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• SBP governor Baqir says marked growth can be registered in Digital Financial Services sector in a short span of time

KARACHI: President Arif Alvi on Saturday said Pakistan is getting stronger on the basis of a steady improvement in its economy, adding that country's "social indicators ought to expedite rebuilding its contacts with the world."

"Good Brand Pakistan has to be projected as we, after paying a heavy cost, have come out of [a situation characterized by] polarization," he said emphasizing the need for restoring country's perception as a vibrant and moderate society on solid lines.

Addressing 3rd Financial Crime Summit here, he said, "Its impression was tarnished by the enemies and we have to restore it through concerted and collective efforts."

The event titled "Pakistan's Regtech - Shoulder to Shoulder with the Government's vision of addressing Terrorist Financing and Financial Crime" was jointly organized by different private sector financial entities of the country and attended by the representatives of concerned public sector institutions.

President Alvi said Pakistan has been able to comply with 24 of the 27 FATF conditions, a prerequisite to help the country get out of FATF grey list.

About the steps taken by the government to address the issue of financial crimes, he said no country could afford to buckle down before the menace and did require strong institutions equally secured for the benefit of its people.

President Alvi said the scenario has led to opportunities leading towards the vibrant digitization of financial sector of the country. He said it has been proved as a fast way paving for a digitized economy that would help in its documentation.

Claiming that the incumbent government has been able to put the economy in growth mode through a series of corrective initiatives at macroeconomic level, he said this has affected the purchasing power of people.

Poverty, identified as a root-cause of this menace, was said to be taken head-on by the government with a direct impact on the people pertaining to low socio-economic strata, he said.

"Ehsaas Programme is an example with Rs200 billion plus disbursement with not a single complain of any misappropriation," said President Alvi, adding that major beneficiaries of the said programme are women.

"The government is encouraging women to be truly empowered," he said, adding that women constituting 52 percent of the country's total population are non-registered contributors to the economy.

"Meaningful efforts were made in bringing them to register for the programme through a series of initiatives including discounts in loans procured by them. This is unfortunately not being duly publicized," he said, adding that the facility is available to other relevant sections of society as well.

"They are required to be mentored, guided and encouraged by our banks and concerned financial institutions," said President Alvi.

Discussing Presidential Initiative for Artificial Intelligence and Cloud Computing, Governor State Bank of Pakistan (SBP), Dr Reza Baqir, said marked growth could be registered in the Digital Financial Services sector of the country in a considerable short span of time.

"It has created tremendous opportunities well evident during the quarter ending last December," he said.

Sharing details of the same, Dr Reza Baqir said total volume of e-banking grew by 24 percent, while its total value registered a growth of 22 percent as compared to the corresponding period in 2019.

The number of mobile transactions for banking purposes was cited to witness a phenomenal growth of 147 percent while internet portal during same period was improved by 67 percent.

SBP Governor said the central bank has not only embraced digitization but is also promoting it on efficient lines with equal attention towards seven million to nine million-strong population of overseas Pakistanis connected through digitized business.

"Digital financial service revolution is among us and will continue," said Dr Baqir. He also referred to recently launched programme "Rast", a faster payment system scheme that not only benefits the clients or users but also is an efficient tool in the country's ongoing fight against corruption.

Describing terrorism financing and financial crime as one of the challenges of digital financing, he said the country is taking numerous measures to counter these so as to pull the country out of FATF's grey list.

He said country has made steady improvement and presently 24 out of 27 FATF requirements, with regard to financial crimes, have been fulfilled while efforts are under way to meet the remaining three.

SBP chief said it is important that local banks must be part of the efforts in handling issues related to money laundering and other relevant crimes for which they need to internalize and ensure that the issue is pursued aggressively.

Dr Baqir agreed that there were a number of challenges for the banks and other concerned institutions for which SBP is actively engaged in providing necessary guidelines besides facilitating capacity building of bankers.

He also emphasized the need for an appropriate balance so that the fight against financial crime might not affect the innocent people due to confusion in terms of similarities in their identification (as names, etc.) with those of suspected criminals.

"There is need to be cognizant of possible technical glitches so that hardship is not caused to innocent people getting classified as suspicious element," he said.

The session was also addressed by Mohsin Nathani, President and CEO, Habib Metropolitan bank and Kazi Rahat Ali, Secretary General, Presidential Initiative for Artificial Intelligence and Cloud Computing.

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