During his keynote address at the ‘Banking on Our Banks’ event in collaboration with CERP and Alchemy Technologies Pvt. Ltd., Zafar Masud, Chairman – PBA, gave an overview of Pakistan’s current economic landscape and highlighted the critical role being played by the banking sector despite numerous challenges.
The Chairman stated, “Banks globally face unreasonable expectations, and Pakistan is no different. What sets our banking sector apart is its resilience in operating within an economy where 52% is undocumented, and many sectors avoid taxation. Despite these challenges, the banking sector continues to contribute generously to the national exchequer and fiscal deficit, with a willingness to do even more through income-based taxes than a tax on the balance sheet like the ADR. This level of commitment is rare, especially in emerging economies like ours, and deserves recognition and applause.”
Source Pakistan Banks’ Association LinkedIn Post
Banks are crucial to capital formation, documentation and digitisation of the economy – so how can Pakistan’s banking sector get there?
This is why CERP in collaboration with Alchemy Technologies and the Pakistan Banks’ Association hosted ‘Banking on Our Banks: Aligning Growth with Development’ in Karachi last week.
We thank our distinguished speakers for their valuable insights. Jameel Ahmad, Governor of SBP, emphasized embracing technology and innovation to drive growth. Zafar Masud, Chairman of PBA, highlighted the banking sector’s role despite challenges from the undocumented economy. Maroof A. Syed, President & CEO of CERP, stressed that incentives and data-driven solutions are key to economic recovery. Jawwad Farid, CEO of Alchemy Technologies, called for market-driven incentives and regulatory reforms to drive transformation.
We look forward to seeing regulators, banks and policymakers come together to build a permissive environment for growth, innovation and development.
Source: CERP LinkedIn Post
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