Daily Times

In a strategic move to expand global footprint and enhance digital banking capabilities, President of the National Bank of Pakistan (NBP), Rehmat Ali Hasnie showed interest in opening the bank’s first branch in mainland China.

Under the leadership of Prime Minister Shehbaz Sharif, this initiative is part of a broader effort to capitalize on the opportunities presented by the Belt and Road Initiative (BRI), aiming to strengthen cross-border financial collaboration and advance digital connectivity between the two nations, he told China Economic Net (CEN).

The NBP president, who attended Pakistan-China Business Forum in Shenzhen said the new branch is expected to facilitate increased trade and investment flows while leveraging cutting-edge digital banking technologies to provide seamless financial services.

After the visit of the Prime Minister to China, Hasnie hopes trade volume between China and Pakistan will increase and banks will need to innovate and provide robust trade financing mechanisms to support it.

He said that earlier this month NBP signed a Memorandum of Understanding (MoU) with China-Pakistan International Silk Road Industry Investment Management Co., Ltd. to facilitate investment in key projects for the promotion of industrial cooperation between China and Pakistan and support the establishment of special economic zones and other sectors.

As BRI’s emphasis on connectivity and modernization extends to financial technology, Rehmat noted that “the adoption of advanced digital banking platforms and fintech solutions will be critical to efficiently manage the financial transactions and services associated with BRI projects”, and added that to fully leverage the benefits of BRI, Pakistan’s banking sector must address issues such as regulatory reforms, risk management, and the enhancement of cybersecurity measures.

The president emphasized that NBP is committed to playing a pivotal role in the country’s successful implementation of CPEC.

“We are actively working to align our strategies with the objectives of BRI, ensuring that we not only support national economic growth but also strengthen our position in the regional and global banking landscape,” he affirmed.