Pakistan’s central bank on Friday revoked the in-principle and pilot operations approval of Tag to operate as an electronic money institution in a move that poses existential threat to the firm.
State Bank of Pakistan said in an order that it is revoking Tag’s approval to operate as an electronic money institution, the permission that is required for entities to offer innovative, user-friendly and cost effective low-value digital payments instruments such as wallets, cards and contactless payments. The central bank has also ordered the startup to close all customers’ wallet accounts and pull its apps from the app stores with immediate effect.
The central ban …
