Pakistan-based IT firms are serving the world leading aeronautical and space research administration, NASA and international governments to protect them against cyber threats. "On the other hand, our local financial institutions, government and security agencies spend billions of dollars to import IT infrastructure and software to get protected against cyber attacks," he said while speaking at the 17th e-Banking Conference organized by Total Communications.
He said the incumbent government is striving hard to increase its exports, reduce imports and create import substitutes to create a balance between its foreign earning and income with the prime objective of narrowing down current account deficit (CAD). "The local IT firms may fulfill the purpose in Naya Pakistan, as they are capable helping reducing software imports worth billions of dollars, while they are having potential to export IT infrastructure and software worth around $10 billion per year," Ahmed said. Pakistan exports IT and software worth around $3-5 billion per year at present.
Faysal Bank's head of Digital Banking Dato Arif Siddiqui said what is happening in the financial and digital domains around the world, exactly does not fit to Pakistan. "Pakistan first needs financial inclusion of the adult population and then goes for the digital financial inclusion," he said. He said banks' physical branches are need of the time in Pakistan instead of jumping on branchless banking. "Majority of the people do understand physical banking instead digital banking in Pakistan," he said.
He said the ratio of physical bank branches per one million people remains one of the lowest in Pakistan compared to regional and other countries around the world. There are available only 16 branches to serve each of one million people in Pakistan. Contrary to this, there are 165 branches for each of one million people in India, over 200 branches in Bhutan and over 300 branches in Europe for each one million people.
Sharjeel Shahid, Group Executive - Digital Banking Group, UBL, said the delivery of customers' need based services through using data analytics can help bankers to develop people trust in digital banking. Foree Founder and CEO Saleem Ropani discussed the 'Democratic Digitization' that we have the culture of victimization, government is failed to provide the secure the secure digitization eco system, So there is the dire need for Data Protection Regulations.