PVARA, Mastercard eye tokenisation

Pakistan Virtual Assets Regulatory Authority Chairman Bilal Bin Saqib met Mastercard East Asia Division President Mark Elliott to consider how digital-asset technology could work alongside established financial systems, The Express Tribune reported. Their discussion covered blockchain-based infrastructure, including cross-border payments, remittances and the responsible tokenisation of financial assets.

The report said the talks also addressed cybersecurity, financial integrity and regulatory safeguards for innovation and consumer protection. Participants considered possible applications for overseas Pakistanis, freelancers, small businesses and financial institutions, against the backdrop of Pakistan receiving more than $40 billion in remittances annually and having a growing digital economy. Saqib said cooperation among financial institutions, technology providers and regulators would be important to the future of finance.