Regulations for Technical Implementation of Mobile Banking, 2016
The Regulations for Technical Implementation of Mobile Banking, 2016 are made under the clause (o) of Sub-section (2) of Section 5 of the Pakistan Telecommunication (Re-organization) Act, 1996 by the Ministry of Information Technology and Telecom, Pakistan on the directions of the Federal Government. The Regulations for Technical Implementation of Mobile Banking, 2016 applies to all the Telecom operators and Third Party Service Providers (“TPSP”) to offer technical service for mobile banking through service level agreements with the authorized financial institutions by means of any of the mobile banking models as prescribed in these Regulations. These Regulations, established by the State Bank of Pakistan, provide a framework for the secure and efficient operation of mobile banking platforms. The Regulations for Technical Implementation of Mobile Banking, 2016 provide the details about the technical standards and security measures that mobile banking service providers must adhere to, ensuring the protection of financial transactions and customer data. The Regulations cover various aspects, including system infrastructure, data encryption, authentication protocols, and network security. By setting these technical requirements, the Regulations aim to enhance the reliability and trustworthiness of mobile banking services, thereby promoting their adoption and facilitating financial inclusion in Pakistan. The focus on technical implementation standards underlines the importance of security and robustness in the rapidly evolving landscape of digital financial services.
