Karachi (HRNW)- State Bank of Pakistan Governor Jamil Ahmed has said that while financial technology has significantly improved the financial sector, a lack of awareness about its use can also create serious risks.
Addressing the ICMA Future Finance Summit and Convocation, Jamil Ahmed said that technology has been the driving force behind the evolution of human civilization and that innovation in the financial sector has also been made possible through technological advancements.
He said that transformer technology has accelerated the development of artificial intelligence, enabling rapid information processing, although its core software continues to be developed by humans. He added that technological advancements can also produce unintended consequences if not managed responsibly.
The State Bank Governor said that the State Bank of Pakistan began adopting technology at an early stage. Owing to innovation in the country’s payment systems, more than half of all retail transactions are now conducted digitally.
According to Jamil Ahmed, 30 billion retail transactions were processed during the 2025–26 fiscal year, representing a 77 percent increase compared to the previous year.
He further said that more than 2 million merchants across the country are now using the QR payment system, while the Raast platform processed 3.6 billion transactions during the last fiscal year, with a total value of Rs1.7 trillion.
Jamil Ahmed noted that many women and small businesses still face difficulties in accessing capital. He said innovation is an important driver of economic growth, but without proper awareness and financial literacy, it can also create risks.
He added that women’s financial inclusion has increased from 4 percent to 52 percent over the past few years.
The Governor said that loans extended to small and medium enterprises (SMEs) have increased by 46 percent, exceeding Rs850 billion, while agricultural financing reached Rs2.5 trillion during the first ten months of the last fiscal year.
He emphasized that emerging economies require greater use of Sukuk and corporate bonds to finance industrial development and said that green Sukuk can also play an important role in promoting sustainable growth.
Jamil Ahmed urged the Institute of Cost and Management Accountants (ICMA) to further strengthen its curriculum and capacity-building initiatives, particularly by focusing on technology and innovation.
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