State Bank of Pakistan Regulatory Compliance Disclosure
ChaiLink (Pvt) Ltd operates within Pakistan's regulated digital financial services ecosystem overseen by the State Bank of Pakistan (SBP). This document describes how ChaiLink aligns with applicable SBP frameworks including EMI regulations, Payment Service Provider (PSP) guidelines, Raast rules, and our partnership with PayFast (APPS) — the first payment gateway to receive full commercial approval from SBP under PSO/PSP regulations.
Table of contents
1. Regulatory Framework Overview
1.1 The SBP regulates digital payments through the Payment Systems and Electronic Fund Transfers Act, 2007 (PSEFTA), EMI Regulations (2019 and amendments), PS&P Regulations, and BPRD Circulars.
1.2 ChaiLink functions as a technology platform and merchant of record facilitating payments between Supporters and Creators, partnering with SBP-licensed EMIs, PayFast (APPS), and banks for fund movement and settlement.
1.3 ChaiLink is pursuing applicable licensing and partnership structures as the regulatory landscape for creator economy platforms evolves under SBP's Digital Financial Services (DFS) agenda.
2. PayFast (APPS) — PSO/PSP Partner
2.1 PayFast is operated by Avanza Premier Payment Services (APPS), licensed and regulated by SBP as a Payment Service Provider.
2.2 PayFast is PCI-DSS certified and operates fraud monitoring (Guardian) and transaction monitoring.
2.3 Card, wallet, bank account, and Raast P2M transactions may be processed through PayFast's infrastructure subject to merchant agreement.
2.4 PayFast settlement cycles: typically T+2 to T+4 business days depending on payment instrument.
3. Electronic Money Institution Partnerships
3.1 Easypaisa: Telenor Microfinance Bank Limited, SBP-licensed EMI/Bank.
3.2 JazzCash: Mobilink Microfinance Bank Limited, SBP-licensed.
3.3 Wallet collections and disbursements occur within EMI-regulated wallets; ChaiLink receives settlement files and status webhooks.
4. Raast Instant Payment System
4.1 Raast is Pakistan's instant payment system under SBP's digital financial inclusion agenda.
4.2 ChaiLink supports Raast P2M and P2P where enabled by sponsoring institutions and PayFast integration.
4.3 Raast transactions settle in real-time through PIPS infrastructure; SBP maintenance windows may cause delays.
4.4 Users must provide valid Raast IDs registered with their bank.
5. Card Payments and PCI Compliance
5.1 Card transactions are processed via PCI-DSS compliant PayFast hosted pages; ChaiLink maintains SAQ-A scope.
5.2 3-D Secure authentication is enforced where required by issuer and SBP directives.
5.3 Cross-border card payments may be subject to SBP foreign exchange regulations.
6. Know Your Customer (KYC) Requirements
6.1 Creators undergo tiered KYC: Basic (mobile OTP), Standard (CNIC verification), Enhanced (source of funds for high-volume accounts).
6.2 Enhanced due diligence triggers at Rs. 50,000 monthly inflows or as directed.
6.3 NADRA Verisys integrations where available through Payment Partners.
7. Regulatory Reporting
7.1 Suspicious Transaction Reports (STRs) to Financial Monitoring Unit (FMU) when required.
7.2 Currency Transaction Reports (CTRs) for transactions exceeding statutory thresholds.
7.3 Cooperation with SBP inspections and PayFast/APPS audit requests.
8. Consumer Protection
8.1 Clear PKR fee disclosure at checkout per SBP consumer protection principles.
8.2 Complaint SLA: acknowledgment within 24 hours, resolution target within five (5) business days.
8.3 Contact: support@chailink.co, +92-300-2612-932, Mohala Ahmedabad, Kala Gujran, Near Government School #2 Boys, Jhelum, Punjab, 49490, Pakistan.
8.4 Escalation to SBP Banking Services Corporation for unresolved banking complaints involving partner institutions.
9. Outsourcing and Technology Risk
9.1 Cloud and software vendors undergo due diligence for data security and business continuity.
9.2 Disaster recovery: RPO 1 hour, RTO 4 hours for payment-critical systems.
9.3 Annual security assessments aligned with SBP technology risk management guidelines.