KARACHI: State Bank of Pakistan Governor Dr Reza Baqir has suggested formation of working groups to address specific issues related to taxation in digital financial services, integration of government agencies with Raast instant payment system and the availability of seamless internet connectivity across the country.

He said this while chairing the fourth meeting of stakeholders on the digital financial ecosystem on Wednesday.

A statement issued by the central bank said that the goal of these meetings was to accelerate the agenda on promoting digital financial services in Pakistan and support coordination in cross-cutting issues.

The way forward in the digital financial services like open banking was discussed and it was agreed to establish a forum to propose recommendations in these areas in line with international best practices, it added.

During the meeting, Governor Baqir also discussed the cross-cutting issues pertaining to the Nat­ional Database and Registra­tion Authority, Pakistan Tele­communica­tion Autho­rity and the Federal Board of Revenue.

The SBP governor appreciated the stakeholders’ support, particularly the support extended to the SBP by the World Bank, FBR and financial institutions, in moving forward the drive for the digital financial services. He briefed the forum about the significant progress made on Raast and developments on its integration.

Published in Dawn, April 1st, 2021