Flexible regulatory framework stressed at e-Banking moot

Imran Zakir

KARACHI: The 15th e-Banking Conference and Exhibition 2017 was held at Karachi in which top banking decision making class refused to chair due to highly commercial interests of the Event Manager. 
The chief guest was NBP President who was replaced by Syed Ali Raza, Member of Board from the Ministry of Information Technology and Telecommunication.
In his address, Ali Raza said, Ministry of IT is doing a great job that till 2018 our country is 100 percent covered by mobile broad band, developing all necessary frameworks for the sustainability of the IT Industry. Now its corporate sector's responsibility is to come forward to create its demand. We have established our First Incubation Center at Islamabad with Jazz collaboration while rest of the four were in the developing phase for the execution of our ideas of Innovation and exploration.
He said our immense potential credit goes to Government of Pakistan and IT Minister Ms. Anusha Rehman who has developed a friendly Telecom Policy 2016. We stands No. 04 in world statistics that our IT exports go in billions but unfortunately only 25 percent income is retained in this country. E-commerce market is flourishing will be convert to Digital side soon, he added.
Innayat Hussain, Executive Director, State Bank of Pakistan said, "We are studying 'blockchain' technology solution model being adopted by central and commercial banks at globe to secure electronic financial transactions from cyber attacks."
This one-day conference had three panel discussions on the topics 'Changing Landscape of Banking - Predictions for 2018', 'Third Party Service Management for Operational Efficiency in Financial Institutions' and 'Information Security Threats and Measures in Banking'.
The first session panelists were Shahzad Shahid (Moderator), Faiz ur Rehman, Javed Yousuf Edhi, Saqib Asad, Raza Matin and Muhammad Mujeeb who discussed digital channels of Payments, Multitasking core banking  Solutions, Changing mood and behavior of Customers, need for more Customer centered banking solutions.
The said, "Adaptation is not an issue need and availability has to be ensured. Pakistan is very progressive and dynamic country. We are expecting the sales of E-Commerce around 1 billion by 2020, websites must be mobile friendly because 70 percent of internet traffic goes through mobile phones. So, "Digital the Way Forward."
The Second session panelists were Saqib Asad (Moderator), Najeeb Agrawala, Naveed Ali Baig, Faisal Malik, Shahzad Shahid, Tabish Shah and Mahmood Kapurwala. They said, service management is the most crucial component of e-Banking for cashless economy.
"Collaboration bringing Innovation" Telecom has the bigger networks bringing the revolution and innovation realized by the banking industry that's why a paradigm shift is happening in order to develop smart solutions, they said.
The main essence of the conference was witnessed in the last session which was focused on Information Security. Moderator was Asif Riaz and the Panelists were Hussein Hassan Ali, Arif Rehman, Shoukat Bizinjo and Syed Abdul Qadir who stressed that information security is the expensive business but banks has to spend money on adopting latest technologies according to international standards to cater data leakages issues. It is a hazardous situation arousing here that some banks security control is the hands of their vendors. 
All Panelists agreed that SBP has to be more vigilant and to revive forums like CIOs to timely detect cyber crimes and threats and address them on time.  
During the event CSquare successfully launched their first Account Opening Digital Kiosk Intellekt at their stall through the CEO Ahsan Mashkoor which is one of the revolutionary steps for banking spread in the country.