Karachi, March 6, 2024 – The State Bank of Pakistan (SBP) Governor, Jameel Ahmad, spearheaded the opening session of the SAARCFINANCE Seminar in Islamabad, focusing on the ‘Potential Role of Big Data in Economic Policy.’
The event, attended by delegates, subject matter experts, and distinguished speakers from the South Asian Association for Regional Cooperation (SAARC) region, delved into the transformative impact of Big Data on economic policies.
Governor Ahmad underscored the unprecedented opportunities presented by the vast volume of data generated by digital devices. He emphasized the potential for effective data utilization in fostering sustained economic growth, societal welfare, poverty reduction, and enhanced living standards across the diverse SAARC region. During his inaugural speech, Mr. Ahmad shed light on the growing significance of Big Data in central banking and financial inclusion, illustrating how the SBP incorporates Big Data analysis in its policymaking processes.
Providing concrete examples, Governor Ahmad elucidated on how the central bank utilizes Big Data analytics, including leveraging satellite imagery data and employing machine learning algorithms for fraud detection and prevention. However, he did not shy away from addressing the challenges related to privacy and confidentiality, calling for robust data protection laws and highlighting the importance of addressing current costs associated with technological infrastructure and skilled human resources.
Governor Ahmad called upon SAARC member nations to collaborate in fostering a data-driven ethos in the region. He expressed optimism that multilateral and regional economic bodies, like SAARC, could play a pivotal role in establishing industry standards and regulatory best practices for the widespread adoption of Big Data analytics.
The seminar featured distinguished speakers from prominent organizations, including the International Monetary Fund (IMF), World Bank, International Finance Corporation (IFC), Arab Monetary Fund (BUNA), Meta, Google, and the Pakistan Bureau of Statistics (PBS). Keynote speeches were delivered by Dr. Naeem Uz Zafar, Chief Statistician of the Pakistan Bureau of Statistics (PBS), Mr. Matthew Sal, Digital Finance Expert from the International Finance Corporation (IFC), and Dr. Ishart Hussian, Ex-Governor of SBP, alongside other renowned public policy experts.
Throughout the seminar, speakers engaged in discussions about the opportunities, recent experiences, and potential use cases of Big Data in Pakistan and the broader SAARC region. The collective expertise shared during the event highlighted the positive impacts of data-driven decision-making on economic policies, acknowledging the need for collaboration, regulation, and continuous innovation to harness the full potential of Big Data in shaping the future of the SAARC economies.
In conclusion, the SAARCFINANCE Seminar served as a platform for dialogue and collaboration, paving the way for a more inclusive and data-driven approach to economic policymaking in the SAARC region. Governor Ahmad’s call for cooperation and the establishment of regulatory frameworks resonates as a crucial step towards unlocking the transformative power of Big Data in fostering sustainable development and economic resilience across South Asia.
