Pakistan urges inclusive, responsible approach to digital financial innovation at UN briefing

Pakistan has urged developing countries to take a bigger role in shaping the rules for digital financial innovation, according to The Express Tribune. Speaking at a briefing at UN Headquarters on Saturday, Ambassador Asim Iftikhar Ahmad said such nations should be able to grasp these innovations, influence their design and gain from digital assets, blockchain and tokenisation. The event was organised by Pakistan's mission together with UNDP, UNCTAD and the office of the Secretary-General's Envoy on Technology.

Bilal Bin Saqib, Minister of State and chairman of the Pakistan Virtual Assets Regulatory Authority, used the keynote to outline the country's rules for digital assets, including legislation, licensing and a regulatory sandbox. He argued that digital tools could lower the expense and quicken cross-border remittances, noting that sending modest sums abroad still costs far more than international development targets allow. He also warned against a new financial divide between developed and developing economies and called for safeguards against illicit finance.

Senior UN officials, including UNDP's Chief Digital Officer Robert Opp, also addressed the event, and a panel moderated by Muhammad Faheem covered regulation, interoperability, cybersecurity and equitable access. Closing the briefing, Ambassador Ahmad said technology alone cannot produce development gains without sound policy, institutional capacity and secure infrastructure. He also urged the United Nations to support capacity-building and technical cooperation.