NBP wants to set up its first branch in China: President
In a strategic endeavor to extend
its global reach and bolster digital banking capabilities, the President of the
National Bank of Pakistan (NBP), Rehmat Ali Hasnie, has signaled the bank's
interest in inaugurating its inaugural branch in mainland China.
This initiative, spearheaded under
the leadership of Prime Minister Shehbaz Sharif, forms part of a broader
strategy to capitalize on the opportunities afforded by the Belt and Road
Initiative (BRI). Its objective is to fortify cross-border financial
collaboration and advance digital connectivity between Pakistan and China, as
conveyed to China Economic Net (CEN).
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Speaking at the Pakistan-China
Business Forum in Shenzhen, Hasnie underscored the prospective role of the new
branch in facilitating increased trade and investment flows. Leveraging
cutting-edge digital banking technologies, the branch aims to provide seamless
financial services tailored to the evolving needs of the market.
Following the Prime Minister's
recent visit to China, Hasnie anticipates a surge in trade volume between the
two nations. He emphasizes the imperative for banks to innovate and furnish
robust trade financing mechanisms to bolster this burgeoning economic activity.
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In a bid to bolster industrial
cooperation between China and Pakistan, NBP recently inked a Memorandum of
Understanding (MoU) with China-Pakistan International Silk Road Industry
Investment Management Co., Ltd. The agreement aims to facilitate investment in
key projects, including the establishment of special economic zones, thereby
fostering economic growth and development.
As the BRI emphasizes connectivity
and modernization, Hasnie underscores the pivotal role of advanced digital
banking platforms and fintech solutions in efficiently managing financial
transactions associated with BRI projects. He stresses the need for Pakistan's
banking sector to address regulatory reforms, enhance risk management
practices, and bolster cybersecurity measures to fully leverage the benefits of
BRI.
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Emphasizing NBP's commitment to Pakistan's successful implementation of the China-Pakistan Economic Corridor (CPEC), Hasnie affirms the bank's proactive stance in aligning its strategies with the objectives of BRI. Through these efforts, NBP seeks to not only bolster national economic growth but also strengthen its foothold in the regional and global banking arena.
Source: Urdu Point