Latest news with #PASS
Business Recorder
10-06-2025
- Business
- Business Recorder
Rs385.64bn disbursed to 9.87m BISP beneficiaries till March 31st
ISLAMABAD: An amount of 385.64 billion rupees of the total budgeted amount of Rs 598.72 billion was disbursed to 9.87 million beneficiaries under Benazir Income Support Programme (BISP) till 31 March 2025, so noted the 2024-25 Economic Survey. The disbursed amount included Rs328.47 billion unconditional cash transfer (UCT) and Rs57.17 billion conditional cash transfer (CCT), reveals the Economic Survey for the last financial year 2024-25, issued by the Finance Ministry on Monday. In the last financial year 2023-24, Rs 454.55 billion of the total budgetedRs471.68 billion was disbursed to 9.30 million BISP beneficiaries including Rs360.17 billion UCT and Rs 94.38 billion CCT, the Economic Survey reveals. Overall, since its inception (in the year 2008), BISP has disbursed a total of Rs2,607.81 billion in grants, including Rs 276.09 billion under CCT, and Rs 2,331.72 billion under UCT, benefiting a total of 9.87 million individuals, states the government document. According to the Economic Survey, from 1 July 2024 to 31 March 2025, a total of 6.9 million existing beneficiary households were re-surveyed through Dynamic Registration Centres (DRCs) across the country under BISP's flagship Kafaalat UCT programme that was launched in 2008 to provide financial assistance to eligible households identified through NSER. 'Eligibility is determined using the Proxy Means Test (PMT), with a cut-off score currently set at 32 (or 37 for families with disabled members). The cash grant has gradually increased from Rs 3,000 per quarter in FY 2009 to Rs 13,500 per quarter in FY 2025,' reads the document. The annual budget for Kafaalat Programme in FY 2025 stood at Rs 461 billion. An amount of Rs 328.47 billion was disbursed to 7.87 million Kafaalat beneficiaries during July-March in the outgoing fiscal year, suggests the government data. The National Socio-Economic Registry (NSER) plays a vital role in shaping evidence-based policies and designing public sector development programmes by offering comprehensive socio-economic data, notes the Economic Survey. The NSER supports key initiatives like BISP and various social safety net programmes managed by the Ministry of Poverty Alleviation and Social Safety (PASS), while also assisting the private sector in crafting targeted programmes, the Survey states. 'In 2024-25, NSER data was accessed by 32 public and private organisations, underscoring its importance as a trusted source for enhancing social protection and development programmes, particularly for marginalised communities. During this period, significant efforts were made to improve the NSER Dynamic Registry, including updating household data, enhancing the Dynamic NSER Android app to ensure better privacy protection, expanding registration coverage, and deploying mobile registration vans to reach remote areas in Balochistan and Sindh,' according to the Economic Survey. Copyright Business Recorder, 2025
Finextra
06-06-2025
- Business
- Finextra
Keeta, Solo partner on blockchain-native credit bureau
Keeta Network, a high-performance blockchain that connects Web3 and traditional financial systems, aims to be a real-world tokenisation and financial interoperability frontrunner by working with Solo. Solo turns data into reusable, verified credentials, enabling banks, fintech firms and cryptocurrency platforms to make smarter, faster decisions, without compromising privacy. 1 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Both backed by former Google CEO and chairman, Eric Schmidt, Keeta will enable a digital certificate that consolidates fragmented financial credentials into a verified identity. Referred to as Solo's PASS, it can be used for seamless lending, peer-to-peer credit, and on-chain financial reputation. Keeta claims to be the only blockchain that can facilitate PASS for institutions and platforms to confidently underwrite loans with verified, user-permissioned data. The product also enables modern credit rails for wallets, dApps, and embedded finance, while allowing for pseudonymous lending and borrowing based on trusted credentials. As a result, cryptocurrency and Web3 builders, global earners paid in stablecoins, DAOS, VCs, banks, and others will have access to a robust on-chain credit system. PASS includes KYC, KYB, income, crypto assets, and business credentials, providing users instant, secure, and self-owned credentials, granting them access to the global economy, and allowing banks to serve with full visibility, spend controls, and risk alignment. The partnership will be rolled out in phases, with verified profiles launching in 2025. Ty Schenk, CEO and founder, Keeta, says: "As digital asset adoption accelerates, Keeta's blockchain is the first to tackle the scale and regulatory overhead for an on-chain credit bureau, opening the door for lending, borrowing, mortgages, stablecoin payments, and more. As the fastest blockchain in the world, our network uses stringent security measures and provides verified users with immediate lending qualifications, giving them instant and secure access to credit. We're excited to see the use cases that PASS will create as we bridge traditional finance with the digital asset ecosystem." Georgina Merhom, founder of Solo, adds: "This is the first time that a blockchain network has made real-world financial credentials, like income, assets, and identity, verifiable, tokenized, and trusted for lending. Our partnership with Keeta allows us to build the trust layer of blockchain with real-world utility and the potential to power the next trillion dollars in lending. PASS delivers a portable, programmable credit bureau, owned by the people it's built for."
Yahoo
05-06-2025
- Business
- Yahoo
Ex-Google Chief Eric Schmidt Backs Firms Behind Blockchain Credit Bureau
High throughput blockchain Keeta and credit data platform SOLO, companies both backed by former Google CEO Eric Schmidt, are introducing an on-chain credit bureau to give digital asset owners access to mortgages, small business loans, and other traditional lending services. Keeta is facilitating SOLO to create PASS, a blockchain-based, bank-grade financial identity layer, using know-your-customer, income, crypto assets, and business credentials, according to a press release on Thursday. Blockchain infrastructure is synonymous with trust, so it makes sense to use the tech to store real world financial credentials, and cater to new digital paradigms within lending. The PASS product creates modern credit rails for wallets, dApps, and embedded finance, while allowing for pseudonymous lending and borrowing based on trusted credentials, the release stated. 'This is the first time that a blockchain network has made real-world financial credentials, like income, assets, and identity, verifiable, tokenized, and trusted for lending,' said Georgina Merhom, Founder of SOLO. 'PASS delivers a portable, programmable credit bureau, owned by the people it's built for.' Eric Schmidt has been involved in the blockchain and crypto space for some time, having joined Chainlink Labs as a strategic adviser back in early 2023.
Gulf Insider
01-06-2025
- Business
- Gulf Insider
New Policy: Abu Dhabi Schools Can Halt Operations For Up To 3 Years
The Abu Dhabi Department of Education and Knowledge (ADEK) has confirmed that private schools in the emirate may temporarily suspend operations for a minimum of one academic year and up to a maximum of three academic years, subject to prior approval from the Department. The revised school licensing policy, now available on ADEK's official website, provides detailed guidance on the temporary closure process and associated responsibilities. According to the policy, any school intending to temporarily close must submit a formal request addressing four key components: The reason for closure The proposed date of closure (which must coincide with the end of the academic year) Proposed arrangements to facilitate the transfer of students to other schools Submission of the request no less than six months before the academic year concludes Once ADEK grants approval, the school is required to inform all stakeholders—including staff and parents—within seven days. If a school remains closed for longer than three academic years, its licence will be automatically revoked. To resume operations, it must apply for a new licence. Permanent closure is also permitted, provided the school submits a formal cancellation request to the Department. Schools granted approval for temporary closure must meet the following eight obligations: Fulfil all legal and contractual obligations towards staff, parents, students, and external parties Obtain all required legal and financial clearances Settle outstanding dues to staff in accordance with contract terms and the Ministry of Human Resources and Emiratisation's regulations Refund any unearned fees to parents Remove any transfer restrictions on students through the Electronic Student Information System (eSIS) Cancel staff work permits via the Private Schools Staff System (PASS) at least 20 working days prior to closure Submit all student records and files to ADEK within 20 working days of the closure date Provide parents with their children's academic reports and transfer certificates In the case of voluntary permanent closure, schools must formally request the cancellation of their licence in accordance with ADEK's policy. If a school wishes to resume operations after a temporary suspension, it must reapply and fulfil all licensing requirements. In instances of non-compliance, ADEK may enforce a forced closure and revoke the school's licence, as stipulated in its compliance policy. As outlined in Article (8) of the Private Schools Regulatory Framework—introduced under Executive Council Resolution No. (26) of 2013—ADEK issues three categories of licences for private schools: A Provisional Licence may be issued to new schools upon submission of a complete and compliant application, in line with the Private Schools Policy and Guidelines Manual. This licence is valid for one academic year and may be renewed once, subject to the school's adherence to its approved operational plan and any additional conditions imposed by ADEK. Schools seeking to renew their Provisional Licence must apply at least 60 days before the licence expires. ADEK may inspect the school to assess its progress. Notably, the provisional period cannot extend beyond one academic year from the commencement of educational activities. This updated policy came into effect in the first term of the 2024/2025 academic year. Full compliance is expected by the beginning of the 2025/2026 academic year. Schools are required to obtain a General Licence within two years of starting operations. This licence, valid for two years, is granted to schools that have undergone inspection and received a minimum rating of 'acceptable.' Renewal applications must be submitted at least 60 days prior to expiry, and ADEK reserves the right to conduct inspections as part of the review process. An Accredited Licence may be issued following a comprehensive inspection and evaluation by ADEK or an authorised third party. To qualify, a school must meet ADEK's minimum accreditation standards. This type of licence is valid for up to five years. The Director General of ADEK is authorised to revoke any type of school licence—Provisional, General, or Accredited—at any time if the institution fails to comply with the requirements set out in Executive Council Resolution No. (26).
Gulf Today
01-06-2025
- Business
- Gulf Today
Abu Dhabi private schools can suspend operations for up to 3 years after providing valid reasons
Abu Dhabi Department of Education and Knowledge (ADEK) has affirmed that private schools are permitted to temporarily suspend their operations for a period of at least one academic year and up to three academic years, provided they obtain approval from the department. ADEK clarified that schools opting for temporary closure (1-3 years) must adhere to the requirements outlined in the department's licencing guide. Schools exceeding the maximum temporary suspension period of three academic years will have their licences automatically revoked by ADEK. In such cases, schools must reapply for a licence if they wish to resume operations. Regarding permanent voluntary closure and licence revocation, schools have the right to cease operations permanently after submitting a request. ADEK emphasised that schools seeking temporary or permanent closure must submit an application meeting four requirements: the reason for closure, the proposed closure date, arrangements to facilitate student transfers to other schools, and submission of the application at least six months before the end of the academic year. Additionally, schools must also notify relevant parties, employees, and parents within seven days of receiving ADEK's approval. ADEK outlined additional closure requirements including fulfilling all legal and contractual obligations toward employees, parents, students, and external parties, obtaining legal and financial clearances, paying all dues to employees in accordance with contract terms and Ministry of Human Resources and Emiratisation requirements, refunding any unearned fees collected from parents, lifting transfer restrictions on the Student Data System (eSIS) and cancel work permits for school staff on the Private School Staff Data System (PASS) at least 20 working days before closure, submitting all student records and files to ADEK within 20 working days of closure and providing relevant student reports and transfer certificates to parents. For permanent voluntary closure, schools must apply for licence revocation in line with this policy. ADEK further explained that under the licencing policy, schools permitted to resume operations must reapply for a licence whose approval depends on the school meeting ADEK's requirements. In cases of forced closure and licence revocation, ADEK may require a school to cease operations in accordance with its policy, leading to licence cancellation. The department affirmed that this policy came into effect at the start of the 2024/2025 academic year (first semester).
