ISLAMABAD, Nov 5 (APP):Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, has said Pakistan has an opportunity to play an effective role in shaping the future global financial system for emerging economies rather than merely becoming part of the changes taking place in it. He said the government's top priority was to translate technology and innovation into tangible economic benefits for the …
Pakistan has opportunity to shape future of global financial system: Bilal Bin Saqib
ISLAMABAD, Nov 5 (APP):Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, has said Pakistan has an opportunity to play an effective role in shaping the future global financial system for emerging economies rather than merely becoming part of the changes taking place in it.
He said the government’s top priority was to translate technology and innovation into tangible economic benefits for the public, businesses and the national economy.
He was speaking during a meeting with Mark Elliott, Divisional President for Eastern Arabia at Mastercard. The meeting discussed the integration of traditional financial systems with modern digital asset technologies, cross-border payments, improvements in remittance systems, tokenization of financial assets and the stability of the financial sector.
The two sides also reviewed the growing role of blockchain-based financial systems and the potential to expand public access to modern financial services.
It was highlighted that Pakistan receives more than $40 billion in annual remittances, while its digital economy is also expanding rapidly. Modern financial technologies could not only benefit the national economy but also create new opportunities for overseas Pakistanis, freelancers and small businesses.
Developments in digital payments, cybersecurity, financial transparency and the security of financial systems were also discussed.
The participants stressed the need for an effective regulatory framework that ensures consumer protection and financial stability while facilitating responsible innovation and the adoption of modern technologies.
Bilal Bin Saqib said the foundational infrastructure of the future global financial system was being shaped at present, giving Pakistan an opportunity to play a meaningful role in this transformation.
He noted that the future financial system would largely depend on effective cooperation among established financial institutions, technology providers and regulatory authorities.
According to a press release, the meeting reflects PVARA’s commitment to strengthening international engagement, enhancing institutional capacity and developing a transparent, secure and innovation-friendly regulatory environment for virtual assets in Pakistan.
Coordination and collaboration with relevant national institutions are also being ensured as part of these efforts.
