BigPay, the unit, has partnered with Malaysian Industrial Development Finance Berhad - a unit of the country's largest asset manager Permodalan Nasional Bhd - and private equity firm Ikhlas Capital.
The London-based financial technology startup is lining up FT Partners, a US-based fintech-focused investment bank, as its adviser on the new funding, which is expected to take place after the summer, the report added.
The company, which raised $500 million in a funding round at a valuation of $5.5 billion in early 2020, has established a presence in more than 35 countries.
SBP has released the Exposure Draft of Digital Bank Framework for public consultation, introducing the licensing regime for new category of digital banks in Pakistan.
PricewaterhouseCoopers Pakistan (PwC Pakistan) assisted in development of this framework.