KARACHI: Understanding alternative payment methods and their implementation in a consumer market like Pakistan are huge challenges, but are crucial for the country to compete in global markets, a debate said on Friday.
China Study Center COMSATS Islamabad and China Study Center Institute of Business Administration (IBA) at University of Karachi Campus in collaboration with Islamabad Policy Research Institute (IPRI) organized the discussion “Understanding Fintech Model of China – Evolving Role of Financial Technologies in e-Commerce Industry” of Pakistan”, at IBA Main Campus, University of Karachi.
The two-panel discussion program was chaired and opened by COMSATS Vice-Chancellor Dr. Tabassum Afzal. The university was planning to hold an international fintech conference in 2023 to discuss the evolution of the nascent fintech industry in Pakistan, he said.
Dr. Abdullah Sheikh, Dean of the IBA Business School, said understanding the Chinese fintech model is crucial because of the Chinese society’s welcome and trust in the fintech market.
At the first forum, industry leaders discussed the evolution and integration of the Chinese fintech market into society, with a focus on micro-utilities to access a consumer base wider. Parallels have also been drawn on how conventional financial systems in China and Pakistan differ in terms of operability and consumer-driven innovation.
the second forum entitled “Are we ready for fintech innovation? The Present and Future of E-Commerce Industry in Pakistan” discussed how Pakistan, as a conducive business environment, needed reforms and structural realignment.
It has been suggested that fintech in the country should be encouraged and regulatory processes streamlined for better industrial growth.