Open multi-currency accounts (USD, GBP). Hold, send, and receive your money safely and securely.
• Send and receive funds via SWIFT, FPS, or bank transfers.
• Accept payments through payment links.
• Withdraw locally to a Pakistani bank account with ease. Earning from abroad? Spend with ease and enjoy your wealth, wherever you are.
• Explore investment options in US stocks and ETFs. No matter how small, grow your wealth with access to world-class options.
• Enjoy safeguarded accounts for an extra layer of security. Because your money is your own - you should decide what to do with it.
Built from Personal Experience, Backed by Global Leaders
nsave's story begins with co-founders Amer Baroudi and Abdallah AbuHashem, both Rhodes Scholars who met at Oxford. Despite their academic excellence, their Syrian and Palestinian passports blocked them from accessing basic banking tools. Rather than accept this limitation, they built a solution. What started as a grassroots product shared with early users on WhatsApp has now scaled into a fast-growing platform backed by Sequoia Capital and Y Combinator, raising $18 million in Series A funding.
For Freelancers, Remote Workers, and Anyone Living Without Borders
Whether you're freelancing from Cairo, studying in Islamabad, or working remotely from Lagos, nsave gives you the tools to manage income across currencies with ease. Its Shariah-compliant investment options and local withdrawal capabilities ensure it's aligned with a wide range of user needs and values. In an age where borders shouldn't limit financial opportunity, nsave is here to help users save, grow, and access their money — whenever, wherever.
To learn more visit www.nsave.com, or download the app via https://web.nsave.com/api/app-store-redirect.
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The State Bank's role in regulating emerging technology
The State Bank's role in regulating emerging technology

Business Recorder

time9 hours ago

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The State Bank's role in regulating emerging technology

The State Bank of Pakistan, traditionally known as regulator of the country's credit ecosystem and implementer of its monetary policy, has now found itself operating in unchartered waters, beyond its statutory obligations documented in the SBP Act, 1956 and the Banking Companies Ordinance, 1962. With rapid digitalization of the financial sector and increasing adoption of cross-border payment solutions, Pakistanis facing rising concerns with cybersecurity and protection of sensitive consumer data. The country is witnessing an unprecedented technological revolution, whilst being regulated by outdated consumer data protection laws. The State Bank has taken significant steps to encourage adoption of innovative financial technology in Banks and DFIs, whilst ensuring protection of sensitive consumer data through well-structured frameworks. However, the central banks recent initiative to foster innovation in SECP-regulated and non-regulated entities, goes beyond the scope of its frameworks and is grounded by the outdated Payment Systems & Electronic Fund Transfer (PS&EFT) Act, 2007, a statute brought to law before the advent of modern technology such as Generative AI, Cloud Computing and Big Data. With the absence of modern data protection laws,and the rapid adoption of third-party digital solutions in the financial sector, the State Bank is forced to navigate these statutory gaps on its own. In May 2025, the State Bank issued guidelines for inviting applicants to its newly-launched Regulatory Sandbox. The sandbox is a controlled environment where tech innovators can test novel digital solutions using real consumer data, without being suppressed by regulatory red tape. The sandbox is open to 1) SBP regulated entities such as banks and DFIs, 2) Entities licensed by other regulators such as SECP and 3) Non-licensed entities. This initiative hits the jackpot for fintech solution providers, start-up founders and digital innovators, however, being legally backed by the PS&EFT Act, this leads to concerns for protection of sensitive consumer information. With underdeveloped data protection laws, the State Bank is compelled to serve a dual role: upholder of economic stability, as per its statutory obligations, and now as a de-facto technology regulator. In response to this added responsibility SBP released the Enterprise Technology Governance & Risk Management (ETGRM) Framework in 2017. The framework covers areas such as cybersecurity, third party risk and consumer data protection obligations for licensed banks and DFIs. The regulatory sandbox, however, is legally confined by the PS&EFT Act 2007, a federal statute primarily designed to govern electronic transfers and digital payments, with outdated provisions related to consumer data protection. It fails to address data privacy concerns arising from the technology being developed in the modern digital age. The State Bank is now in a position where its own security standards, developed for SBP regulated entities, have surpassed federal legal obligations, in terms of data protection and cybersecurity provisions. In the EU, UK and other developed countries, regulatory sandboxes have played a pivotal role in successfully launching full-scale neobanks, AI-based financing tools and cross border payment systems. The central banks in these developed countries are not expected to work in regulatory silos and are supported by robust legislation, such as the European Union's AI Act 2024, General Data Protection Regulation (GDRP) and the recently enacted Digital Operational Resilience Act (DORA). In Pakistan, policy failure at federal legislative level, has placed the burden of regulating digital innovation in the financial sector entirely on the central bank. In developed countries, a regulatory sandbox serves as a launchpad, an innovation enabler where fintech products undergo detailed scrutiny to de-risk any shortcomings in their business model before full-scale launch in the market. The central banks, with robust consumer protection laws, are then able to focus on innovation rather than regulation. On the surface, the State Bank of Pakistan's decision to enable fintech experimentation under its supervisory guidance seems to be a significant step towards enhancing digitalization and financial inclusion in the country. However, it is evident the regulator ishaving to use the regulatory sandbox to help identify operational grey areas in the emerging tech landscape. With the absence of historical data and regularity clarity – particularly around consumer data protection and fintech – SBPs sandbox, instead of being a proactive driver of innovation, is a learning tool for assessing new technology in a controlled environment, to understand its scope, enabling its governance after full-scale launch. The Asian Development Bank, in its 2025 diagnostic report on Pakistan's Digital Ecosytem, recommends formalization of an inclusive data governance framework, with clearly defined procedures for data security, privacy and data sharing. Policymakers must recognize the importance of a coherent and future-ready regulatory environment to enable timely adoption of emerging technology whilst safeguarding sensitive consumer information through adoption of a comprehensive digital governance and cybersecurity legislation. The future of financial digitalization in the country depends on the proactive formalization and implementation of an all-encompassing legal framework. With the absence of such reforms, the State Banks non-traditional role in enabling fintech reform risks becoming a bottleneck rather than a pathway to a digitalized economy. The article does not necessarily reflect the opinion of Business Recorder or its owners.

Beyond flags and fireworks: unfinished task of economic independence
Beyond flags and fireworks: unfinished task of economic independence

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Beyond flags and fireworks: unfinished task of economic independence

As Pakistan marks its 78th Independence Day, we are called to celebrate not only the birth of a sovereign state but also to reflect, honestly and urgently, on the unfinished business of our independence: economic freedom. For while flags will fly and anthems will rise this August 14th, the sobering reality remains that true independence continues to elude us — not for want of patriotism or potential, but for lack of economic self-reliance, policy clarity, and structural reform. Today, the average Pakistani citizen is burdened under the weight of rising costs, stunted wages, and dwindling opportunities. Our economy continues to rely heavily on external debt, concessional aid, and remittance-fuelled consumption. The vision of an independent, self-sustaining Pakistan — one that was so passionately articulated by Quaid-e-Azam — remains hostage to our inability to transform political will into bold economic choices. Nowhere is our economic entrapment more obvious than in our energy sector. Pakistan has among the highest electricity tariffs in the region — averaging around PKR 50 per unit for residential consumers as of mid-2025 — largely due to capacity payments, inefficiencies in transmission, and the perennial monster of circular debt, which has ballooned to nearly PKR 2.4 trillion. In the petroleum sector too, a distorted pricing mechanism, excessive taxes, systemic leakages and reliance on expensive imported fuel have distorted both consumption and investment decisions. Our taxation regime is similarly punitive and misaligned. Over 60 percent of tax revenue is collected through indirect means, disproportionately impacting the lower and middle classes, while leaving large segments of the elite sectors under-taxed. Agriculture, real estate, and wholesale and retail trade — which together contribute over 35 percent of GDP — continue to largely operate outside the documented economy. It is no surprise then that both local entrepreneurs and foreign investors remain wary of committing capital in a system so burdened by policy uncertainty and inequity. Amidst this stagnation, however, ordinary Pakistanis — both households and businesses — are quietly taking matters into their own hands. Solar panel imports surged to over USD 1.4 billion in FY24 alone, a clear signal that grid defection is no longer a future risk but a present-day reality. Entire housing societies are moving off-grid, factories are turning to hybrid solar-wind setups, and a quiet revolution in distributed energy is already underway. Yet policy continues to lag. We persist in funnelling scarce public resources into subsidizing a broken grid instead of embracing deregulation. Our energy strategies remain locked in supply-side interventions — more power plants, messed up LNG — while the real opportunity lies in enabling open access, competitive retail supply, and genuine consumer choice. Without a massive deregulation drive, we risk ending up with stranded assets and an obsolete grid infrastructure, all while consumers increasingly opt out of the system altogether. The establishment of the Special Investment Facilitation Council (SIFC) has created a unique opportunity — perhaps the most credible institutional innovation in decades — to drive cross-sectoral economic reform through a whole-of-the-government approach. It has brought together civilian ministries, provincial governments, and the military in an unprecedented framework aimed at facilitating investment and cutting through bureaucratic red tape. But institutions, no matter how robust, are only as effective as the political choices that back them. If there was ever a moment to take politically difficult yet economically necessary decisions — whether in power pricing, SOE divestiture, or tax reform — it is now. We must act while there is alignment at the top and a rare confluence of national interest and political pragmatism. As global supply chains diversify and capital seeks new destinations offering both stability and return, Pakistan cannot afford to hesitate. Geopolitically, the tide may finally be turning in our favour. The evolving contours of US trade policy — particularly in a potential post-Trump tariff recalibration — present Pakistan with an opening to expand its exports. With India's trade relationship with the US occasionally strained, and Bangladesh approaching graduation from the Generalized System of Preferences (GSP), Pakistan's textile sector in particular could gain significant ground if supported by a coherent government-to-government and B2B engagement strategy. Pakistan's textile exports to the US crossed USD 5.1 billion in FY24 — a respectable figure, yet still far below our potential. For the fiscal year ending June 2025, exports to the US further rose to around USD 6.03 billion — a 10.7 percent year-on-year increase. If we harmonize the energies of private exporters and government facilitators — particularly by improving compliance with ESG standards, traceability, and labour practices — we could aspire to double this figure over the medium term. Likewise, our IT and Business Process Outsourcing (BPO) sectors, growing at 15 percent annually, need strategic policy support to capture the expanding demand for nearshore digital services in North America. The real challenge, as always, lies in execution. We know what needs to be done: broaden the tax base, deregulate energy, divest loss-making SOEs, digitize governance, and bet on competitive sectors. 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Not just a state with borders, but a state with purpose. On this Independence Day, let us not merely commemorate our freedom — let us commit to completing it. Copyright Business Recorder, 2025

From Dubai to Pakistan: Mashreq well on its way to $100mn expansion in digital banking sector
From Dubai to Pakistan: Mashreq well on its way to $100mn expansion in digital banking sector

Business Recorder

time2 days ago

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From Dubai to Pakistan: Mashreq well on its way to $100mn expansion in digital banking sector

KARACHI: Mashreq, a global digital bank headquartered in Dubai, is looking to transform the banking landscape in Pakistan by transitioning from physical branches to digital transactions. At the core of its extended operations to the South Asian country is a key project to digitalize inflows of workers' remittances from UAE and other parts of the world, as it aims to connect overseas Pakistanis with their families and friends in the homeland. 'Mashreq has a big focus on bringing workers' remittances into Pakistan,' Mashreq Pakistan CEO Muhammad Hamayun Sajjad said in an exclusive interview with Business Recorder. Pakistanis living in Dubai and other parts of the UAE send around $6.25 billion to $6.50 billion a year to their relatives back home. Mashreq already facilitates a significant volume of these remittances in collaboration with other financial entities. 'We are building a fast, convenient, and transparent financial link between Mashreq Dubai and Mashreq Pakistan to ensure that remittances are received instantly. Currently, remittances are being processed by Mashreq Dubai, and our first goal is to shift this flow onto our Pakistan-based platform,' Sajjad said. 'Our second objective is to identify and address the pain points in the remittance process within Pakistan. By learning from these challenges, we aim to enhance the overall user experience. We see a significant opportunity in streamlining remittances—one of the most vital financial lifelines for the country.' Mashreq has six decades of experience serving people and businesses in major markets around the globe, including the Middle East, US,UK and Europe. It is currently running a pilot project in Pakistan aimed at launching a full-fledged retail digital bank in the country by end of December 2025. Mashreq Dubai operates three entities in Pakistan: Mashreq Bank (in its pilot phase), Mashreq Global Network (hiring and managing employees) and a branch office of Mashreq Financial Institutions Group (providing banking solutions to other financial institutions). It has made a combined investment of over $70 million in Pakistan in the past four years. This is expected to reach $100 million by the end of this year. Trade finance In addition to remittances, the bank is engaged in trade finance, Sajjad said. 'While our Pakistan license does not yet permit trade transactions, Mashreq Dubai continues to handle trade flows with Pakistani banks. The bank is among the top six financial institutions globally for US dollar clearing and operates as a trade hub across 14 countries.' Once licensed fully in Pakistan, Mashreq plans to extend its trade services locally within three to five years. In the meantime, it is focused on establishing fast, reliable financial corridors between the UAE and Pakistan, he added. Separate portals for SME and youth Most banks currently serve SME clients through individual or corporate platforms, which often overlook the specific needs of small businesses. To address this gap, Sajjad said, Mashreq is launching Mashreq Neo Business — a dedicated app and portal designed exclusively for SMEs. For individuals, Mashreq will also offer digital joint accounts, eliminating the need to visit branches. Additionally, the bank is introducing Mashreq Neo NXT, a separate digital platform for youth under 18. While minors cannot open full bank accounts, Neo NXT will enable supervised banking for savings and spending, managed by parents—promoting financial literacy from an early age, the CEO said. Cybersecurity, AI keys to success Mashreq emphasizes a robust cybersecurity framework supported by advanced AI-driven monitoring and fraud detection. The bank aligns its systems with State Bank of Pakistan (SBP) regulations for digital banking, including controls for unusual transactions: automated alerts — such as calls on transfers exceeding Rs2 million — enhance customer safety. Leveraging its digital infrastructure from the UAE, Mashreq plans to replicate this model in Pakistan to build trust and institutional credibility in the evolving digital banking sector. Sajjad said that Mashreq sees a massive opportunity in Pakistan's digital banking gap. According to SBP data there are 90–100 million account holders in Pakistan, out of which only 20 million use online banking. That leaves 70 million largely untapped. Existing banks face high costs and limited digital efficiency, while users still struggle with fraud, access, and reliability. A modern, digital-only bank like Mashreq can fill this gap efficiently and cost-effectively. Nearly 500 Pakistan-based professionals — including 43% senior staff — work remotely for Mashreq Dubai across 18 cities without a local office. Mashreq Pakistan operates with 250-300 staff compared to thousands at conventional banks. Operating remotely — without physical branches — and with a lower number of employees cut banking costs significantly. Mashreq also acknowledges rapid growth in Pakistan's e-commerce landscape over the past 12 to 15 years. Consumer behavior shows a strong shift toward digital purchases over physical retail. The bank sees opportunity in this trend, expecting that increased digitization of payments will eventually help grow e-commerce. Mashreq's infrastructure and partnerships can support the evolving ecosystem of e-commerce payments, logistics, banks, and platforms to ensure smooth consumer adoption, Sajjad added. Copyright Business Recorder, 2025

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