Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, stated that Pakistan has an opportunity to play an effective role in shaping the future global financial system for emerging economies. He noted that the country could influence these changes rather than merely becoming a part of them.
Speaking during a meeting on November 5 with Mark Elliott, Divisional President for Eastern Arabia at Mastercard, Bin Saqib said the government's top priority is to turn technology and innovation into tangible economic benefits for the public, businesses, and the national economy.
The two sides discussed the integration of modern digital asset technologies with traditional financial systems. Specific topics included cross-border payments, improvements to remittance systems, the stability of the financial sector, and the tokenization of financial assets. The participants also reviewed the growing role of blockchain-based financial systems and the potential to expand public access to modern financial services.
The meeting highlighted that Pakistan receives more than $40 billion in annual remittances while its digital economy is expanding rapidly. Bin Saqib suggested that modern financial technologies could benefit the national economy and create new opportunities for small businesses, freelancers, and overseas Pakistanis.
The discussion also covered cybersecurity, financial transparency, and the security of financial systems. The participants stressed that an effective regulatory framework is needed to ensure financial stability and consumer protection while facilitating responsible innovation and the adoption of modern technologies.
Bin Saqib said the foundational infrastructure of the future global financial system is being shaped at present, providing Pakistan a chance to play a meaningful role in the transformation. He noted that the future system will largely depend on cooperation between technology providers, regulatory authorities, and established financial institutions.
