Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmad, inaugurated the SAARCFINANCE Seminar focusing on the transformative potential of Big Data in economic policy. Held in Islamabad, the event convened distinguished delegates and subject matter experts from the SAARC region to explore the impact of Big Data on shaping economic policies.
In his keynote address, Governor SBP underscored the significant role of effective data utilization in fostering sustained economic growth, poverty reduction, and improved living standards across the diverse SAARC region. He highlighted the growing importance of Big Data in central banking and financial inclusion, citing examples of its application in economic analysis and fraud detection within SBP.
Governor SBP also addressed legal and regulatory challenges surrounding privacy and confidentiality, advocating for robust data protection laws and investments in technological infrastructure and skilled human resources.
Furthermore, he called for collaborative efforts among SAARC member nations to foster a data-driven culture, ensuring inclusive benefits and responsive policies. Governor SBP expressed optimism in the role of multilateral bodies like SAARC in setting industry standards for Big Data analytics adoption.
The seminar featured distinguished experts from organizations such as the IMF, World Bank, IFC, Arab Monetary Fund, Meta, Google, and the Pakistan Bureau of Statistics. Keynote speeches were delivered by Dr. Naeem Uz Zafar, Chief Statistician of PBS, Mr. Matthew Sal from IFC, and Dr. Ishart Hussian, former Governor of SBP, among other public policy experts, who discussed opportunities and potential use cases of Big Data in Pakistan and the SAARC Region.