President Alvi, OPay CEO discuss digital economy

President says development of digital finance in Pakistan should be promoted

KARACHI:

President Dr Arif Alvi met with OPay CEO Zhou Yahui at the Presidential Residence in Islamabad where both sides exchanged in-depth ideas.

The ideas include ‘the development prospects of the digital economy in Pakistan, how OPay’s Fintech technology can help Pakistan realise “de-cashisation,” and how to use Artificial Intelligence (AI) to embrace the digital economy’.

President Alvi expressed his appreciation and admiration for the achievements of OPay, and believed that the development of digital finance in Pakistan should be promoted unswervingly.

He highlighted that there may be security risks in the process of digital financial development, and anticipated that OPay can effectively prevent them with the help of its own advanced technology and experience.

During the meeting, OPay CEO Zhou Yahui emphasised that, “During the course of business development, we discovered that Pakistan’s Fintech market has huge potential. Fintech technology is brought to Pakistan to contribute to the development of Pakistan’s digital economy and inclusive finance.”

In the past five years, OPay has grown rapidly in emerging markets such as Pakistan, Nigeria and Egypt, and it has become one of the largest financial technology companies in Africa and the Middle East. Yahui believes that “digital banks will soon develop in Pakistan, which also requires the underlying support of technology, such as AI technology.”

“People will soon see that the evaluation and transaction of digital assets such as digital finance, deposit and withdrawal, and personal credit rating can be completed quickly and accurately,” he said.

 

Published in The Express Tribune, February 22^nd, 2023.

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