Islamabad, The Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, inaugurated the SAARCFINANCE Seminar on the ‘Potential Role of Big Data in Economic Policy’ in Islamabad. This seminal event convened experts, delegates, and speakers from across the South Asian Association for Regional Cooperation (SAARC) region to explore the transformative impact of Big Data on economic policy formulation.
According to State Bank of Pakistan, Governor Ahmad’s opening remarks emphasized the significant potential that the vast volumes of data generated by digital devices hold for economic growth, societal welfare, poverty alleviation, and enhancing living standards across the SAARC countries. He elaborated on the pivotal role of Big Data in central banking, financial inclusion, and the integration of Big Data analytics into the SBP’s policymaking processes. The Governor shared insights on the practical applications of Big Data at the central bank, including economic analysis through satellite imagery and employing machine learning for fraud detection and prevention.
Mr. Ahmad also addressed the challenges surrounding data privacy and the need for robust data protection legislation. He underscored the importance of overcoming obstacles related to technological infrastructure and the availability of skilled personnel. The Governor urged SAARC nations to collaborate in fostering a data-centric culture within the region to achieve inclusive benefits and formulate responsive policies.
The seminar featured a lineup of distinguished speakers from leading organizations such as the International Monetary Fund (IMF), World Bank, International Finance Corporation (IFC), Arab Monetary Fund (BUNA), Meta, Google, and the Pakistan Bureau of Statistics (PBS). Keynote presentations were delivered by Dr. Naeem Uz Zafar, Chief Statistician of PBS, Mr. Matthew Sal, a Digital Finance Expert from IFC, Dr. Ishart Hussain, former Governor of SBP, and other noted public policy experts. The discussions spanned the opportunities, recent applications, and the future potential of Big Data in Pakistan and the broader SAARC region.
Governor Ahmad’s call for regional cooperation highlights the SBP’s proactive stance on leveraging Big Data for economic advancement. The seminar served as a crucial platform for exchanging ideas, experiences, and best practices in the use of Big Data analytics, positioning the SAARC region at the forefront of data-driven economic policy development.