The National Database and Registration Authority (NADRA) hosted a Financial Sector Stakeholders’ Conference at its Headquarters in Islamabad. The conference brought together key stakeholders and representatives of Pakistan Fintech Network (PFN) including Digital Banks, Electronic Money Institutions (EMIs), Non-Banking Financial Institutions (NBFIs) and Securities and Exchange Commission of Pakistan (SECP).
NADRA’s cutting-edge identity management expertise and verification services already play a vital role in facilitating the eKYC regime for Fintech. Stakeholders’ conference aimed at reviewing mutual collaboration and evolving a path for the future to harness digital technology to enhance financial inclusion, reduce fraud risks, and promote a secure and efficient financial ecosystem supported by identity management.
Chairman NADRA emphasized the concerns regarding cybersecurity and citizen data protection, particularly at the edges of the digital ecosystem. “As we embrace digitalization, we must prioritize the security and privacy of our citizens’ data,” he said. “We are committed to implementing robust cybersecurity measures and ensuring that our systems are secure, resilient, and trustworthy in concert with the fintech sector”, he added.
Representatives from SECP, Digital Banks, EMIs, and NBFIs shared their perspectives on the benefits and challenges of current eKYC, highlighting the need for interoperability, standardization, and customer convenience. Participants expressed their concerns especially the onboarding regime. Chairman NADRA assured them that they will be provided access within the given timelines through standardized, interactive and online processes. Aspects related to Digital Economy Enhancement Projects (DEEP), indigenous research and development and initiatives like enhanced usage of NADRA’s Smart Card and PakID online application were also discussed. Chairman NADRA highlighted the special efforts to enhance registration of women and children.
The conference concluded with a clear roadmap, setting the stage for a collaborative effort to catalyze financial inclusion and national digitalization while ensuring cybersecurity and citizen data protection.
Sub Editor: Ghufran