PVARA, Mastercard eye tokenisation

Discuss cross-border payments, remittance efficiency and cybersecurity

ISLAMABAD:

Minister of State and Chairman Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal Bin Saqib met Mastercard Division President for East Asia Mark Elliott to discuss opportunities arising from the convergence of traditional financial systems and emerging digital-asset technologies, according to a statement issued on Thursday.

The engagement focused on the evolving role of blockchain-enabled financial infrastructure, including opportunities to improve cross-border payments, strengthen remittance efficiency, facilitate the responsible tokenisation of financial assets and expand access to modern financial services.

With Pakistan receiving over $40 billion in annual remittances and possessing a rapidly growing digital economy, discussions highlighted the potential for next-generation financial technologies to deliver tangible economic benefits, particularly for overseas Pakistanis, freelancers, small businesses and financial institutions.

The two sides also exchanged perspectives on emerging global developments in digital payments, cybersecurity, financial integrity and the importance of regulatory frameworks that enable responsible innovation while protecting consumers and safeguarding financial stability.

The minister said, "The next generation of global financial infrastructure is being built today. Pakistan has an opportunity not merely to participate in this transformation, but to help shape how emerging economies benefit from it. Our priority is to translate technological innovation into real economic value for citizens, businesses and the broader economy."

He said the future of finance would increasingly depend on cooperation between established financial institutions, technology providers and regulators.