- Advertisement -
ISLAMABAD, Dec 18 (APP):Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday said that the national drive towards digitization has gathered strong momentum, including at the highest level and that clear performance targets are being pursued through a coordinated approach across key pillars covering digital infrastructure, payment systems and rails and digitization of government-related payments.
He stated this while, talking to a delegation comprising on Douglas Feagin, President Ant International and Senior Vice President, Ant Group; Irfan Wahab Khan, Chairman, Easypaisa Digital Bank; Jahabzeb Khan, President and Chief Executive Officer, Easypaisa Digital Bank, said a press release.
The meeting focused on accelerating Pakistan’s transition towards a cashless and digitally enabled economy, with particular emphasis on expanding financial inclusion, strengthening digital payments and leveraging technology to widen access to formal financial services for individuals and small businesses across the country.
The Finance Minister noted that policy coordination and implementation have been strengthened through high-level ownership to ensure that cross-cutting decisions are taken swiftly and executed effectively, enabling faster progress in broadening digital acceptance and reducing reliance on cash.
During the discussion, Senator Aurangzeb emphasized the role that digital banks and fintech platforms can play in enabling inclusive credit and targeted lending, including for under-served segments such as small farmers. He noted that agriculture lending needs to reach a broader base of smallholders and that scalable digital platforms can help improve outreach and sustainability, particularly in initiatives aimed at expanding access to finance.
He also highlighted the importance of diversifying the investor base for domestic public debt and reducing friction costs in distribution by facilitating retail participation through digital platforms, enabling citizens to invest in secure and liquid government securities through accessible channels.
Speaking on the occasion, Douglas Feagin conveyed appreciation for the opportunity to engage with the Finance Minister and reaffirmed Ant International and Ant Group’s commitment to supporting Pakistan’s digital economy agenda by bringing global experience, technology capabilities, and operational know-how gained across Asia to help expand cashless payment adoption and digital financial services.
He highlighted that the licensing of Easypaisa as a digital bank presents an important opportunity to accelerate capability building, deepen outreach, and advance the shift towards digital transactions, while acknowledging that cash remains prevalent and that sustained efforts are required to expand nationwide adoption.
Irfan Wahab Khan shared that Easypaisa is progressively transitioning from payments to broader financial services, with a focus on financial inclusion, customer education, and the development of savings and wealth management offerings.
It was noted that expanding distribution of regulated investment products requires sustained awareness-building among retail customers, and that digital platforms can provide an effective channel for such education.
The discussion also covered ongoing enhancements in cross-border and wallet-based payment capabilities leveraging international networks to improve convenience and reduce transaction frictions for users.
Senator Aurangzeb also shared the government’s perspective on the increasing scale of virtual asset activity and the importance of bringing such activity into a regulated framework to address risk management, compliance considerations, and consumer protection, while enabling innovation in emerging financial technologies.
The meeting included an exchange on opportunities related to tokenization and the potential for regulated, technology-enabled channels to support secure and accessible financial products, including in areas such as government securities and broader capital market development.
In addition, Senator Aurangzeb briefed the delegation on progress achieved on macroeconomic stabilization, including advancements on structural reforms and external validation milestones.
He emphasized Pakistan’s intention to leverage its strategic economic relationships to unlock further investment and to build a foundation for long-term, sustainable growth.
Mr. Douglas Feagin shared that expanding digital payments and digital finance can support stronger documentation of economic activity and contribute to tax base expansion, based on observed outcomes in multiple international markets.
He reiterated Easypaisa’s and Ant International’s commitment to scaling QR-code merchant acceptance and driving consumer adoption through practical use cases, while highlighting operational considerations linked to biometric-based customer onboarding, compliance requirements, and the cost of authentication and verification processes.
The discussion reflected a shared understanding that regulations should strengthen integrity of the financial system while also supporting inclusion and usability, including through risk-based approaches that encourage adoption at entry-level transaction tiers.
The meeting concluded with both sides expressing confidence in continued engagement and coordination on priority initiatives, including merchant digitization, customer education, enabling broader access to regulated savings and investment products, and supporting national objectives for payments modernization and financial inclusion.
Senator Aurangzeb appreciated the delegation’s commitment and encouraged submission of specific proposals for coordination with relevant stakeholders to advance shared priorities under the government’s digitization agend.