KARACHI: Pakistan Single Window (PSW) and Karachi-based RegTech firm AKS-iQ have entered into a strategic partnership aimed at bolstering trade-based money laundering (TBML) compliance and advancing innovation in the country’s fintech sector.
Under the agreement, PSW will provide access to its national trade data to AKS-iQ for the development of advanced analytics tools tailored for the banking sector.
These tools are designed to assist commercial banks in assessing the pricing of goods in cross-border trade contracts, thereby enhancing compliance with the State Bank of Pakistan’s TBML and terrorist financing risk management framework, says a news release issued on Tuesday.
The marks PSW’s second such engagement with the fintech sector and underscores its commitment to supporting transparency and financial integrity in trade finance through data-driven solutions.
Speaking on the occasion, PSW CEO Syed Aftab Haider said the collaboration was a reflection of the organization’s open innovation model. “By enabling new entrants in the fintech space to build on our data infrastructure, we are fostering a competitive environment that drives technological advancement.
At the same time, we are strengthening financial safeguards in cross-border trade and helping commercial banks align with FATF and AML requirements,” he said.
Through the integration of PSW’s trade data, AKS-iQ aims to enhance its Trade iQ platform — an AI-powered solution already in use by a number of local banks — enabling them to perform price reasonability checks with greater efficiency and accuracy. The platform uses machine learning algorithms to improve compliance outcomes while reducing operational risks associated with trade transactions.
Director Financial Services AKS-iQ, Imtiaz Ahmad Sheikh, termed the partnership a step forward in the company’s mission to contribute to Pakistan’s financial ecosystem through locally-developed AI-based solutions. “This collaboration with PSW will further strengthen our ability to meet both regulatory and business requirements,” he noted.
AKS-iQ is a homegrown RegTech company focusing on AI-enabled banking solutions, with a particular emphasis on trade-based money laundering compliance in line with Pakistani regulatory frameworks.
The collaboration is expected to expand the reach and impact of PSW’s ongoing efforts to digitise and secure Pakistan’s trade ecosystem. It also highlights the growing potential of public-private partnerships in addressing complex regulatory challenges through indigenous, technology-driven solutions.
