The seventh edition of the Pakistan Banking Awards (PBA) 2022 was held in Karachi, Governor of State Bank of Pakistan Jameel Ahmad was the chief guest at the event.
Speaking on the occasion, he said that the technology-driven financial innovation is a game changer for Pakistan as both the international and our own experiences have shown that digital financial services can help expand outreach and bring un-served communities into the fold of financial services.
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Fortunately, there are a number of factors already in place that enable digital financial innovation and the proliferation of a tech-based financial ecosystem in Pakistan. These include a fully functional digital ID system, ubiquity of mobile devices, penetration of mobile and broadband services, availability of faster payment rails, remote account opening process, and facilitative regulatory environment for enabling the entry of non-bank entities into the financial arena. Leveraging digital technology is essential not only to promote financial inclusion but also to ensure that the industry keeps pace with emerging global trends. This takes me to my next point. Advancements in technology, particularly the digitalization of financial services, are altering the banking and payment system landscape by creating profound opportunities in the business...
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