Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday said Pakistan’s transition to a digital economy depends on strong collaboration between the public and private sectors, calling on regulators, banks, fintechs, and policymakers to work collectively to build a secure and inclusive digital financial system.
Speaking at the Future of Banking Summit 2025 organized by Systems Limited, Ahmad said the central bank is focused on enabling innovation that drives financial inclusion, efficiency, and customer trust. He commended Systems Limited for hosting a platform that brings together the banking and technology sectors to shape Pakistan’s digital future.
“The digital future is no longer a distant vision—it is our present reality,” he said. “To remain relevant, financial institutions must evolve rapidly, adopt global standards, and embrace innovation that enhances inclusion and competitiveness.”
Ahmad said the global financial system is being transformed by artificial intelligence, big data, 5G connectivity, and digital payments. To keep pace, Pakistan must strengthen policy coordination and partnerships that combine regulatory oversight with private-sector innovation, he added.
Outlining SBP’s digital initiatives, the Governor said the central bank has upgraded payment systems for both retail and large-value transactions, and introduced regulatory frameworks for digital banks, electronic money institutions, and payment service providers.
He termed Raast, Pakistan’s instant payment system, the cornerstone of the country’s digital public infrastructure and urged banks and fintechs to expand its adoption to offer customers greater access to real-time transactions.
Ahmad said SBP is also advancing Open Finance (Open Banking) and e-KYC frameworks to empower customers with control over their financial data and enable third-party innovation. Integration of cross-border payments through global standards like ISO 20022, he added, will further strengthen Pakistan’s financial connectivity with the world.
“Digital transformation cannot succeed in silos,” he emphasized. “It requires joint efforts—from regulators ensuring stability to technology firms driving innovation, and from banks fostering customer trust to policymakers setting a clear direction.”
The Governor said the SBP has established an innovation hub and launched the first cohort of its Regulatory Sandbox to test solutions in inward remittances, open banking, and merchant onboarding. These steps, he noted, will create a safe environment for fintech experimentation and support wider digital adoption.
Ahmad concluded that collaboration, innovation, and trust will be the defining pillars of Pakistan’s digital financial future.
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