According to the State Bank of Pakistan, SME Connect has been launched to make access to SME financing easier and simplify the loan application process.
The new process will help improve access to SME financing, efficiency and transparency, while expanding access to loans for small and medium-sized enterprises across Pakistan.
From November 1, all SME loan applications will be received exclusively through SME Connect.
Meanwhile, according to a media report, the threshold for reporting cash transactions at banks has been increased. Banks will now be required to report daily cash transactions exceeding Rs3 million to the Financial Monitoring Unit (FMU), whereas the previous reporting threshold was Rs2 million.
According to sources, a decision has been made to introduce further changes to the financial monitoring system to prevent money laundering. Under the proposed changes, it has also been agreed to grant powers to provincial anti-corruption agencies.
