State
Bank hosted seminar discusses capacity building of central banks
The State Bank of Pakistan (SBP)
successfully hosted the 16th SAARCFINANCE Seminar on “Challenges and Opportunities
in the Capacity Building of Central Banks and the Financial Industry: Lessons
for SAARC Countries” at the National Institute of Banking and Finance (NIBAF)
in Islamabad on February 24, 2025. The event gathered prominent experts,
policymakers, and delegates from SAARC member countries to discuss key issues
shaping the future of central banking and financial systems.
The seminar was inaugurated by Mr.
Saleemullah, Deputy Governor of SBP, who, in his keynote address, emphasized
the profound impact of technological advancements, geoeconomic shifts, and climate
change on central banking. He underscored the transformative potential of
technologies like Artificial Intelligence (AI), Machine Learning (ML), and blockchain
in enhancing the efficiency, inclusivity, and affordability of financial
services.
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Key
Challenges Highlighted
Mr. Saleemullah identified three
core challenges facing central banks and financial institutions:
- Technological Disruption: Rapid adoption of AI, big data, and blockchain
requires urgent reskilling of central bank personnel to stay ahead of
innovation.
- Digital Divide:
A significant barrier in regions like South Asia, where unequal access to
technology could hinder financial inclusivity.
- Cybersecurity Threats: The growth of fintech and financial interconnectedness
has increased risks related to cybersecurity, data privacy, and financial
fraud, necessitating stronger regional and global cooperation.
In his concluding remarks, the
Deputy Governor emphasized that digital transformation is no longer optional
but essential for financial institutions. He advocated for investments in advanced
analytics, AI, and automation, along with the development of regulatory
frameworks that strike a balance between innovation and financial stability. He
also highlighted the pivotal role of SAARCFINANCE in fostering cross-border
collaboration through joint training, knowledge-sharing initiatives, and the
establishment of regional centers of excellence.
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Expert
Insights and Discussions
The seminar featured panel
discussions with leading academics, policymakers, and industry professionals
from esteemed institutions, including:
- International Monetary Fund (IMF)
- Huawei
- Allied Bank Limited (ABL)
- Asia School of Business
- Lahore University of Management Sciences (LUMS)
- Bahrain Institute of Banking and Finance
- Financial Stability Institute
These discussions offered valuable
insights on workforce development, technological innovation, and the evolving
regulatory landscape for central banks and financial institutions in the
region.
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Closing
Remarks: A Call for Collective Action
The seminar concluded with remarks
from Mr. Riaz Nazarali Chunara, CEO of NIBAF, who stressed the importance of
collective action in addressing the evolving challenges of the financial
industry. He emphasized that embracing innovation, investing in human capital,
and enhancing regional cooperation are vital steps toward building a resilient
and inclusive financial ecosystem capable of meeting the demands of the 21st
century.
Source: Custom News