Digital Banking will introduce new era in economy: Kashif Ashfaq

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LAHORE: Chief Executive Officer Pakistan Furniture Council (PFC) Mian Kashif Ashfaq Thursday said digital banking will herald a new era , a medium to achieve the broader objective of making the financial and economic sectors more productive,efficient and inclusive.
Talking to a delegation of corporate sector led by Waqas Anjum here today he said digitalisation has massive potential to accelerate the pace of financial inclusion.He said technology driven solutions are the key to unlock doors of the financial sector for the unserved and underserved segments of the society particularly women folks.He said digital transformation could play a pivotal role in expansion of Islamic finance and help improve financial inclusion he adddd.
He congratulated the Prime Minister Imran Khan for issuing directions to the State Bank of Pakistan for introduction of digital banking in Pakistan, a long awaited demand of business community. He said digital banking framework will cover all the banking services,from account opening to deposit and lending through digital means and the account holder will not need to visit any branch physically which he added is good initiative of the PTI government for ease of doing business in Pakistan and a dawn of new era in banking sector.
Mian Kashif said it’s good omen that SBP will initially issue five licences for digital banking to attract players with a strong value proposition,a robust technological infrastructure, sufficient financial strength,technical expertise and effective risk management culture.
He said it’s first time in the history of Pakistan since its inception that business community and people at large will get loans on merit without any hassles .He hoped digital banking will contribute a lot to strengthen the economy by timely meeting the financial needs of the private sector under one window without inordinate cumbersome procedural delay.

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