The Pakistan Single Window (PSW) has announced a collaboration with Fintech Transformation Services (Private) Limited (FTSL) to develop a new digital solution aimed at improving price verification for imported and exported goods by commercial banks in Pakistan. This initiative is designed to strengthen compliance with the State Bank of Pakistan’s (SBP) Framework for Managing Risks of Trade-Based Money Laundering (TBML) and Terrorist Financing (TF). The new solution will enable banks to utilize advanced data analytics based on international and national trade data, significantly enhancing their price assessment mechanisms for international trade financial transactions.
The SBP’s Framework emphasizes that Authorized Dealers (ADs) must adopt robust, technology-driven solutions to mitigate the risks of Money Laundering and Terrorist Financing. A key focus is the verification of goods pricing, which is crucial for maintaining the integrity of trade practices and improving the reliability of the international supply chain. Traditionally, commercial banks engaged in international trade finance have relied on international databases, local market data, and online search engines for price verification.
As the largest data repository for cross-border trade data in the country, PSW has been actively exploring digital solutions to support banks in executing this critical function more effectively. In partnership with FTSL, PSW aims to enhance its existing solution, the Trade Compliance Navigator (TCN), by introducing the “TCN – Pakistan Trade Data Analytics.” This automated solution employs international data sources and advanced analytics to enable financial institutions to conduct price verification efficiently.
The collaboration between PSW and FTSL significantly improves TCN’s effectiveness by integrating national trade data, thereby providing financial institutions with a powerful, data-rich automated tool. The TCN is expected to enhance the transparency of trade transactions, ultimately reducing the risks associated with trade-based money laundering and contributing to a more secure financial environment.
Syed Aftab Haider, CEO of PSW, remarked, “This collaboration with FTSL marks a significant milestone in our ongoing efforts to modernize Pakistan’s trade infrastructure. By equipping financial institutions with the tools needed to combat trade-based money laundering, we are not only helping them improve compliance with national and international financial frameworks but also fostering a more transparent trading environment that enhances trust in our supply chain integrity. Our commitment to leveraging technology to boost Pakistan’s trade competitiveness remains steadfast.”
The partnership with FTSL reinforces PSW’s dedication to improving efficiency, transparency, and security across trade processes. By promoting the adoption of digital technologies and engaging with innovative, tech-driven companies like FTSL, PSW aims to provide essential value-added services that leverage data for informed decision-making by all public and private sector entities in Pakistan involved in the global supply chain. This collaboration represents the first of many initiatives PSW is exploring with the private sector to create new products and services in the cross-border trade sector.
Nasir Qureshi, CEO of FTSL, stated, “We are honored to partner with PSW and leverage its position as the largest repository of cross-border trade data in the country. This partnership has allowed us to enhance our existing Trade Compliance Navigator (TCN) solution and introduce ‘TCN – Pakistan Trade Data Analytics.’”
This collaboration is a groundbreaking initiative that aligns with international best practices, highlighting the importance of public-private collaboration in fostering transparency and combating financial crime. Achieving this milestone was no small feat; our team of industry-leading experts has developed an innovative system that meets the SBP’s stringent compliance standards.
The TCN’s price assessment module is also integrated with external sources, including S&P Global, and employs Robotic Process Automation (RPA) to access extensive and reliable international trade data. This integration enables TCN to offer dual-use goods screening and vessel compliance capabilities.
FTSL is a Karachi-based fintech company that provides tailored technology solutions and services to organizations in the financial sector, including business analysis, systems implementation, and ongoing technology evaluation.
