Latest news with #SmartIslamabad
Business Recorder
10-07-2025
- Business
- Business Recorder
Cashless economy: Minister assures support to PM's vision
ISLAMABAD: Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja reaffirmed full support for Prime Minister Shehbaz Sharif's vision of transforming Pakistan into a cashless economy, terming digital payments a vital need for a modern financial system. She expressed these views during a key meeting with Easypaisa Digital Bank CEO Jahanzeb Khan, where both sides discussed ways to accelerate digital and financial inclusion in the country. 'Digital payments are essential for modern economic growth,' said the minister, highlighting the ministry's commitment to creating an inclusive society by expanding access to digital opportunities. Praising Easypaisa's leadership in the digital finance sector, she said the bank is playing a leading role in the country's digital transformation. The meeting also reviewed potential areas of cooperation, including a positive exchange on collaboration under the 'Smart Islamabad' initiative. Jahanzeb Khan lauded the IT Ministry's digital vision, noting that 'Easypaisa Digital Bank, Pakistan's first digital retail bank and the largest financial services app, continues to play a crucial role in advancing digital and financial inclusion.' Copyright Business Recorder, 2025
Business Recorder
24-06-2025
- Business
- Business Recorder
Digital payments: Pakistan PM forms three high-powered panels
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday launched a sweeping push towards a cashless economy, directing formation of three high-powered panels to fast-track digital payments across the country and tighten the government's grip on financial transparency. The new committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – have been tasked with crafting policy to accelerate digital transactions between citizens, businesses and the state, while also activating the long-dormant Pakistan Digital Authority and drafting a national digital master plan. The prime minister, while chairing a high-level meeting, said that shifting from cash to digital was not optional but essential for a transparent economy. PM forms body to promote cashless economy, digitization 'The developed nations are racing ahead with cashless systems. Pakistan can't afford to be left behind,' he added. In a significant directive, Sharif ordered the expansion of the RAAST digital payment system from the federal level to all provinces. 'A digital transaction ecosystem is the backbone of a modern economy,' he said, stressing those digital payments must become more affordable and accessible than cash to win public trust. The officials briefed the prime minister that over 40 million users are currently on RAAST, Pakistan's flagship digital payment rail, with all federal financial transactions already routed through the system. Steps are underway to bring provincial governments onboard. The prime minister also signalled a pivot in government policy, ordering that all transactions between public and private sectors be moved to a cashless model – a potentially sweeping change for a largely informal economy. The meeting was told that the Digital Public Infrastructure Committee will operate under the Ministry of IT, while the Cashless Pakistan Steering Committee has been formed under the Prime Minister's Secretariat. In a bold pilot move, the meeting was informed that the Ministry of IT plans to make Islamabad Pakistan's first fully cashless city under the Smart Islamabad project – a digital litmus test for the rest of the country. Sharif emphasised that channelling funds through formal banking systems could help finance development projects and attract investor confidence. The inclusion of fintech in the broader ecosystem was also highlighted as a strategic pillar. The meeting was attended by key members of Sharif's cabinet, including ministers for economic affairs, IT, petroleum, and climate change, along with the governor of the State Bank of Pakistan (SBP) and heads of major regulatory bodies. Copyright Business Recorder, 2025
Business Recorder
24-06-2025
- Business
- Business Recorder
Digital payments: PM forms three high-powered panels
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday launched a sweeping push towards a cashless economy, directing formation of three high-powered panels to fast-track digital payments across the country and tighten the government's grip on financial transparency. The new committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – have been tasked with crafting policy to accelerate digital transactions between citizens, businesses and the state, while also activating the long-dormant Pakistan Digital Authority and drafting a national digital master plan. The prime minister, while chairing a high-level meeting, said that shifting from cash to digital was not optional but essential for a transparent economy. PM forms body to promote cashless economy, digitization 'The developed nations are racing ahead with cashless systems. Pakistan can't afford to be left behind,' he added. In a significant directive, Sharif ordered the expansion of the RAAST digital payment system from the federal level to all provinces. 'A digital transaction ecosystem is the backbone of a modern economy,' he said, stressing those digital payments must become more affordable and accessible than cash to win public trust. The officials briefed the prime minister that over 40 million users are currently on RAAST, Pakistan's flagship digital payment rail, with all federal financial transactions already routed through the system. Steps are underway to bring provincial governments onboard. The prime minister also signalled a pivot in government policy, ordering that all transactions between public and private sectors be moved to a cashless model – a potentially sweeping change for a largely informal economy. The meeting was told that the Digital Public Infrastructure Committee will operate under the Ministry of IT, while the Cashless Pakistan Steering Committee has been formed under the Prime Minister's Secretariat. In a bold pilot move, the meeting was informed that the Ministry of IT plans to make Islamabad Pakistan's first fully cashless city under the Smart Islamabad project – a digital litmus test for the rest of the country. Sharif emphasised that channelling funds through formal banking systems could help finance development projects and attract investor confidence. The inclusion of fintech in the broader ecosystem was also highlighted as a strategic pillar. The meeting was attended by key members of Sharif's cabinet, including ministers for economic affairs, IT, petroleum, and climate change, along with the governor of the State Bank of Pakistan (SBP) and heads of major regulatory bodies. Copyright Business Recorder, 2025
Express Tribune
16-04-2025
- Business
- Express Tribune
Govt unveils major tech initiatives with new IT parks, digital reforms
Listen to article The federal government has announced a wide-ranging plan to boost its technology sector through major infrastructure projects, digital services, and foreign investment drives. Speaking at the Leaders in Islamabad Business Summit on Wednesday, Federal Minister for IT and Telecom Shaza Fatima said that the country is preparing to launch several initiatives aimed at modernising its digital landscape and aligning with fast-evolving global technology trends. Among the key projects is the opening of Pakistan's first dedicated IT park in Islamabad, set for inauguration on August 14 this year, followed by a similar park in Karachi. The parks aim to provide purpose-built spaces for tech startups, freelancers, and export-oriented software firms. The minister also unveiled plans for a pilot Smart Islamabad project and a new 'super app' for the capital, designed to integrate public services and improve urban management through digital platforms. Fatima highlighted that business registration procedures in Islamabad will be moved entirely online in the coming months, enabling entrepreneurs to access all required permits and services digitally. She cited similar successful models in international cities like Shenzhen, China. In a move to attract foreign investors, Pakistan will host a Digital Foreign Investment Summit on April 28-29, in collaboration with Saudi Arabia. The event aims to promote investment opportunities in Pakistan's growing digital economy. Additionally, the government is developing 250 employment centres nationwide and converting vacant buildings into IT parks, creating new job opportunities and supporting the tech sector's infrastructure. Fatima stated that every dollar spent on marketing Pakistan's tech sector yields around $49 in returns, underlining the economic potential of the industry. The government has set an ambitious target of $25 billion in IT exports in the coming years. She emphasised the importance of embracing technologies like artificial intelligence and quantum computing, warning that failure to adapt could isolate Pakistan from global progress. 'The world is moving fast. If we don't keep up, we risk being left behind,' Fatima said.
