Islamabad-based fintech SadaPay has been granted the in-principle approval by the State Bank Of Pakistan for an Electronic Money Institution (EMI) license, it announced today in a statement to MENAbytes, saying that the approval will allow it to launch its digital wallet on a limited scale under the supervision of SBP.
SadaPay was founded by American entrepreneur Brandon Timinsky who started working on the idea of shortly after moving to Pakistan in 2018, according to the details available on SBP’s website will offer a digital wallet to individuals (consumers), merchants, and freelancers.
Among the other companies listed on the website that have received in-principle or pilot phase approvals within the last six months, SadaPay is the only one with an offering for freelancers too.
According to its website, SadaPay will allow users including freelancers to accept payments from 45 countries around the world. Given the fact that Pakistan is one of the fastest-growing freelance economies in the world but receiving payments remains still remains a huge pain point for freelancers across the country, SadaPay’s services to freelancers could very well be the element that eventually differentiates it from the existing digital wallets in the market.
Those who will receive the early access will be able to signup for an account on SadaPay with a selfie, a picture of their ID card, and some basic information without doing any paperwork.
Its Mastercard is accepted at 30 million merchants around the world, online and in-stores. The startup on its website also claims to have the lowest foreign exchange rate.
Those who will receive the early access will be able to signup for an account on SadaPay with a selfie, a picture of their ID card, and some basic information without doing any paperwork. Its Mastercard is accepted at 30 million merchants around the world, online and in-stores. The startup on its website also claims to have the lowest foreign exchange rate
SadaPay has recently appointed banking veteran Omer Salimullah as its Chief Operation Officer, and Pakistan’s former Finance Secretary Dr. Waqar Masood Khan has joined it as Chairman of the Board.
The startup in a statement said that its mission is to do remove the cost and complexities of traditional banking through their simplified digital-first experience that comprises of mobile wallet and a free Mastercard debit card.