MULTAN: In a strategic collaboration, Pakistan Single Window (PSW) has teamed up with Fintech Transformation Services (Private) Limited (FTSL) to launch a new digital solution aimed at improving price verification for imported and exported goods by commercial banks in Pakistan.
This initiative is designed to enhance compliance with the State Bank of Pakistan’s (SBP) Framework for Managing Risks of Trade-Based Money Laundering (TBML) and Terrorist Financing (TF).
The innovative solution will empower banks to utilize advanced data analytics, drawing from both international and national trade data, thereby refining their price assessment mechanisms during the approval of financial transactions linked to international trade.
The SBP’s Framework emphasizes the critical role of Authorized Dealers (ADs) in implementing robust, technology-driven solutions to mitigate risks associated with money laundering and terrorist financing, particularly in verifying the pricing of goods.
Traditionally, commercial banks engaged in international trade finance have relied on various international databases and local market data, along with online search engines, for price verification. Recognizing this need, PSW, as the largest repository of cross-border trade data in Pakistan, has been actively seeking digital solutions to enhance the reliability of this function.
The partnership with FTSL aims to enhance its existing Trade Compliance Navigator (TCN) solution, introducing “TCN – Pakistan Trade Data Analytics.” This automated system integrates international data sources and advanced analytics to facilitate efficient price verification for financial institutions.
By integrating national trade data, the collaboration significantly enhances the efficacy of TCN, equipping banks with a powerful tool enriched with reliable information. This solution is expected to bolster transparency in trade transactions, mitigating the risks linked to trade-based money laundering and contributing to a more secure financial landscape.
Syed Aftab Haider, CEO of PSW, remarked, “This collaboration with FTSL marks a significant milestone in our efforts to modernize Pakistan’s trade infrastructure. By equipping financial institutions with the tools to combat trade-based money laundering, we support compliance with national and international frameworks while fostering a transparent trading environment. Our commitment to leveraging technology for enhancing Pakistan’s trade competitiveness remains strong.”
Nasir Qureshi, CEO of FTSL, expressed enthusiasm for the partnership, stating, “We are honored to collaborate with PSW and utilize its vast data repository for cross-border trade. This partnership has allowed us to enhance our Trade Compliance Navigator (TCN) solution, aligning with international best practices to foster transparency and combat financial crime. Achieving this collaboration has been a significant endeavor for our dedicated team of industry experts, ensuring compliance with SBP standards.”
This partnership represents PSW’s commitment to improving efficiency, transparency, and security in trade processes and is a precursor to further collaborations with the private sector aimed at developing innovative products and services in cross-border trade.
