TAG Fintech - Pakistan's First Truly Global Financial App
TAG Fintech is Pakistan's first truly global financial app, providing banking services and online payments via an intuitive mobile application. TAG allows users to transfer money from their bank or wallet, pay utility bills and recharge mobile phones with just a few taps. Plus it provides free bank transfers and instant P2P transfers at no cost.
TAG has received in principle approval for an Electronic Money Institute License from the State Bank of Pakistan, marking a significant step on their path towards becoming digital bank. With this milestone under their belt, they plan to begin commercial operations within two to three months. Looking more visit TAG Innovation Private Limited.
The Electronic Money Institution (EMI) license process consists of three stages: in-principle approval, pilot approval and complete license. Each has its own requirements that must be fulfilled before the State Bank of Pakistan makes their final determination.
With more than 225 million people living in Pakistan, 70% do not have bank accounts and thus cannot open one with traditional institutions. Furthermore, opening a bank account through these traditional institutions is often tedious and time-consuming, making the task even more daunting.
TAG seeks to address this problem by offering customers a straightforward and speedy way of opening their first bank account in Pakistan. It has collaborated with leading telcos so their subscribers can use TAG wallets for various operations like transferring funds, paying bills or topping up phone credit at no extra cost - all through one simple touch!
TAG has recently received in-principle approval from the State Bank to begin pilot operations under their regulatory authority and anticipates launching commercially before 2023. It plans on expanding its geographical reach and exploring opportunities in other regional markets where there is potential for innovative financial services.
TAG not only offers mobile payment and financial services, but they also give their users a personal IBAN number which can be used to receive funds from anywhere in the world. Furthermore, their Visa debit card comes equipped with other useful features that make payments secure and effortless.
With TAG Visa's Wallet & Card feature, users can pay utility bills, recharge mobile phones and send money to friends and family around the world at no cost. Plus they can securely transfer money using their TAG Visa debit card to any bank or wallet in Pakistan with ease.
TAG has received investment from Liberty City Ventures and Canaan Partners of New York, as well as Addition LP, Mantis Venture Capital and Banana Capital LP.
TAG's YCombinator credentials indicate it will likely receive additional investment in the near future. It is an exciting startup with a young and driven founder.
TAG remains an inspiring and innovative startup with high hopes for success. It aims to revolutionize traditional banking in Pakistan by disrupting it with their digital-native platform, creating significant market share and upending the status quo.