The importance of adopting a light-touch regulatory approach to nurture the growth of the technology sector took center stage during a symposium organized by the Securities & Exchange Commission of Pakistan on Corporate Supervision and Regulatory Action.
Kamila Khan, Chief Legal Officer of Pakistan’s leading digital operator Jazz, emphasized the necessity of a regulatory environment that strikes a balance between innovation and effective oversight.
Kamila highlighted the significance of comprehensive consultations involving regulators, industry experts, stakeholders, and technology companies.
This collaborative approach ensures that regulations keep up with the dynamic digital landscape, promoting economic growth and delivering societal benefits.
Recognizing the resource limitations faced by governments in the region, Khan advocated for a proactive stance that seeks input from key players. Engaging extensively with industry experts and stakeholders not only leads to the creation of effective regulations but also drives timely and pertinent regulatory advancements. Khan cautioned that implementing regulations without fully understanding their potential impact could stifle innovation in the technology industry.
When asked about promoting digitalization in the public sector, Khan emphasized the need for a mindset that prioritizes transparency and openness. She outlined three key aspects: first, prioritizing the integration of digital technologies and solutions in the operations, services, and citizen interactions within the public sector.
Second, identifying the digital skills required within the public sector workforce and promoting digital literacy to enable meaningful contributions to the digital economy.
Lastly, developing a robust and secure digital infrastructure encompassing reliable internet connectivity, data centers, and cybersecurity measures to facilitate the adoption and utilization of digital technologies across government departments and agencies.
Enhancing regulatory effectiveness can be achieved significantly through the digitalization of regulatory processes, providing meaningful access to both regulating entities and the public.
This approach to accountability would further drive efficiency and remove arbitrariness, ultimately fostering a more transparent and effective regulatory landscape.
“By embracing a collaborative regulatory approach and focusing on transparency, digital literacy, and infrastructure development, governments can achieve greater efficiency, transparency, and service delivery.
Ultimately, these efforts benefit citizens and stakeholders by leveraging the power of technology to drive growth and improve lives, “Khan concluded.
