KARACHI: The State Bank of Pakistan (SBP) has given in-principle approval to Toko Lab Private Ltd and Accept Technologies Pvt Ltd (PayMob) for establishing themselves as Electronic Money Institution (EMI) and Payment System Operator (PSO)/Payment Service Provider (PSP), respectively. According to the SBP press release on Tuesday, the two companies will now develop their infrastructure and readiness within six months before applying for permission to initiate pilot operations. After assessing its readiness to do so, the SBP has also approved HubPay Pvt Ltd to initiate pilot operations as an EMI. Four EMIs — NayaPay, Finja, SadaPay and Akhtar Fuiou Technologies — are already in commercial operations, while Wemsol, E-Processing System and HubPay are in pilot operations mode. YAP, Cerisma, and Toko Lab have in-principle approval to establish their readiness for pilot operations.