ISLAMABAD, SEPT 18 (DNA): Jahanzeb Khan, President & CEO of easypaisa digital bank, emphasized that disruptive digital innovation, keeping local market insights and ground realities in mind, has the potential to drive full-scale financial inclusion across Pakistan, which currently has a financial inclusion rate of over 60%.
Speaking at a panel discussion titled “Future of Global Finance is Local+Digital” alongside fintech and digital banking industry experts, Rob Cameron, Global Head of Acceptance Solutions at Visa, and Ahmad Habib Alhaddad, Senior Director – Product Development at STC Bank at the first edition of Money20/20 Middle East held in Riyadh from 15-17 September, Jahanzeb highlighted the vital role digital banking platforms, like easypaisa, are playing in driving Pakistan’s financial inclusion agenda.
During the session, Jahanzeb Khan shared insights on easypaisa’s transformative journey as Pakistan’s first digital retail bank to launch commercial operations earlier this year. He emphasized the importance of local innovation and financial inclusion, elaborating on the wide-scale impact of easypaisa, which has extended financial access to millions, particularly in underserved communities, vital for a country that still has one of the largest unbanked economies in the region.
Jahanzeb emphasized the company’s ambition to become a gateway for financial inclusion and connectivity. “One of our focus areas is to make easypaisa the primary platform for families receiving remittances, small businesses conducting international transactions, and young freelancers working with clients worldwide and contributing to strengthening Pakistan’s economy. By facilitating faster, cheaper, and more accessible cross-border payments and remittances, we aim to transform the role of digital finance in Pakistan’s economy”, he added.
He further mentioned that the Government, and the State Bank of Pakistan are working proactively to digitize the economy under its cashless economy initiative and implement reforms in the financial space. “easypaisa will continue to spearhead this change by supporting the regulator and promoting a more interoperable, secure, and inclusive financial ecosystem. This initiative supports our collective goal: a future where every Pakistani can participate in and benefit from the formal digital economy”.
He added that this objective aligns with easypaisa’s broader strategic priority as Pakistan’s first digital retail bank: to democratize financial services and make them accessible, affordable, and convenient for all Pakistanis, whether they are banked, underbanked, or completely excluded from the formal economy. Jahanzeb highlighted the importance of innovative use cases, such as international remittances and cross-border payments, to support freelancers and expatriates, which enable the inflow of foreign currency through formal channels that are essential for Pakistan’s economic well-being and prosperity.
The discussion also delved into how easypaisa is leveraging Ant International’s global expertise with local insights to enhance service offerings for millions of Pakistanis. Panelists discussed the role of innovative technologies and solutions, such as AI-driven tools, eKYC, and unlocking mPaaS (Mobile Platform-as-a-Service) capabilities, showcasing how collaboration between established global and local players can drive significant advancements in financial inclusion tailored to the market’s and customers’ needs. This dialogue not only highlighted the transformational potential of digital banking but also set the stage for future partnerships aimed at unlocking the capabilities of localized financial solutions.
Money20/20 serves as a vital platform for innovation and collaboration in the global fintech ecosystem. Launched in 2012, it brings together banks, fintechs, Big Tech companies, regulators, startups, and investors to shape the future of finance in one of the world’s most dynamic markets. The event facilitates meaningful connections and discussions, fostering advancements in financial technology and services.
With a customer base representing one in every five Pakistanis, a 31% female user base, and over 2.7 billion transactions processed in 2024, worth over PKR 9.5 trillion, approximately 9% of Pakistan’s GDP, easypaisa digital bank continues to set new benchmarks for digital banking and financial empowerment across Pakistan.
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