State Bank has ordered more corrective actions than just refunding money to wallet customers
The State Bank of Pakistan (SBP) has ordered Pakistan’s fintech TAG Innovation to initiate refunds to customers. Despite that it may seem that TAG Innovation might be going towards a complete cessation of operations, it might not be entirely accurate because the State Bank has ordered more corrective actions than just refunding money to wallet customers.
On August 4, the central bank said in a press release that TAG Innovation had been ordered to initiate refunds to customers, with a hard deadline to complete the refunds by August 19. However, the original letter sent to TAG Innovation requesting this action also asked TAG Innovation to completely disassociate from co-founders Talal Ahmed Gondal and Ahsan Kaleem Khan, multiple sources privy to the contents of the letter, told Profit .