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Pakistan expects more fintech from China, says central banker
Last Updated: 2019-01-09 11:14 | Xinhua
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Governor of the State Bank of Pakistan Tariq Bajwa said Tuesday that his country expects more financial technology from China to help develop digital financial service in Pakistan.

The governor made the remarks during a launching ceremony of the country's first blockchain technology backed home remittances service. "This puts Pakistan on the map of very few in the world that have launched international remittance using blockchain technology," he added.

The blockchain technology powered by China's Ant Financial Services Group bridged local mobile payment platform Easypaisa and Malaysian remittance service Valyou, realizing round-the-clock, real-time and low-cost money transfers between Pakistan and Malaysia.

The service aims to promote and encourage the use of formal channels for remittances, with all existing incentives offered by the State Bank of Pakistan for promotion of international remittance through mobile wallet being applicable for this service.

Bajwa said cooperation between Pakistan and China has gone beyond infrastructure construction and reached financial technology areas, adding that the new remittances service will bring a breakthrough to Pakistan's financial services sector and contribute to the country's financial digitalization.

For his part, Chairman and CEO of Ant Financial Eric Jing said on the occasion that "the new remittance service is one of the examples of how emerging technologies can help countries meet their digital and financial inclusion goals."

He told Xinhua that through the blockchain technology backed remittances service, his company is making efforts to offer inclusive financial services to more Pakistani people to contribute to sustainable economic development in Pakistan.

He said Ant Financial also pays attention to seeking local partners to develop joint ventures in Pakistan in efforts to make joint development with local partners through the new technologies.

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