SBP organizes discussion on ‘The Promise of Digital Banks’ for stakeholders

SBP rubbishes rumours of limiting ATM cash withdrawal to Rs1,000

State Bank of Pakistan hosted an interactive discussion on ‘The Promise of Digital Banks’ for domestic and international stakeholders including banks, fintechs, venture capital firms, digital banks and representatives of business community from across the world.

The objective of this webinar was to share information on SBP’s ‘Licensing and Regulatory Framework for Digital Banks’ and discuss the promise of digital banks especially in the context of the experience in other countries, said SBP release on Saturday. The webinar was aimed at sharing the broad contours of SBP’s initiative and the experiences of other international players. The webinar began with a keynote address by the Governor SBP, Dr. Reza Baqir, followed by an interactive panel discussion with well-known international experts in the fields of digital banking and fintechs.

SBP Chief said with major digital enablers and fundamental components of a digital economy in place, Pakistan was now well set for a major digital evolution.

He emphasized that, as noted in a recent opinion piece, a key goal behind SBP’s framework for digital banks is to promote financial inclusion and innovation in the country and provide an ecosystem where the customer and customer service is prioritized.

He highlighted the challenges and gaps in the existing banking space and mentioned that SBP has laid a solid foundation for the provision of digital financial services by providing the legal and regulatory environment and core infrastructure.—APP

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