Daily Times

Pakistan Banking sector will participate in the 8th China International Fair for Trade-in-Services 2021, scheduled to be held from September 2nd to 7th in Beijing.

Talking to China Economic Net, Shaikh Muhammad Shariq, Chief Representative, National Bank of Pakistan, Beijing, said that, during the fair, the Accounting Society for Foreign Economic Relations & Trade of China (ASFETC), an affiliate of Ministry of Commerce of the People’s Republic of China, will host the 2021 International Forum on Financial Innovation and Cooperation with the theme of “Innovating Financial Services and Boosting Economic and Trade Development”.

At the fair, he will be presenting about the status of financial technology in Pakistan, and the opportunities of cooperation available between the Chinese & Pakistani financial and information & digital technology companies. He added, the NBP is actively working in promoting digital technology in Pakistan and has signed cooperation agreement with Union Pay to provide settlement services to the bank.

“Since the China & Pakistan are working on finalizing the second phase of China Pakistan Economic Corridor in which, cooperation in the field of digital technology is one of the most important component. The Government of Pakistan is also promoting IT & digital finance sector under Digital Pakistan initiative and offering attractive incentives and packages to promote this sector”, he stated

Shariq said that the NBP is participating in CIFTIS from the last many years, and facilitated Chinese companies interested in expanding business in Pakistan. He observed that the interest of participants in one of largest exhibition in China is increasing with every passing year, which shows that the fair has achieved significant results.

He mentioned that advanced digital technology such as AI, CLOUD computing, BIG DATA and its utilization on finance, current status of digital currency as well as future development of its promotion may be expected during participation in relevant events. Adding that concerned technologies may be promoted to Pakistani counter-part for its detailed study and future collaboration with Chinese banking sector. “CIFTIS is the first comprehensive fair for trade in services in the world. China has very advanced technology and well established technology infrastructure, and Pakistan’s IT exports crossed USD 2 billion for the first time in the history and one of the major IT free lacing service provider in the world, with big market of more than 220 million, therefore the cooperation between the two countries will result in win-win situation for both the brotherly countries”, Shariq mentioned.