Lahore: Pakistan must transition from merely consuming global financial technologies to actively shaping the future of finance, said Bilal Bin Saqib, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), during the PBA-LUMS Dialogue on Digital Assets and the Future of Banking. Saqib called on banks to adopt artificial intelligence and support local technology innovators to enhance the country’s financial infrastructure.

According to Press Information Department, Saqib, while speaking with Zafar Masud, Chairman of the Pakistan Banks’ Association, highlighted the transformative impact of technologies like digital assets and AI on global finance. He emphasized the need for Pakistan to develop its financial capabilities and participate in the creation of new financial systems. Saqib pointed to the growing integration of digital assets in international finance and urged Pakistani banks to facilitate innovation by partnering with universities and tech companies.

Saqib underscored the importance of reducing costs associated with Pakistan’s $41.6 billion annual remittance flows and suggested exploring supervised bank-led payment arrangements. He encouraged banks to act as incubators for fintech innovators, providing them with mentorship and technical expertise. Saqib also stressed the importance of developing AI capabilities within the banking sector to improve operational efficiency and customer service.

He concluded by urging Pakistan to build the systems of tomorrow and not just operate within existing ones, advocating for a future where Pakistani companies could lead in globally significant financial technologies.