Karachi, October 2, 2024 – Systems Limited and Temenos hosted the 13th edition of “The Bank of the Future Forum (BOFF)” on 2nd October 2024 at Marriott Hotel Karachi. This year, the event brought together over 500 banking leaders and technology experts under the theme “Banking Modernization in the Era of AI.” The event highlighted AI’s transformative role in banking, covering key topics such as digital innovations, cloud adoption, Islamic banking, and payment modernisation. An important highlight of the event was the address by Mr Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), who offered crucial insights into the regulatory frameworks required to support digital transformation in the banking sector. Addressing the Forum, *Mr Jameel Ahmad said,* “We must understand new trends and challenges, as they are both innovative and disruptive. One such trend is the rapid advancement of computing power and storage, leading to the rise of cloud computing and mobile smartphones that are now more powerful than the computers of yesteryear. Another major innovation is the advancement of Artificial Intelligence, reaching levels we could not have imagined just a few years ago. Innovation in banking is the future and plays a pivotal role in driving Pakistan’s economic growth. Over the last two decades, we’ve witnessed a technological revolution, enabling banks to better cater to customers’ needs with tailored products. The State Bank has been instrumental in modernizing the nation’s financial services industry through various initiatives, one of which is RAAST, launched in 2021. RAAST has successfully processed nearly 850 million transactions worth over PKR 19 trillion, with 380 million unique IDs registered, and its adoption continues to rise. As a result of these efforts, today, Pakistan has around 59 million branchless banking wallets, 19 million mobile banking apps, 3.7 million e-money wallets, and 12 million internet banking users. Since 2020, the number of retail transactions processed digitally has increased by 30%, and the share of digital payments in total retail payments by volume has grown from 76% in FY 2023 to 84% in FY 2024. By embracing technological advancements and encouraging innovation, the State Bank can further strengthen the economy. The IT sector of Pakistan is also critical to this progress, and addressing challenges like the low tax-to-GDP ratio will be crucial to securing a strong and prosperous future for our nation.” Other key sessions included a keynote by Asif Peer, Group CEO and Managing Director of Systems Limited, who highlighted Systems’ unwavering commitment to building the Banks of the Future. He unveiled how their innovation, AI-driven solutions, and deep expertise continue to power the transformation of financial institutions. Ammara Masood, Global Industries GM BFS at Systems Limited, provided a comprehensive overview of Pakistan’s banking sector’s current challenges and opportunities, shedding light on emerging trends, regulatory developments, and technological advancements shaping its future. A significant session was the fireside chat with Sohail Aziz Awan, CIO of UBL, where he discussed UBL’s pioneering journey in digital banking. He detailed how the bank has revolutionised customer experiences and enhanced operational efficiency by leveraging modern technologies and forging strategic partnerships. A focused panel explored the roadmap for converting to Islamic banking as mandated by the SBP, featuring leaders from BankIslami, Meezan Bank and Temenos. Industry leaders discussed Shariah compliance and how banks are undertaking this transition. Another vital panel on AI’s role in the future of banking featured leaders from HBL, Mashreq Bank, and Meezan Bank. They shared how AI is influencing strategic decisions, the opportunities and challenges it presents, and their vision for the future of banking in an evolving digital world. BOFF 2024 also welcomed global sponsors and key partners, including Nevis Security, AWS, Salesforce, HID Global, Dell, Awan Distribution, and Formpipe, who led discussions on securing banking infrastructure and showcased how their solutions deliver real-world innovations for the banking sector. As an important industry event in Pakistan, BOFF provides a critical platform for the banking fraternity to connect, share ideas, and develop solutions to the industry’s pressing challenges. It fosters networking and collaboration, driving initiatives that help Pakistan’s bank