Commercial banks should not be apprehensive of fintech firms as they facilitate and supplement conventional banking, improve financial inclusion, help document informal economy and give banking opportunities to the unbanked segment, said Federation of Pakistan Chambers of Commerce and Industry Chief Irfan Iqbal Sheikh.
In a statement on Monday, he quashed unwarranted concerns on fintech from commercial banks and stated that no one could stop growth of this industry.
“There are approximately 160 startups specialising in the fintech segment of Pakistan and many of them are highly successful and sustainable,” he highlighted.
Sheikh emphasised upon the need to capitalise and integrate fintech with the Raast payment mechanism.
According to him, this would accelerate the penetration of fintech in Pakistan keeping in view that 70% of the population remained unbanked as it lacked access to conventional banks and did not have bank account.
On the occasion, Counsul General of Malaysia in Karachi Khairul Nazran Abd Rahman apprised the audience about the giant strides made by Malaysia in fintech, Islamic banking and digitalization spaces.
He offered support for transfer of knowledge and bilateral cooperation in fintech and digitalisation.
Former FPCCI president Mian Nasser Hyatt Maggo regretted Pakistan’s retention in FATF grey list.
Published in The Express Tribune, March 22nd, 2022.
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