Pakistan Single Window (PSW) has
signed a collaboration agreement with AKS-iQ, a Pakistani RegTech company
specializing in AI solutions for banking the industry, to provide access to
PSW’s trade data for the development of advanced data analytics tools. These
tools will assist commercial banks in verifying the pricing of goods in
international trade contracts, thereby supporting compliance with the State
Bank of Pakistan’s Framework for Managing Risks of Trade-Based Money Laundering
(TBML) and Terrorist Financing (TF).
This partnership marks PSW’s
second such engagement with the fintech sector, reinforcing its commitment to
leveraging data-driven technologies for enhancing transparency in international
trade finance. By enabling AKS-iQ to enhance its price verification and trade
intelligence solutions using national trade data, PSW is promoting healthy
competition and innovation within Pakistan’s growing fintech ecosystem.
AKS-iQ’s platform will allow
commercial banks to perform price reasonability assessments more efficiently by
combining machine learning algorithms and enriched national trade data. The aim
is to equip banks with intelligent, automated tools that improve compliance
outcomes and reduce operational risks related to TBML.
Highlighting the importance of
the collaboration, Mr. Syed Aftab Haider, CEO of PSW, stated, “Our alliance
with AKS-iQ is a testament to PSW’s open innovation model. By enabling new
entrants in the fintech space to build upon our data infrastructure, we are
fostering a competitive environment that drives technological advancement while
at the same time strengthening financial safeguards in cross-border trade and
enabling commercial banks to improve compliances with FATF/AML requirements.”
The integration of PSW’s rich
trade data into AKS-iQ’s analytics offerings is expected to expand the reach
and impact of PSW’s efforts to digitize and secure Pakistan’s trade ecosystem.
It also underscores the potential of public-private partnerships in developing
localized, tech-enabled solutions that address critical regulatory challenges.
Through such collaborations, PSW
is laying the foundation for a data-centric future of trade, one that aligns
with global best practices and ensures Pakistan’s continued progress in trade
facilitation and financial integrity.
Mr. Imtiaz Ahmad Sheikh, Director
Financial Services of AKS-iQ, stated, “Our collaboration with PSW will
facilitate us in our goal to contribute to motherland’s financial growth by
providing indigenous, innovative AI based solutions, meeting regulatory and
business requirements. He also highlighted that a vast majority of Pakistani
Banks using Trade iQ, Trade based solution of AKS iQ will get the fruit of this
alliance.”
AKS-iQ is a RegTech company based
out of Karachi specializing in artificial intelligence (AI)-solutions for the
banking industry to improve operations, enhance regulatory compliance, build
customer trust, and increase revenue keeping in view the unique challenges
faced by banks in today’s fast-paced and changing market to help ensure their
Trade Based Money Laundering compliance with TBML-related regulatory
requirements under the relevant laws of Pakistan.