Pakistan must help build global financial technology, not just use it, says PVARA chief

Pakistan Virtual Assets Regulatory Authority chairman Bilal Bin Saqib called on banks to help develop financial technology and infrastructure, rather than remain users of systems built abroad. Speaking at a Pakistan Banks’ Association and LUMS dialogue, he cited digital assets and artificial intelligence as areas reshaping payments, capital markets and financial services.

Saqib said Pakistan’s $41.6 billion in annual remittances made lower transfer costs an important consideration, and identified supervised, bank-led arrangements for major Gulf corridors as worth examining. He also urged banks to work with universities and technology firms, invest in AI expertise and support local founders, while stressing that innovation should be matched by regulatory coordination, cybersecurity and consumer safeguards.