Connect with us

Business

SBP opens formal banking to licensed virtual asset service providers | The Express Tribune

Published

on

SBP opens formal banking to licensed virtual asset service providers | The Express Tribune


PVARA chairman terms it a foundational step in bringing virtual assets ​into the formal financial system of Pakistan

State Bank of Pakistan. Photo: File

The State Bank of Pakistan (SBP) has allowed banks to open accounts for licensed virtual asset service ​providers, overriding a 2018 ban, as the country moves to integrate digital assets into the regulated financial system.

The ​move followed the enactment of the Virtual Assets Act, ​2026, and marks Pakistan’s first formal step toward bringing ⁠crypto-related businesses into the banking system under strict anti-money-laundering ​and compliance rules.

“This is a foundational step in bringing virtual assets ​into the formal financial system of Pakistan,” Bilal bin Saqib, the chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said in a statement ​on Wednesday.

Banks must verify licences issued by the newly established ​PVARA before onboarding firms and maintain segregated, non-interest-bearing ‌client ⁠accounts in rupees, the SBP said.

Read More: Saudi Arabia pledges $3b additional support, extends $5b deposit: finance minister

Banks will remain responsible for due diligence, risk profiling and reporting suspicious transactions, the central bank said, adding that lenders cannot invest ​in or hold ​virtual assets using ⁠their own or customer funds.

Pakistan has already moved to bring in global crypto players, signing ​a memorandum of understanding with Binance in December ​to ⁠explore tokenising up to $2 billion in assets and granting initial clearances to Binance and HTX to begin licensing.

It also struck a ⁠deal ​with an affiliate of World Liberty ​Financial in January to explore stablecoin-based, cross-border payments.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Starbucks launches beta app in ChatGPT to fuel new drink discovery

Published

on

Starbucks launches beta app in ChatGPT to fuel new drink discovery


A sample prompt response in ChatGPT using Starbucks’ beta app.

Source: Starbucks

Starbucks has launched a beta app in ChatGPT to provide inspiration for customers’ drink orders, the company said Wednesday.

To use the beta app, customers need to enable the Starbucks app through ChatGPT’s app directory and then enter a prompt on the chatbot that includes “@Starbucks.” While they can customize their orders and even select what location to order from, consumers will need to complete their order on the Starbucks app or website — a key distinction for a company that relies heavily on its loyalty program.

“Over the past year, one thing has become clear: Customers aren’t always starting with a menu,” Paul Riedel, Starbucks’ senior vice president of digital and loyalty, said in a statement. “They’re starting with a feeling …. We wanted to meet customers right in that moment of inspiration and make it easier than ever to find a drink that fits.” 

The announcement on Wednesday marks the latest way that Starbucks is trying to find ways to entice U.S. customers back to its cafes. Under its “Back to Starbucks” turnaround strategy, the company has added seating back to its cafes, trimmed its menu and reintroduced tiers to its loyalty program.

It also helped customers find new drinks on its mobile app, through its trending beverage category or the secret menu under its “offers” tab. Drink discovery is also important for winning over Gen Z consumers, who have shown more of an affinity for unique beverages at U.S. restaurant chains than members of older generations.

So far, Starbucks’ turnaround strategy looks like it is taking hold. After two years of traffic declines, the chain finally reported rising customer transactions in its fiscal first quarter ended Dec. 28.

Wednesday’s announcement is not Starbucks’ first foray into using generative artificial intelligence or partnering with OpenAI. Last year, the coffee company unveiled Green Dot Assist, an AI assistant for baristas created with Microsoft Azure’s OpenAI platform. 

Other consumer companies have also been partnering with OpenAI to boost sales. Walmart, Etsy and Booking.com are among the big names that are testing shopping and purchasing through ChatGPT’s interface.

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.



Source link

Continue Reading

Business

Four killed, 20 wounded in school shooting in southern Turkiye, says governor – SUCH TV

Published

on

Four killed, 20 wounded in school shooting in southern Turkiye, says governor – SUCH TV



A student aged about 13 opened fire at random in a Turkish school Wednesday killing four people and wounding 20, just one day after a shooter wounded 16 people and then killed himself in another school, officials said.

Kahramanmaras province governor Mukerrem Unluer said a teacher and three students were killed in the latest attack. The attacker was also dead.

“A student came to school with guns that we believe belonged to his father in his backpack. He entered two classrooms and opened fire randomly, causing injuries and deaths,” Unluer told reporters.

Four of the wounded were in serious condition and undergoing surgery, he said.

The attacker, an eighth-grade student, was the son of a former police officer, Unluer said, adding that the suspect was carrying five guns and seven magazines.

“We suspect he may have taken his father’s weapons,” the governor said.

Unluer said the attacker was also dead.

“He shot himself. It is not yet clear whether this was suicide or happened amid the chaos,” he said.

Footage released by IHA private news agency showed a person, body and face covered, being evacuated in an ambulance, as well as tearful parents who had rushed to the school in the southern province’s main city, Kahramanmaras.

Witnesses quoted by media said intense gunfire was heard.

Police increased security around the building, and television footage showed ambulances in the area.

‘Will be held accountable’

Justice Minister Akin Gurlek said prosecutors had launched an immediate investigation into the shooting.

On Tuesday, an ex-student opened fire with a shotgun at his former high school in Siverek district of Sanliurfa province, wounding 16 people before killing himself in a showdown with police. Ten students were among the casualties.

Speaking to the ruling AKP party in parliament, President Recep Tayyip Erdogan promised that those found to have been negligent or at fault “will certainly be held accountable” over the school shootings.

Police detained one suspect after Tuesday’s attack and suspended four officials from duty, Erdogan said. The school was ordered closed for four days.

School shootings in Turkiye had been rare until this week. In May 2024, a former student killed a private high school principal in Istanbul with a firearm five months after he was expelled.

Turkiye has strict gun laws that require licensing, registration, mental and criminal background checks, and severe penalties for illegal possession.



Source link

Continue Reading

Business

Donald Trump targets Fed chief Jerome Powell again, threatens to fire him if he is ‘not leaving on time’ – The Times of India

Published

on

Donald Trump targets Fed chief Jerome Powell again, threatens to fire him if he is ‘not leaving on time’ – The Times of India


US President Donald Trump on Wednesday renewed his attack on Federal Reserve Chair Jerome Powell, saying he would fire him if he continues in the role beyond the end of his mandate.Powell’s term as Fed chair ends in mid-May, and Trump has repeatedly criticised him for not cutting interest rates more aggressively, AFP reported.

Watch

Trump Taps ‘MAGA Loyalist’ Kevin Warsh As Fed Chair To Replace ‘Crooked’ Jerome Powell | Details

“I’ll have to fire him,” Trump told Fox Business, if Powell “is not leaving on time.”The president added: “I’ve wanted to fire him.”The remarks come as the Trump administration steps up pressure on the independent central bank, including initiating a Department of Justice probe into Powell over alleged renovation cost overruns and seeking to remove Fed governor Lisa Cook.Asked if he would drop the DOJ investigation, Trump said: “I’m not playing. I have to find out.”Trump has nominated former central banker Kevin Warsh to succeed Powell, but his appointment requires confirmation by the US Senate.Warsh is scheduled to appear before the Senate Banking Committee next Tuesday, though his confirmation faces resistance.Senator Thom Tillis, a Republican member of the committee, has said he would hold up the nomination while the probe into Powell remains unresolved.As long as the nomination process is delayed, Powell can legally continue as Fed chair.While uncommon, it is possible for a Fed chair to remain on the board even after their term as chief expires.Powell first became Fed chair in 2018 during Trump’s earlier presidency and was reappointed in 2022 under then president Joe Biden.



Source link

Continue Reading

Trending