The Pakistan Single Window has successfully launched an ‘online registration of banking profile’ feature in collaboration with the State Bank of Pakistan.

The Dubai Islamic Bank is the first bank to successfully integrate with the Pakistan Single Window (PSW), according to a press release.

The integration of a banking profile with the PSW is a major reform initiative aimed at reducing the time and cost of doing business by eliminating the State Bank of Pakistan (SBP) mandated ‘Electronic Import Form’ (EIF) and ‘Electronic Form-E’ (EFE) for imports and exports.

The SBP and PSW have collaborated to simplify the existing procedural framework for foreign exchange regulation of cross-border trade. The new system provides enhanced transparency and visibility to the SBP, Pakistan Customs, and relevant stakeholders.

The initiative is being implemented in phases, and more banks are scheduled to join the system in the coming weeks.

Source: Pro Pakistani