SBP introduces instant and free person-to-person payments under Raast

State Bank of Pakistan has issued instructions that will enable Person-to-Person (P2P) fund transfers in the country through Raast, Pakistan’s Instant Payment System developed by the State Bank. Raast—an Urdu word which means correct and direct—offers an instant, reliable and zero-cost digital payment system to the people of Pakistan. SBP believes that the launch of Raast P2P service will not only provide a convenient and hassle free digital fund transfer service to customers but will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country. SBP has provided an explanatory video on YouTube and SBP’s website that explains to the public in simple terms how to make payments and transfer funds using Raast. The SBP Circular is available at: https://www.sbp.org.pk/disd/2022/C1.htm

Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application, internet banking or over the counter services.  For customers’ facilitation, they can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile application, internet banking, or visiting their bank branch. Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him using her/his mobile phone number without the need to know the account number or any other details. Bank customers can still use Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID or prefer to use their IBAN. 

SBP has directed all banks to make Raast Person-to-Person fund transfer service available on at least three customer channels including mobile application, internet banking and branch counters. The list of banks that have completed the necessary technological upgrades and other needed preparations and are offering Raast P2P services to their account holders as of today is given below. More banks will start offering Raast P2P services after completing their needed technological upgrades and other preparations to offer Raast P2P. The up-to-date version of the above table will remain available at the SBP’s landing page for Raast and will show the progress of remaining banks to integrate with Raast: https://www.sbp.org.pk/dfs/Raast-P2P.htm

Status of Banks Offering Raast P2P as of 3 Feb. 2022

SBP has directed banks to ensure that funds successfully transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from Raast system. In order to promote the use of digital financial services in the country, banks have been advised not to levy any charges on Raast related services and all transactions conducted through Raast would be free for end customers. To facilitate banks in this regard, SBP will also offer free of cost Raast services to banks. Further, to facilitate their customers, banks shall not assign minimum transaction size. In general, banks shall allow maximum transaction limits of PKR 200,000 per transaction or higher depending on the bank’s assessment of the risk profile of the customer. For particular account types where the SBP has prescribed limits from time to time, the maximum transaction limit could be lower than PKR 200,000 per transaction. SBP has advised banks to provide a smooth, convenient and hassle-free user experience to their customers using Raast.

* These banks will soon be offering Raast P2P services. Meanwhile their customers can receive funds from Raast.

Banks are required to ensure continuous and uninterrupted availability of all channels on which Raast services are being offered. For this purpose, banks shall strengthen their Service Level Agreements (SLAs) with their vendors and service providers. Banks have also been advised to ensure availability of fully equipped 24/7 Network Operations Center (NOC), Security Operations Center (SOC) and call center /helpdesk fully equipped with agents who are well versed with Raast functionality, and an effective customer complaints and disputes resolution mechanism for timely resolution of customer issues.

Banks have also been advised to take all measures to encourage their customers to use Raast services and facilitate them in its usage. In this regard, they shall ensure that customer awareness messages are broadcasted through SMS, emails and digital/social media platforms. The enabling instructions for Raast’s person-to-person transfers have been issued to all banks, Electronic Money institutions, Payment System Operators (PSOs) and Payment System Providers (PSPs) and mark the second phase of the rollout of the instant payment system.

Raast is being developed in collaboration with Karandaaz, Pakistan and introduced in phases. The first phase of Raast, Bulk Payments, was launched by the Prime Minister in January 2021. With the launch of Raast, Pakistan joined a select club of countries who have either launched or are in the process of launching Instant Payment Systems. Raast is fully owned and operated by State Bank of Pakistan.

HUAWEI Sound X - Premium Dual-Subwoofer, Bluetooth Speaker, now in Pakistan.

       

Continuing with its award-winning innovations, Huawei – the global technology leader has now introduced Sound X – a revolutionary Dual-Subwoofer Wireless Speaker in Pakistan too. The device has been exquisitely designed, in collaboration with ‘Devialet’ – the world-leading audio brand, specializing in professional acoustic technologies, to provide universal accessibility to immersive, distortion-free High-Fidelity audio, amidst a lush 360° Surround-Sound field. Over the years, Devialet’s extensive Research has created powerful sound technologies that enable suppression of background noise and low-pitched vibrations.

The Marketing Manager of Huawei Pakistan stated that: It is a pleasure for us to introduce this 1.5-inch full-frequency speaker with 6 Powerful Tweeters, to deliver; 40 Hz Bass Deep and other powerful solutions like; Huawei Share; One-hop Audio Sharing and the Starry Night feature, to provide the most mesmerizing musical experiences.

Huawei’s Sound-X is bolstered with the ‘Speaker Active Matching’ SAM® technology, the distinctive Push-Push structure, and HUAWEI’s self-developed technology - EMUI 10.1 to promise a concert-hall experience, activated by touch-sensitive buttons on a vibrant screen. Its open, visible bass unit is another sophisticated design feature, as the sound waves cause the speaker to vibrate, with the power of music. This creates a lasting visual impression, while its psychedelic light show and runway-style sound-holes put air-molecules in motion to create another spellbinding effect.

As the creator of futuristic audio-technologies, like; SAM, HBI® (Heart Bass Implosion) and ACE® (Active Cospherical Engine) - Devialet has already won 76 awards and 160 technology patents. The Devialet Premier and Reactor series devices are globally popular for their ultra-low distortion and saturation, as well as, for approaching 0 dB of background noise. The Gold Phantom and Silver Phantom models are also well-known for their radical egg-like appearance, sought worldwide, especially by the younger consumers.

Powered by a MediaTek MT8518, Quad-core 1.5 GHz Central Processing Unit, with 512 MB RAM and 8 GB ROM, the futuristic product promises stratospheric amplification power, with peak values of 4500W and 3000W respectively. The 3.5-inch Subwoofer x 2 ensures 0 dB of background noise and 0.005% ‘Total Harmonic Distortion’ (THD).

Its robust performance is backed by a reliable global warranty from Huawei. In Pakistan, the Sound X is already available at ‘Daraz.pk’: https://bit.ly/3FT4twn  and ‘Cube’: https://bit.ly/3Ae7TZo, as the sleek design and beautiful Black color continues has a mesmerizing effect on the tech-savvy music-enthusiasts.

GSV and NED launch Pakistan's first iconic football stadium

  

Global Soccer Ventures (GSV) and NED University of Engineering & Technology (NED) held the ground-breaking ceremony of the iconic landmark stadium at NED University on Wednesday. This marks the beginning of construction work on building the first stadium of the 10-year agreement to create the first soccer city stadium in Pakistan.

The state of the art stadium, to be built on the Union of European Football Associations (UEFA) standard, is influenced and designed by German engineering to develop a series of football infrastructure projects in Pakistan by GSV to make the city of light a soccer city. This world-class football facility will feature an international standard academy to promote football in Pakistan.

The graceful ceremony was held at the stadium site, attended by International football legend and official Ambassador of GSV Michael Owen, NED Vice-Chancellor Dr. Sarosh Hashmat Lodhi, top management of GSV and students of NED. Owen also interacted with the university students and passed on helpful football tips.

Speaking on occasion, Michael Owen said, "Pakistan is the perfect destination for football, and the passion of the young Pakistani footballers has no bounds. I am thrilled to be a part of Pakistan's historic football transformation program, as I look forward to taking football to a whole new level."

NED Vice-Chancellor, Dr. Sarosh Hashmat Lodhi, said, "Building this state of the art stadium in the University is a great pleasure. This will let the students and football players of the city explore the much-awaited opportunities. International interest in grooming our young talent is a great opportunity for our youth. We are delighted to have international star Michael Owen be a part of this life-changing vision. We hope this stadium will be making international football stars."

Yasir Mahmood Group Chairman of GSV, said, "This 10-year agreement with the top University of Pakistan follows the vision of the government to empower youth and ensure their progress. GSV will materialize the dreams of youth by providing them with the opportunity to make their mark globally."

Zabe Khan, CEO of GSV, said, "GSV aims to identify and develop players from the grass-roots while they continue their education. They will enhance their skills by being trained by top football coaches. We are optimistic to see Pakistani talent exhaling in this sport."

Meanwhile, St Patrick's Athletic UEFA Pro licensed coaching is holding nationwide coaching and Kamyab Jawan Football talent hunt programme that is being held from 17 January to 5 February 2022. This will conclude with up to 20 players being given the opportunity of travelling to Dublin, Ireland, to train and play with the Academy and potentially First Team of St Patrick's Athletic.

Pre-Book Javed Iqbal Movie Tickets from Bookme

       

Since Covid-19 was a huge lay back for Pakistani cinemas, people had been anxiously waiting for fresh movies from the film industry. To fill that gap, K. K. Film Productions has scheduled the release of ‘Javed Iqbal - The Untold Story of a Serial Killer’ on the 28th of January, 2022. The movie is a period thriller starring Yasir Hussain and Ayesha Omar. The story of the movie revolves around true life story of a Pakistani serial killer and pederast by the name Javed Iqbal, who confessed to the sexual abuse and murder of 100 young boys, ranging in age from 6 to 16. He strangled the victims, dismembered the corpses and dissolved them in acid as a way to conceal the evidence. 

His case attracted international media not only because he was one of the deadliest serial killers in history but because, upon his conviction, he was sentenced to die in a manner similar to that in which he had tortured and killed his victims.

The movie is roaming around the country hotfooted right after its trailer was released. It is anticipated that the movie is going to be a huge hit! So what are you waiting for? Head to Bookme website or Mobile Application and Pre-Book your tickets right away to steal the first seat of the first show!    

Standard Chartered Bank and Haball Enter a Corporate Alliance Agreement to Digitize Value Chai

Standard Chartered Bank Pakistan Limited (SCBPL) once again combines its international expertise in digital space with its local knowledge to bring together a unique offering unlike any in the market. SCBPL has entered in a partnership with Haball, Pakistan’s first B2B Fintech with the aim to digitise supply chain collections for its clients and bring efficiencies in clients’ business processes.

SCBPL recognises that digital connectivity is a catalyst for business growth. Through partnerships, deals and collaboration, SCBPL will continue to invest in and accelerate digital offerings, working hand-in-hand with leading fintech innovators to foster fresh ideas throughout the markets. The collaboration aims to build an enabling environment to increase the uptake of digital payments using institutional vehicles. This will create digital financial inclusion in the distribution and retail space in Pakistan. Haball is the first Fintech in Pakistan to be associated with SCBPL, supported by a goal of enabling efficiency and growth in supply chain for large corporates with faster transactions.

Haball is currently working with clients of the Bank in multiple industry verticals to digitise their value chain collections, down to the retailer leg. Its services allow manufacturers and service providers to effectively reduce the reliance on cash-based transactions and automate the reconciliation process. Haball has­ augmented the adoption of digital payments and continues to contribute to the digital economy.

Shiraz Hyder, Head of Transaction Banking, SCBPL stated, “Standard Chartered is pleased to partner with Haball Pvt. Ltd.” He further said, “Technology is an enabler, and partnerships between fintechs and banks can create opportunities that neither party could deliver alone. Our partnership with Haball will enable corporates to effectively digitize their order-to-collections cycle, while providing end-to-end visibility across the value chain, through a truly bank agnostic solution.”

Omer Bin Ahsan, Chief Executive Officer and Founder, Haball said, “This partnership builds the corporate trust that supply chain stakeholders need to process payments digitally. It further drives ahead Standard Chartered’s commitment towards creating a sustainable digital infrastructure for financial services in Pakistan.”

Haball is a B2B Fintech, digitizing supply chain and business payments for large corporations and institutions. Its cloud based, agnostic platform enables corporate finance, corporate sales, distributors and retailers to digitally engage with supply chain especially with ordering, invoicing, shipment, payment and financing.  The platform agnostically manages digital payment channels and shariah compliant financing so that supply chain stakeholders can make payments from the digital channels of their choice.

Global economic confidence dips amongst global accountancy and finance professionals in Q4 2021

·         Global economic growth continues, but at a more modest pace than in mid-2021

·         ACCA and IMA believe 2022 will see further progress towards a more normal economic environment, but Covid and inflation are the main risks ahead for 2022.

The latest results from a regular global survey of accountants’ and finance professionals’ views about the global economy reveals their economic confidence fell by 12 points in Q4 2021, due to the rapid spread of the Omicron Covid-19 strain.

Conducted during late November and early December 2021 at the start of the outbreak, the ACCA (the Association of Chartered Certified Accountants) and IMA^® (Institute of Management Accountants) Global Economic Conditions Survey (GECS) shows that global orders were little changed in Q4, up just one point, signalling that growth will continue at a steady pace early in 2022.

Other key activity indicators remain relatively little changed with the capital expenditure index up one point and employment index down by six points compared to Q3 results.

GECS’ fear indices, which track concern about suppliers and customers going out of business, were also little changed in Q4 but are above pre-pandemic levels.

Michael Taylor, ACCA’s chief economist said: ‘Accountants are often the first to sense the impact of economic activity, informed by the work they do on a daily basis sustaining economies and from the feedback from their clients, especially in the small business sector. GECS reveals their concerns about costs increasing again, seeing this measure double over the course of 2021 indicating growing inflationary pressures in many markets around the world.’

Looking at specific jurisdictions, confidence fell the most in Western Europe by 28 points, which was the first region to see the rapid spread of Omicron. Confidence increased modestly in two regions – Asia Pacific by five points and North America by 10 points. Only the Middle East recorded a fall in the orders index of six points, with South Asia showing the biggest increase at +8 points.

The biggest economic risk this year is that inflation, already elevated, stays higher for longer, partly because of prolonged supply shortages. Upside surprises to inflation would trigger a greater degree of monetary tightening than is currently discounted by financial markets. The effect would be to slow global economic growth, preventing a return to its pre-pandemic trend.

For emerging markets, the 2022 picture is mixed, says Michael Taylor: ‘Some emerging markets have made progress, while others, such as South Africa and Indonesia, have suffered renewed economic contraction. Overall, their recovery to the pre-pandemic trend rate of growth remains hampered by a lack of fiscal capacity and slow progress with vaccination.’

The Q4 edition of GECS has a special article looking at the opportunities for economic development and growth for Emerging Markets (Ems) - the digital revolution and investing to meet Net Zero carbon emissions. These are two areas where EMs could boost productivity and resume the catch-up of incomes per head with advanced economies.

Michael Taylor concluded: ‘Adoption of digital technology by EMs can drive down costs and stimulate domestic demand and productivity – the driver of long-term economic growth. But there remains a need for basic infrastructure investment in EM countries, notably fast and reliable internet access. The declared goal of achieving Net Zero emissions by 2050 offers investment opportunities that would bring wider economic benefits and help boost potential growth. This investment needs to be concentrated in the energy sector, the source of a large proportion of current EM CO2 emissions. Moreover, as EM economies grow, their energy consumption is set to rise strongly.’

GECS Q4 2021 can be found here: https://www.accaglobal.com/gb/en/professional-insights/global-economics/gecs_q4_2021.html

Haleeb Foods organized a donation drive for Akhuwat Foundation in collaboration with UMT

   

Haleeb Foods Limited recently joined hands with the University of Management & Technology (UMT) to conduct a Winter Clothing Donation Drive for Akhuwat Foundation. This donation drive was held for 3 days, highlighting the importance of helping out and giving back to society, encouraging students to donate winter clothing for the underprivileged.

Akhuwat Foundation’s clothing bank helps many families in need and HFL takes pride in being associated with this charitable cause. Sharing her view on this collaboration the Corporate Communications Manager, Haleeb Foods – Ms. Amur Nadeem said: “We at HFL are thankful to the donors who actively participated to help the people suffering in these severe weather conditions. Haleeb Foods is highly committed towards the wellbeing and betterment of the society, helping the local community and supporting social causes.”

The company continues in its mission to lend a helping hand to the community and give back to the society as part of their multiple CSR initiatives.