Summary
- ISLAMABAD: Pakistan could attract an additional $1 billion in remittances by reducing transfer costs by just two to three per cent, Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said.
- Bilal Bin Saqib emphasised that banks would need to work together in developing shared financial infrastructure, custody services and stronger cybersecurity arrangements to support the initiative.
- The minister further stressed that banks and regulatory authorities must strengthen their cybersecurity systems to protect digital financial services against emerging threats and potential cyberattacks.
ISLAMABAD: Pakistan could attract an additional $1 billion in remittances by reducing transfer costs by just two to three per cent, Minister of State and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said.
In a statement, Bilal Bin Saqib highlighted the potential economic benefits of making international money transfers more affordable and efficient, particularly for overseas Pakistanis sending money to their families.
He said PVARA and the State Bank of Pakistan (SBP) were working on establishing a joint working group to explore ways to reduce the cost of remittance transfers.
According to the minister, both institutions are examining measures to improve the existing financial infrastructure and make cross-border transactions more accessible and cost-effective.
He also revealed that a pilot project was under consideration to facilitate remittances from Gulf countries to Pakistan.
The proposed initiative aims to improve the process of transferring money from the Gulf region through more efficient digital financial channels.
Bilal Bin Saqib emphasised that banks would need to work together in developing shared financial infrastructure, custody services and stronger cybersecurity arrangements to support the initiative.
He said cooperation among financial institutions would be essential to creating a secure and reliable digital financial ecosystem.
The minister further stressed that banks and regulatory authorities must strengthen their cybersecurity systems to protect digital financial services against emerging threats and potential cyberattacks.
He noted that safeguarding digital transactions and maintaining public confidence would remain important as Pakistan moves towards modernising its financial system.
Reducing remittance costs could provide an additional boost to Pakistan’s economy, as millions of overseas Pakistanis regularly send money home to support their families and contribute to the country’s foreign exchange inflows.
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