Governor State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday emphasized that the unprecedented volume of data generated by digital devices underscore the potential of effective data utilization in contributing to sustained economic growth, societal welfare, poverty reduction, and improved living standards across the diverse SAARC region.
He said while inaugurated SAARCFINANCE Seminar titled ‘Potential Role of Big Data in Economic Policy’, said a news release here.
The event brought together distinguished delegates, subject matter experts, and esteemed speakers from the SAARC region to discuss the impact and implications of big data in shaping economic policies.
Governor SBP highlighted the growing role of big data in central banking, financial inclusion, and how the SBP is incorporating big data analysis in policy making.
He also shared examples of how the central bank uses big data analytics for economic analysis, leveraging satellite imagery data, and harnessing the power of machine learning algorithms for fraud detection and prevention.
Governor SBP also highlighted the legal and regulatory challenges related to privacy and confidentiality. He called for strong data protection laws and underscored the importance of addressing the current costs associated with technological infrastructure and skilled human resources.
Governor SBP called upon SAARC member nations to collaborate in building a data-driven ethos in the region, ensuring inclusive benefits and responsive policies. —APP
