Saturday, September 24, 2022

SBP official urges banks to join hands with tech firms for increased adoption of digital mode of payments - Business Recorder

Last updated Thursday, September 15, 2022 21:05 ET , Source: TopWireNews

KARACHI: State Bank of Pakistan (SBP) has urged upon commercial banks and technology firms to join hands for pacing up adoption of digital mode of payments to cut size of the informal economy, grow tax collections and support economic growth.
“We slogan we are against doing transactions in cash. However, our actions speak otherwise,” said Syed Irfan Ali, Managing Director, Deposit Protection Corporation, State Bank of Pakistan (SBP).
The world is changing. It is going digital. “If we will not accept the change, we will remain there where we are today,” he said while speaking at the 20th annual ‘Future Banking Summit 2022’, organized by Total Communications at a local hotel in Karachi on Thursday.
Economic sanctions on Iran and India’s desire to check corruption and eradicate black economy have transformed them into digital economies. “Pakistan has two options to pace up transformation towards a digital economy; either do what India did (abruptly changed currency, remained in pain and it took it around two years to achieve the success). Or we should pace up the evolution…through collaboration,” he suggested.
He stressed to increase collaboration among stakeholders, including regulator (the central bank), to achieve the goal of transforming Pakistan into a digital economy sooner than later. Financial Action Task Force’s (FATF) grey listing has transformed Pakistan. “Luckily we are not on the blacklist. We have just transformed…We will hopefully soon be removed from the grey...

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