In accordance with the relevant regulations, the State Bank of Pakistan (SBP) has immediately revoked the in-principle approval and pilot operations approval given to TAG Innovation Pvt. Ltd. to operate as an Electronic Money Institution (EMI).
The SBP has made this choice in order to safeguard the interests of the general public after discovering violations of its regulatory standards and other issues during the company’s pilot activities.
EMIs are companies that provide cutting-edge, convenient, and affordable low-value digital payment instruments like contactless, prepaid, and wallets.
TAG has been instructed to immediately close all customer wallets, and remove all of their applications from the Google Play Store, Apple App Store, and any other platform.
The public was made aware of the regulatory action against the corporation by the central bank in August.
In September of last year, the financial technology firm raised more than $12 million in the country’s largest seed fundraising round, bringing its total capital to more than $17.5 million.
