Breaking News: Pakistan is ready for digital revolution: Governor SBP! MAK NEWS-21

Governor State Bank Reza Baqarne has said that Pakistan is now ready for a major digital revolution after acquiring key digital resources a...

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Governor State Bank Reza Baqarne has said that Pakistan is now ready for a major digital revolution after acquiring key digital resources and basic components for the digital economy.

 

Reza Baqir addressed the function. Photo: APP

According to a report by the official news agency APP, Reza Baqir has promised 'digital banks' to SBP, including domestic and international stakeholders, banks, fintechs, venture capital firms, digital banks and representatives of the business community from around the world. Participated in and addressed the dialogue held on

 

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The Governor SBP said that the main objective of SBP's framework for digital banks is to promote financial sharing and innovation in the country and to provide an ecosystem in which consumer and consumer convenience is given priority.

 

 Highlighting the challenges and shortcomings in banking, he said that the SBP has laid a solid foundation for the provision of digital financial services by providing a conducive environment and basic infrastructure in accordance with the law and regulations.

He said that in order to promote innovation in financial services, the SBP has recently introduced a number of initiatives, including removing barriers to non-banking institutions and fintech institutions, making it easier for people to open digital accounts. In-app biometric authentication and Pakistan's instant payment system are directly included to facilitate digital onboarding for users.

Raza Baqir said that important steps are being discussed with the concerned parties regarding the Knowledge Framework for Consumers, which would enable financial institutions to release KYC information with the consent of the consumer, which would enable the digital journey of the consumer and Open banking will improve.

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According to the report, representatives of various private organizations participated in the event and participated in the discussion while panel discussion was also held.

The panel participants highlighted the real possibilities and opportunities created by digital banks for fintech companies, startups and venture capitalists, etc., and discussed various aspects of legal issues.

Experts highlighted various aspects in this regard and said that the joint efforts of regulators and other relevant agencies play a role in the innovation of the financial sector.

He appreciated the SBP initiatives and expressed confidence that digital banks would become an integral part of the financial ecosystem and play a role in providing access to various financial services to the people and furthering the goal of financial sharing.