Digital banks playing key role in the financial system.

Byline: KHALIL AHMED

Easypaisa and JazzCash are the connected way for mobile banking growth

Interview with Mr. Hamad Rasool Bhullar - an analyst

PAGE: Tell me something about yourself, please:

Hamad Rasool Bhullar: I have been working for both the private and public sectors over the last 33 years in multiple roles with almost 28 years in professional training. With respect to my work with the financial sector, I have been involved in research and training for almost 28 years so far, and conducted over 350 trainings on different aspects of Finance, Business Ethics, Audit and Corporate Governance from basic concepts to professional applications in Projects Finance, Shariah Compliant risk management, investment management and Financial Analysis etc. in addition to the freelance consultancy and Financial Advisory in these fields. I remained a non-executive member on the Board of an Investment Bank for almost 4 years.

My qualifications and experience over the last 33 years have mainly been in Accountancy, Corporate Law, IT, Economics, Corporate Finance and Islamic Finance, Takaful, Business Turnarounds, Projects Finance, Audit and ethics with Training and business advisory in multiple areas of corporate sector as well as public sector within and outside Pakistan. I have the privilege to have issued the first Sukuk in Pakistan's Investment Canvas with some other first such initiatives.

PAGE: Could you give your perspective on digital banks in Pakistan?

Hamad Rasool Bhullar: Digital banking is playing a great role in Pakistan's financial system by becoming a strong arm for the financial inclusion of even those who cannot open a bank account in a regular bank.

However, as we have got multiple channels and resources in the digital banking system in Pakistan, which are growing at quite a faster rate by expanding the size of the market. Thanks to the State Bank of Pakistan (SBP). I can say that, with the advent of Large Value Payment Systems (LVPS) being a great facilitator for corporates through Pakistan Real-time Interbank Settlement Mechanism (PRISM), while RAAST is facilitating great work for small and medium-sized businesses, further on I can expect a great value addition from digital valets, POSs and PSPs in facilitating the retail sector of the economy.

PAGE: What is your standpoint on the technological progress of the financial services industry in Pakistan?

Hamad Rasool Bhullar: I have great hopes, but the process has made it a mandatory...