The State Bank in Pakistan (SBP) has successfully organized the sixteenth Saarcfinance symposium, entitled “Challenges and opportunities in capacity building for central banks and financial industry: lessons for Saarc countries.” It was held on February 24, 2025 in NIBAF, Islamabad.
The event gathered distinguished experts, policy makers and delegates from Saarc member states to discuss critical issues that constitute the future of central banking and financial systems.
The symposium was opened by Mr. Salimallah, Deputy Governor SBP. In his main speech, Mr. Salimallah stressed the transformative impact of technological progress, geological economic transformations, and climate change on central banking services.
Highlights the increasing role of artificial intelligence (AI), machine learning, and Blockchain in enhancing efficiency, inclusiveness and ability to afford costs for financial services.
The Deputy Governor has identified three major challenges facing central banks and financial institutions. First, the adoption of AI, the analysis of the huge data, and the Blockchain, requires urgent rejuvenation from the workforce of the Central Bank to keep pace with innovation.
Second, the global digital gap is a great risk of adopting digital technologies in developing regions such as South Asia. And thirdly, the rise of technical technology and financial interconnection, which intensified challenges related to cybersecurity, data privacy and financial fraud, demanding regional and global cooperation.
In his closing notes, the ruler’s deputy stressed that the digital transformation is no longer optional, but it is necessary for financial institutions. He called for investments in advanced analyzes, artificial intelligence, and automation, as well as developing organizational frameworks that balance innovation with stability.
It also highlighted the unique role of Saracfinance as a platform for cross -border cooperation, calling for joint training programs, exchanging knowledge, and establishing regional excellence centers.
Among the members of the famous academic courses team, policymakers and professionals in the field of industry were among the prestigious institutions such as the International Monetary Fund (IMF), Huawei, Allied Bank Limited (ABL), Asia Business College, Lums, Bahrain Institute for Banking and Finance, Finance, and College Financial Stability Institute. Their immersive discussions provided valuable visions in the development of workforce, technological adoption, and organizational innovation.
NIBAF CEO, Mr. Rioz Nazaralyi Chunara, who called for collective action to address the advanced challenges of the financial industry. He urged that by adopting innovation, investing in human capital, and promoting regional cooperation, SARC countries can build a more flexible and comprehensive financial ecosystem capable of navigating the complications of the twenty -first century.
