Karachi, November 12, 2025 — Governor State Bank of Pakistan (SBP), Mr. Jameel Ahmad, has called for collective efforts from regulators, banks, fintechs, and policymakers to accelerate the transition toward a digitally empowered economy.
Speaking at the Future of Banking Summit 2025, held at a local hotel in Karachi, the SBP Governor said,
“By working together—regulators, banks, fintechs, and policymakers—we can build a future where every Pakistani confidently participates in the digital economy.”
He appreciated Systems Limited for organizing a platform that fosters collaboration between the financial and technology sectors. Ahmad highlighted that the global financial ecosystem is undergoing a rapid digital transformation fueled by artificial intelligence (AI), big data analytics, 5G technology, and digital payments, which are redefining how customers engage with financial services.
Digital Transformation at the Core of Banking Evolution
“The digital future is no longer a distant vision—it is our present reality,” remarked the Governor. He emphasized that financial institutions must adapt swiftly, adopt global standards, and embrace innovation to enhance inclusion, efficiency, and customer trust.
Ahmad reaffirmed that the SBP is leading multiple initiatives to modernize Pakistan’s digital financial infrastructure, creating an enabling environment for fintech growth and innovation.
He noted that the central bank has upgraded its payment systems—including both retail and large-value platforms—and introduced regulations supporting digital banks, electronic money institutions (EMIs), and payment service providers (PSPs).
“While promoting innovation, SBP remains vigilant against cyber threats and operational risks to ensure that progress is balanced with resilience and trust,” he added.
Raast – The Foundation of Pakistan’s Digital Public Infrastructure
Governor Ahmad described Raast, Pakistan’s instant payment system, as the cornerstone of the country’s digital financial transformation. The platform enables real-time, secure, and low-cost transactions for individuals, businesses, and government entities.
He urged banks and financial institutions to accelerate the adoption of Raast and expand digital payment solutions to boost accessibility and financial inclusion across all sectors.
Key Digital Initiatives and Future Vision
The SBP chief emphasized that the central bank’s efforts aim to improve financial inclusion, product innovation, and accessibility for underserved populations. He elaborated on the introduction of Open Finance (Open Banking) and electronic Know Your Customer (e-KYC) frameworks, which empower consumers to control their data, streamline onboarding, and encourage third-party fintech innovation.
To facilitate faster and safer international payments, the SBP is also pursuing cross-border payment integration using ISO 20022 standards, aligning Pakistan with global financial systems.
Building Trust and Innovation
Highlighting the importance of cybersecurity and customer protection, Governor Ahmad said that SBP’s innovation hub and Regulatory Sandbox are enabling fintech startups to test breakthrough solutions in areas like inward remittances, open banking, and merchant onboarding.
He concluded that the SBP will continue to strengthen trust, transparency, and resilience within Pakistan’s digital financial ecosystem — ensuring sustainable growth through innovation-driven regulation.