Banks, the finance ministry and key financial regulators joined industry and academic partners at a Pakistan Banks Association (PBA) dialogue with the Centre for Digital Asset Research (CeDAR) at LUMS to map a path for Pakistan digital assets and the future of banking.
The “Dialogue on Digital Assets and the Future of Banking” followed the Pakistan Banking Summit 2026. It brought together the Ministry of Finance, the Pakistan Virtual Assets Regulatory Authority (PVARA, the body overseeing virtual assets), the State Bank of Pakistan (SBP, the central bank), the Securities and Exchange Commission of Pakistan (SECP, the markets regulator), banking leaders and international experts. Agenda items included cross-border payments, tokenisation, programmable payments and how emerging technology can be applied inside Pakistan’s financial system.
What officials told the dialogue
Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, was chief guest. He said the government is exploring tokenising Pakistan’s existing Eurobond debt, subject to necessary approvals. He stressed that banks, regulators and technology practitioners must work together on practical digital finance tools that match national economic priorities, with firm risk management and cybersecurity safeguards.
Bilal Bin Saqib, Minister of State and Chairman of PVARA, argued that Pakistan should help build the financial infrastructure now taking shape rather than only using systems designed elsewhere. “Do we want to keep renting our future, or do we want to help build and own it?” he asked. He urged banks to act as launchpads for innovators, invest in AI capabilities and deepen ties with universities such as LUMS. He also pointed to supervised, bank-led payment arrangements on major Gulf remittance corridors as an option worth examining, with regulatory coordination and safeguards.
Regulators’ priorities and industry ask
Saleem Ullah, Deputy Governor of the SBP, said practical use cases should come before technology for its own sake. He named blockchain-enabled remittances and Roshan Digital Accounts as areas worth testing in the SBP’s regulatory sandbox, while stressing checks on monetary and financial stability, cybersecurity, anti-money-laundering and know-your-customer compliance, and consumer trust.
Imtiaz Haider, Commissioner at the SECP, called for a clear, value-driven approach to tokenisation. Stakeholders, he said, should ask who benefits, where regulatory gaps remain and how ready Pakistan is to adopt new tools. The core question, he argued, is not how assets can be tokenised but which assets should be tokenised to deliver real economic value.
Zafar Masud, Chairman of the PBA, said banks are not seeking protection from change but “clear regulatory standards that we can build towards,” and must be formally engaged from the outset while the framework is developed. Dr Ali Cheema, Vice Chancellor of LUMS, underlined the need to link research, policy and industry practice. A workshop led by Umar Farooq, Global Co-Head of Payments at J.P. Morgan, brought banking technology leaders, regulators and academia together to identify priority use cases, possible pilots and implementation issues.
What comes next
Organisers said the discussions will help form a coordinated banking industry view and a potential roadmap for further engagement with policymakers and regulators on Pakistan digital assets, supporting a responsible and future-ready financial system.
Aasan alfaaz mein
Banks aur regulators ne mil kar Pakistan digital assets ke rules aur naye payment tools par baat ki hai. Wazir-e-Khazaana ne Eurobond debt ko tokenise karne ka idea discuss kiya, lekin approvals zaroori hain. Remittances aur Roshan Digital Accounts jaise practical projects sandbox mein test ho sakte hain. Aam logon ke liye seedha matlab yeh hai ke clear rules aur safe pilots se banking services behtar ho sakti hain, lekin abhi yeh planning aur coordination ka marhala hai.
