NBP to participate in China trade fair in September

Web DeskWeb Editor

20th Aug, 2021. 12:53 pm

BEIJING: The National Bank of Pakistan (NBP) will participate in the 8th China International Fair for Trade-in-Services (CIFTIS) 2021, scheduled to be held from September 2 to 7, 2021 in Beijing.

The Accounting Society for Foreign Economic Relations and Trade of China (ASFETC), an affiliate of the Ministry of Commerce of the People’s Republic of China will host the 2021 International Forum on Financial Innovation and Cooperation with the theme of “Innovating Financial Services and Boosting Economic and Trade Development”.

Shaikh Muhammad Shariq, chief representative of the NBP in Beijing, will present the status of financial technology in Pakistan, and the opportunities of cooperation available between the Chinese and Pakistani financial, information and digital technology companies.

He said the National Bank of Pakistan was actively working for promoting digital technology in Pakistan and has signed a cooperation agreement with Union Pay to provide settlement services to the bank.

“Since China and Pakistan are working on finalising the second phase of China-Pakistan Economic Corridor (CPEC) in which, cooperation in digital technology is one of the most important components. The government of Pakistan is also promoting the IT and digital finance sector under the Digital Pakistan initiative and offering attractive incentives and packages to promote this sector,” he said in an interview.

Shariq said that the NBP has been participating in CIFTIS for the last many years, and facilitated Chinese companies interested in expanding business in Pakistan.

The interest of participants in one of the largest exhibitions in China is increasing with every passing year, which shows that the fair has achieved significant results, he added.

He said advanced digital technology such as AI, Cloud computing, big data and its utilisation on finance, current status of digital currency, as well as future development of its promotion may be expected during participation in relevant events.

The relevant technologies may be promoted to Pakistani counterparts for its detailed study and future collaboration with the Chinese banking sector, Shariq said.

“CIFTIS is the first comprehensive fair for trade in services in the world. China has very advanced technology and well-established technology infrastructure. Pakistan’s IT exports crossed $2 billion for the first time in the history and one of the major IT-free lacing service provider in the world, with big market of more than 220 million; therefore, the cooperation between the two countries will result in a win-win situation for both the brotherly countries,” he added.

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