The State Bank of Pakistan (SBP) has launched a Challenge Fund for SMEs (CFS) to support banks and financial technology providers (Fintechs) with a digital solution to develop new or amend existing financial products & services and delivery platforms that will enhance access to finance to SME sector.
Commercial banks will receive a grant from the banking regulator after submitting their proposal about products and services for promoting SMEs. The challenge fund is aimed to spur innovations for SME banking by leveraging the use of technology (including FinTech).
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