Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, emphasized the critical role of collaboration between regulators, banks, fintechs, and policymakers in shaping Pakistan’s digital financial future. Speaking at the Future of Banking Summit 2025 in Karachi, he stressed that working together will allow every Pakistani to confidently participate in the rapidly evolving digital economy.
Commending Systems Limited for organizing the summit, the Governor highlighted the importance of platforms that foster cooperation between the banking and technology sectors. He pointed out that the global financial landscape is undergoing a profound transformation, driven by artificial intelligence, big data analytics, 5G connectivity, and innovative digital payment solutions. According to him, these advancements are redefining how customers engage with financial institutions and how services are delivered across the economy.
“The digital future is no longer a distant vision—it is our present reality,” he said. He urged financial institutions to adopt global standards and embrace innovation to improve inclusion, efficiency, and customer trust. The Governor noted that the SBP has been at the forefront of initiatives aimed at strengthening the country’s digital financial infrastructure while creating an enabling environment for innovation.
Mr. Ahmad underscored that financial regulators must evolve alongside technological developments. He shared that over the past few years, SBP has rolled out several initiatives to accelerate technology adoption across the financial sector. This includes upgrading the SBP’s digital payment infrastructure for both retail and large-value transactions and implementing regulatory frameworks for digital banks, electronic money institutions, and payment service providers. Simultaneously, measures have been introduced to safeguard the financial system from cyber threats and operational risks, ensuring that innovation is paired with resilience and trust.
A key focus of the Governor’s address was the Raast payment system, which he described as the cornerstone of Pakistan’s digital public infrastructure. Raast facilitates secure, real-time transactions for individuals, businesses, and government entities at minimal cost. He called on banks and financial institutions to accelerate the adoption of Raast and expand digital payment solutions for both public and private sector customers.
Governor Ahmad also highlighted initiatives like Open Finance (Open Banking) and e-KYC, aimed at empowering customers with greater control over their data, streamlining onboarding processes, and enabling third-party innovation. SBP is additionally working toward integrating cross-border payments using international standards such as ISO 20022, enabling faster and safer remittances and trade transactions.
The Governor stressed the importance of trust and cybersecurity in digital finance, with strong regulations, fraud prevention, and customer protection at the core. SBP is advancing its innovation agenda by establishing an innovation hub and launching the first cohort of its Regulatory Sandbox, allowing new ideas in inward remittances, open banking, and merchant onboarding to be tested in a controlled environment.
Through these combined efforts, SBP aims to foster an inclusive, innovative, and secure digital financial ecosystem in Pakistan, ensuring the country remains aligned with global best practices in technology-driven banking.
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