Pakistan to capitalize on low banking penetration thanks to digital technology: Shaikh Shariq – China Economic Net
By Zafar Hussein
BEIJING, Dec. 12 (Gwadar Pro) C Pakistan will capitalize on low banking penetration through digital technology, which has great growth potential in line with the national financial inclusion strategy, said Shaikh Muhammad Shariq, vice president of the National Bank of Pakistan, while addressing a special conference on the innovation & development of SCOs driven by the digital economy.
Participants from Shanghai Cooperation Organization members attended the conference and pledged to increase collaboration among SCO members in the field of digital economy.
NBP Chief Representative in Beijing Shaikh Shariq said that in Pakistan, mobile connectivity is advancing the digital transformation of industries and facilitating the development of new solutions in different fields, and simplifying business transactions and remittances between individuals and organizations.
Pakistan is home to over 300,000 IT professionals, produces over 25,000 IT graduates annually, and has supported over 700 tech start-ups since 2010. Technology exports have grown by 15% annually and are expected to reach $ 3.5 billion in 2022. Pakistani online population has grown rapidly and Internet penetration reaches 54% this year, added Shaikh.
He added that Pakistan introduced its first Digital Pakistan policy in 2018. The main objective of this policy was to strengthen the IT industry by creating a digital ecosystem, aimed at improving connectivity, improving digital infrastructure, increase investment in digital skills and promote innovation. , high-tech and entrepreneurship.
Pakistan’s digital transformation could generate up to Rs. 9.7 trillion ($ 54.86 billion) in annual economic value by 2030. Pakistan is one of the youngest countries in the world (approx. 60% of its population is aged 15 to 29). The information technology and computer industry have the potential to overtake the agriculture and manufacturing sectors in exports, he said.
Shaikh said that the Special Technology Zones Authority (STZA) is also established to provide legislative and institutional support for the development of the national technology sector which will harness Pakistan’s IT potential and put the country on the path of an entrepreneurial spirit. enterprise, innovative and technology-driven future for shared prosperity and inclusive growth.
We have 152 million mobile phone subscribers in Pakistan, mobile wallets reach over 35 million. Agro-tech is also necessary to improve yield, efficiency and profitability. Robotics is also an emerging industry, and many private companies, colleges, newly formed organizations, and consultants are contributing to it. Other areas include biotechnology, travel technology, IoT and automation, he said.
He urged all companies to invest in Pakistan and the National Bank of Pakistan will provide maximum facilitation.
This article originally appeared on Gwadar Pro.