KARACHI:State Bank of Pakistan (SBP) has revoked in-principle the approval and pilot operations granted to M/s. TAG Innovation ( Pvt.) Limited to operate as an Electronic Money Institution with immediate effect as per the applicable laws. SBP has taken this decision to protect the interest of public at large after identifying violation of its regulatory requirements and other concerns during the pilot operations of the company, said SBP statement on Friday.
Six EMIs are entities that offer innovative, user-friendly and cost effective low value digital payment instruments like wallets, prepaid cards, and contactless payment instruments.
M/s TAG has been advised to close all customers’ wallets and remove their application from Google’s Play Store and Apple’s App Store and any other platform with immediate effect.
Earlier, SBP through its Press Release dated August 04, 2022 had informed the public about the regulatory action taken against M/s TAG.