On Oct. 11, PAK CB set up fund to support innovation in SME banking.
PAK CB said it set up Challenge Fund for Technology Adoption & Digitalization of SME banking (CFS), to support banks in developing innovative technological solutions.
Follows PAK CB Mar. 2022 launched a challenge fund for SMEs (CFS), see #120580.
Scope, Eligibility and Grant Size
Focus areas include loan origination as well as processing systems for SMEs; digital products; financial education platforms; and upgrade of digital banking platforms.
Commercial banks (conventional, Islamic), other PAK CB regulated entities are eligible.
Banks may partner with electronic money institutions (EMIs) and fintechs, but lead applicant must be a bank; the grant size depends on the proposal’s financing needs.
Each grantee must contribute 15% of the total project cost; one bank can receive only one grant, and project implementation must be completed within eight months.
Effectiveness
Banks are invited to submit expression of interest using the prescribed form within two weeks, i.e. by Oct. 25, 2024; proposals will be evaluated based on internal criteria.
