Building the Future through Collaboration in Digitization: Governor State Bank
“The digital future is no longer an imagination — it has become a reality,” Governor Jameel Ahmad says at the Future of Banking Summit 2025.
KARACHI ( WEB NEWS )
Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, emphasized that if regulatory bodies, banks, fintech companies, and policymakers work together, Pakistan can build a future where every citizen confidently participates in the digital economy. He was addressing the Future of Banking Summit 2025 held at a hotel in Karachi.
In his address, the Governor commended Systems Limited for organizing this platform that fosters collaboration between the banking and technology sectors. He said the global financial landscape is undergoing remarkable transformation, with major advances in artificial intelligence, big data analytics, 5G connectivity, and digital payments all playing their roles. These innovations have reshaped how financial institutions interact with consumers and have revolutionized service delivery across all sectors of the economy.
Governor Ahmad stated that the digital future is no longer a concept of imagination — it has taken the form of reality. To stay aligned with the times, financial institutions must rapidly evolve, adopt international standards, and embrace innovations that enhance inclusion, efficiency, and consumer trust.
He said the State Bank is leading various initiatives to strengthen the nation’s digital financial infrastructure and to create an enabling environment for innovation. The Governor added that the SBP itself must evolve alongside other financial regulators to meet the demands of a rapidly changing landscape.
Over the past few years, the SBP has undertaken several initiatives to promote technology adoption across the financial sector. These include upgrading the digital payments infrastructure—both retail and large-value systems—and introducing supportive regulations for digital banks, electronic money institutions, and payment service providers. The SBP has also taken steps to protect the financial system from cyber threats and operational vulnerabilities, ensuring that innovation is coupled with resilience and trust.
Governor Ahmad highlighted the importance of the Raast instant payment system, calling it the cornerstone of Pakistan’s digital public infrastructure. He said Raast enables citizens, businesses, and government entities to conduct secure and instant transactions at minimal cost. He urged banks and financial institutions to accelerate the adoption of Raast and expand digital payment products for both public and private sector users.
He further noted that the SBP is promoting digital financial services to enhance financial inclusion, encourage product innovation, and improve access for underserved populations. Initiatives such as Open Finance (Open Banking) and e-KYC aim to empower consumers with control over their data, simplify onboarding, and enable third-party innovation.
The State Bank is also pursuing the integration of cross-border payments through international standards like ISO 20022 to facilitate faster and more secure remittances and trade-related transactions.
Governor Ahmad stressed the importance of building trust in digital finance through strong regulations, anti-fraud measures, consumer protection, and robust cybersecurity. He concluded by announcing that the State Bank Innovation Hub is in its final stages of establishment, and the SBP has launched the first cohort of its Regulatory Sandbox to test new concepts in areas such as remittances, open banking, and merchant onboarding.