Islamabad: SadaPay has been granted in-principle approval by the State Bank of Pakistan (SBP) for an Electronic Money Institution (EMI) license, allowing the company to prepare for its pilot phase under the regulator’s supervision.

Founded by American entrepreneur Brandon Timinsky, who came to Pakistan after his last startup was acquired, SadaPay has assembled a team of banking veterans and built the foundation for a “digital first” financial institution in Pakistan. The company is guided by Dr. Waqar Masood Khan, Pakistan’s former Finance Secretary, who serves as Chairman of the Board.

With Pakistan’s rapidly growing population of over 76 million 3G/4G subscribers and nearly 1 million new smartphone users coming online each month, SadaPay is poised to capitalize on the accelerated shift towards digital payments in light of the COVID-19 pandemic.

SadaPay’s mission is to simplify banking. The app-based digital wallet comes with a Mastercard debit card, enabling instant use of a virtual debit card upon activation. Users can make free and instant transfers to any bank in Pakistan, withdraw cash from 14,500+ ATMs without fees (three times per month), and deposit cash at 30,000+ retail locations across the country.

Founder Brandon Timinsky expressed gratitude towards the State Bank of Pakistan:

“It’s amazing to see how committed the State Bank of Pakistan is to adapting to changes in consumer behavior and technology. The progress we've seen will have an incredible impact on Pakistan’s economy by digitizing its financial system.”

Dr. Waqar Masood Khan, Chairman of SadaPay, praised the Central Bank’s efforts:

“Pakistan is on its way to leading the charge in digitizing its payment systems, and SadaPay will play a key role in this transformation.”

The company encourages feedback and suggestions via hello@sadapay.pk.

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