PTA, SBP sign MoU on reg­u­la­tory frame­work for mo­bile bank­ing

Pakistan Observer - - ECONOMY WATCH - STAFF RE­PORTER

ISLAMABAD—Pak­istan Telecom­mu­ni­ca­tion Author­ity (PTA) and State Bank of Pak­istan (SBP) on Mon­day signed a Mem­o­ran­dum of Un­der­stand­ing (MoU) on Reg­u­la­tory Frame­work for Mo­bile Bank­ing In­ter­op­er­abil­ity to for­mal­ize co­op­er­a­tion be­tween the two in­sti­tu­tions for com­mon ob­jec­tives. Min­is­ter of State for IT and Tele­com Anusha Rah­man Ahmad Khan was the chief guest of the event. Gov­er­nor, State Bank of Pak­istan, Ashraf Mah­mood Wathra, Chair­man PTA, Dr. Syed Is­mail Shah and CEO and Pres­i­dent Mo­bilink Jef­frey Hed­berg, wit­nessed the cer­e­mony. Ad­dress­ing the cer­e­mony, Anusha Rah­man Ahmad Khan, said that, these Reg­u­la­tions would not only pro­vide a level play­ing field for tel­cos and fi­nan­cial in­sti­tu­tions, but also in­tro­duced a neu­tral third party model where tel­cos and banks could join hands to­gether to cre­ate a sus­tain­able mo­bile bank­ing ecosys­tem.

The Min­is­ter said that, the ob­jec­tive of the strat­egy was to build mo­men­tum in or­der to achieve fi­nan­cial in­clu­sion tar­gets of Na­tional Fi­nan­cial In­clu­sion Strat­egy that also aimed at pro­vid­ing ac­cess to 50% of the adult pop­u­la­tion by 2020. Mo­bile money ser­vices pro­vide a con­ve­nient and vi­able chan­nel for fi­nan­cial ser­vices to the un­served peo­ple in Pak­istan. There are al­most 29 mil­lion mo­bile broad­band sub­scribers in Pak­istan, which pro­vides a lu­cra­tive plat­form for pro­lif­er­a­tion of value added fi­nan­cial ser­vices through en­hanced fea­tures through mo­bile ap­pli­ca­tions. There­fore, tel­cos and fi­nan­cial in­sti­tu­tions should put ef­forts to tap this po­ten­tial, the min­is­ter added.

The Chair­man PTA while ad­dress­ing the au­di­ence, high­lighted the po­ten­tial of mo­bile Bank­ing ser­vices in Pak­istan and said that there was a huge in­cen­tive to cap­i­tal­ize on the next gen­er­a­tion mo­bile bank­ing op­por­tu­ni­ties and all in­sti­tu­tions should work to­gether to in­clude the un­banked pop­u­la­tion in bank­ing ser­vices through dig­i­tal plat­forms in the next 5 years. The Chair­man said that, tele­com op­er­a­tors would en­sure con­fi­den­tial­ity of end user au­then­ti­ca­tion and tech­ni­cal trans­ac­tions re­lated data. Gov­er­nor State Bank of Pak­istan while speak­ing at the event, said that MoU signed be­tween PTA and State Bank would be re­mem­bered as a mile stone in the his­tory of tele­com and bank­ing sec­tors.

He said that branch­less bank­ing was a mod­ern fa­cil­ity for the peo­ple of Pak­istan adding that it would bring con­vince of use to the cus­tomers and a pos­i­tive im­pact to the GDP growth of the coun­try. On this oc­ca­sion, Jef­frey Hed­berg, CEO and Pres­i­dent Mo­bilink also shared his views on Dig­i­tal Fi­nan­cial Ser­vices growth. It may be men­tioned here that, a joint reg­u­la­tory com­mit­tee was for­mu­lated be­tween SBP and PTA. Draft Reg­u­la­tions were dis­cussed with the rel­e­vant stake­hold­ers. SBP and PTA signed MoU to de­velop a co­he­sive reg­u­la­tory frame­work that leads to­wards achiev­ing the com­mon ob­jec­tive of pro­vid­ing the low cost mo­bile bank­ing ser­vices. PTA-SBP col­lab­o­ra­tion will play a key role in achiev­ing the ob­jec­tives of NFIS and for the fu­ture growth of dig­i­tal fi­nan­cial ser­vices and fi­nan­cial in­clu­sion in Pak­istan.

ISLAMABAD: Fed­eral Min­is­ter for Na­tional Food Se­cu­rity and Re­search Sikan­dar Hayat Khan Bosan in a meet­ing with Re­gional Di­rec­tor World Food Pro­gramme David Kaa­trud.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.