KARACHI: The State Bank of Pakistan (SBP) has launched a Challenge Fund for technology adoption and digitalisation of small and medium enterprises (SMEs).

The central bank said it has been taking measures to help banks improve access to finance for the SME sector.

According to a circular issued on Saturday, fund will support innovative solutions for SME banking.

This fund, in the form of a grant, will help banks develop innovative technological solutions to cater to the banking needs of the SME sector.

The central bank and the government have repeatedly anno­unced the support of SMEs, which are considered the backbone of the economy and need support for development on a large scale.

Published in Dawn, October 13th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

China security ties
Updated 14 Nov, 2024

China security ties

If China's security concerns aren't addressed satisfactorily, it may affect bilateral ties. CT cooperation should be pursued instead of having foreign forces here.
Steep price
14 Nov, 2024

Steep price

THE Hindu Kush-Himalayan region is in big trouble. A new study unveiled at the ongoing COP29 reveals that if high...
A high-cost plan
14 Nov, 2024

A high-cost plan

THE government has approved an expensive plan for FBR in the hope of tackling its deep-seated inefficiencies. The...
United stance
Updated 13 Nov, 2024

United stance

It would've been better if the OIC-Arab League summit had announced practical measures to punish Israel.
Unscheduled visit
13 Nov, 2024

Unscheduled visit

Unusual IMF visit shows the lender will closely watch implementation of programme goals to prevent it from derailing.
Bara’s businesswomen
13 Nov, 2024

Bara’s businesswomen

Bara’s brave women have proven that with the right support, societal barriers can be overcome.