Pakistan must build, not just consume, fintech: Bilal Bin Saqib

At a PBA-LUMS event on digital assets and banking, Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib called on the country to help develop financial technology rather than rely on systems built abroad. Mettis Global reported that he urged banks to work with universities, researchers and technology firms, and to assess digital-asset initiatives by their economic results.

Saqib cited Pakistan’s $41.6bn in annual remittances as a reason to explore more efficient transfer infrastructure, including supervised, bank-led arrangements for Gulf corridors, subject to regulatory coordination and safeguards. He also urged banks to build artificial intelligence expertise, support local fintech founders and coordinate with regulators on supervision, cybersecurity and consumer protection. Bank of Punjab President and CEO Zafar Masud took part in the discussion.