Pakistan’s virtual assets chief highlights AI  as key to financial inclusion at UN forum

Pakistan's virtual assets chief highlights AI  as key to financial inclusion at UN forum

Bilal Bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority and Minister of State, emphasized that artificial intelligence and tokenisation could become powerful tools for promoting financial inclusion in developing countries, especially if designed for those excluded from traditional financial systems. He shared these insights during a keynote at the Social Business, Youth, and Technology Forum on the sidelines of the 81st UN General Assembly, which marked 50 years of microcredit.

Addressing the forum, Saqib discussed the challenges emerging economies face as global financial rules evolve. He highlighted that roughly 1.3 billion adults worldwide lack access to any financial institution, despite nearly 900 million owning a mobile phone. He pointed out that the real obstacle is no longer technology but the infrastructure, regulations, and willingness to implement them.

Saqib also noted Pakistan’s journey in digital assets regulation, mentioning that the country closed its banking system to digital assets in 2018. However, with the passing of the Virtual Assets Act 2026, Pakistan reopened the sector under a clear regulatory framework, establishing a sandbox for virtual asset service providers and licensing regulations.