Pakistan central bank orders fintech Tag to refund customers

The State Bank of Pakistan, the South Asian nation’s central bank, has ordered fintech Tag to “immediately” refund all funds to customers citing violation of regulatory requirements and “other concerns,” posing existential questions on the startup’s future.
The regulatory action follows a months-long probe into Tag, which offers banking and financial services to users in Pakistan. The startup has been accused of forging documents to the central bank, according to an investor letter obtained by TechCrunch. The central bank did not outline (PDF) which regulato

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