The ASEAN Member States were invited to participate in a 5-day training program on the “Digital Payments Landscape and Financial Inclusion in Emerging Markets,” hosted by the National Institute of Banking and Finance (NIBAF), a subsidiary of the State Bank of Pakistan.
Twenty-four people from Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, Thailand, Vietnam, the ASEAN Secretariat, and Pakistan took part in the program, which ran from May 8-12, 2023. The training was part of a larger initiative to elevate Pakistan’s dialogue partner status on the ASEAN platform from Sectoral to Full.
Staff from ASEAN member countries’ central banks were given an introduction to Pakistan’s Digital Payment Systems infrastructure as part of this program. SBP’s significance in expanding access to modern financial technologies was also discussed.
Members of the program shared stories on their interactions with central bank digital currency, cryptocurrencies, the disruptive potential of fintechs, and the culture of entrepreneurship in developing economies.
As the program came to a close, efforts were made to further solidify the idea that developing countries access to financial services is a critical factor in alleviating poverty and fostering economic progress.