SBP Governor outlines central bank's role in AI-driven transformation of banking
Systems
Limited, in collaboration with Microsoft, IBM, AWS, Temenos, Formpipe, and
Dell Technologies – Awan Distribution, hosted the 14th edition of the Bank of the Future Forum
(BOFF), one of Pakistan’s most influential and anticipated events in the
banking industry.
This year’s forum, themed “Re-imagining the Future of
Banking with AI,” explored how artificial intelligence is reshaping financial
systems, operations, and customer experiences.
The event began with opening remarks from Ammara Masood,
General Manager, Global BFS at Systems Limited, who set the stage for an
insightful day of dialogue on AI’s growing role in next-generation banking.
Delivering the inaugural keynote, Governor of the State
Bank of Pakistan (SBP) Jameel Ahmad outlined the central bank’s vision for
steering Pakistan’s financial sector toward an AI-powered future.
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Ahmad highlighted the SBP’s focus on enhancing and stabilizing remittances, noting that the recent surge in inflows was not merely a result of incentive schemes. “If the increase were only because of the incentive scheme, the growth trend would have reversed by now,” he said, adding that Pakistan is actively working to integrate with global payment systems.
Discussing the transition toward digital finance, the Governor
stated, “As the world moves toward digital currencies, Pakistan must also
adapt. The State Bank is working internally to develop a digital currency,
though creating a central bank digital currency is not an easy task.”
He further emphasized that digitalization and AI are
revolutionizing financial services. “Workplaces have become digital, and
consumers now demand secure and convenient banking. Cloud computing and
artificial intelligence have transformed how financial institutions operate,”
he remarked.
Sharing recent progress, Ahmad revealed that during fiscal
year 2025, Pakistan recorded 9.5 billion digital transactions, with 68%
conducted via mobile apps and 5% through cards and internet banking. He added
that the Know Your Customer (KYC) system has been implemented successfully,
with 15 more banks set to adopt it soon.
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However, Ahmad stressed the importance of investing in emerging technologies and strengthening cybersecurity. “With AI, our responsibilities have increased — customer privacy is paramount. Any cyber fraud can severely undermine public trust,” he cautioned.
Concluding his remarks, the Governor reaffirmed the SBP’s
commitment to fostering innovation and collaboration between banks and fintechs
to strengthen Pakistan’s digital financial ecosystem.
In a keynote address, Asif Peer, CEO and Managing Director
of Systems Limited, shared how AI is redefining banking — from customer
engagement and operational efficiency to risk management and innovation —
marking a new chapter in the industry’s evolution.
Source: APP