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Business Recorder
6 hours ago
- Business
- Business Recorder
Digital payments: Pakistan PM forms three high-powered panels
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday launched a sweeping push towards a cashless economy, directing formation of three high-powered panels to fast-track digital payments across the country and tighten the government's grip on financial transparency. The new committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – have been tasked with crafting policy to accelerate digital transactions between citizens, businesses and the state, while also activating the long-dormant Pakistan Digital Authority and drafting a national digital master plan. The prime minister, while chairing a high-level meeting, said that shifting from cash to digital was not optional but essential for a transparent economy. PM forms body to promote cashless economy, digitization 'The developed nations are racing ahead with cashless systems. Pakistan can't afford to be left behind,' he added. In a significant directive, Sharif ordered the expansion of the RAAST digital payment system from the federal level to all provinces. 'A digital transaction ecosystem is the backbone of a modern economy,' he said, stressing those digital payments must become more affordable and accessible than cash to win public trust. The officials briefed the prime minister that over 40 million users are currently on RAAST, Pakistan's flagship digital payment rail, with all federal financial transactions already routed through the system. Steps are underway to bring provincial governments onboard. The prime minister also signalled a pivot in government policy, ordering that all transactions between public and private sectors be moved to a cashless model – a potentially sweeping change for a largely informal economy. The meeting was told that the Digital Public Infrastructure Committee will operate under the Ministry of IT, while the Cashless Pakistan Steering Committee has been formed under the Prime Minister's Secretariat. In a bold pilot move, the meeting was informed that the Ministry of IT plans to make Islamabad Pakistan's first fully cashless city under the Smart Islamabad project – a digital litmus test for the rest of the country. Sharif emphasised that channelling funds through formal banking systems could help finance development projects and attract investor confidence. The inclusion of fintech in the broader ecosystem was also highlighted as a strategic pillar. The meeting was attended by key members of Sharif's cabinet, including ministers for economic affairs, IT, petroleum, and climate change, along with the governor of the State Bank of Pakistan (SBP) and heads of major regulatory bodies. Copyright Business Recorder, 2025
Business Recorder
9 hours ago
- Business
- Business Recorder
Digital payments: PM forms three high-powered panels
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday launched a sweeping push towards a cashless economy, directing formation of three high-powered panels to fast-track digital payments across the country and tighten the government's grip on financial transparency. The new committees – the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee – have been tasked with crafting policy to accelerate digital transactions between citizens, businesses and the state, while also activating the long-dormant Pakistan Digital Authority and drafting a national digital master plan. The prime minister, while chairing a high-level meeting, said that shifting from cash to digital was not optional but essential for a transparent economy. PM forms body to promote cashless economy, digitization 'The developed nations are racing ahead with cashless systems. Pakistan can't afford to be left behind,' he added. In a significant directive, Sharif ordered the expansion of the RAAST digital payment system from the federal level to all provinces. 'A digital transaction ecosystem is the backbone of a modern economy,' he said, stressing those digital payments must become more affordable and accessible than cash to win public trust. The officials briefed the prime minister that over 40 million users are currently on RAAST, Pakistan's flagship digital payment rail, with all federal financial transactions already routed through the system. Steps are underway to bring provincial governments onboard. The prime minister also signalled a pivot in government policy, ordering that all transactions between public and private sectors be moved to a cashless model – a potentially sweeping change for a largely informal economy. The meeting was told that the Digital Public Infrastructure Committee will operate under the Ministry of IT, while the Cashless Pakistan Steering Committee has been formed under the Prime Minister's Secretariat. In a bold pilot move, the meeting was informed that the Ministry of IT plans to make Islamabad Pakistan's first fully cashless city under the Smart Islamabad project – a digital litmus test for the rest of the country. Sharif emphasised that channelling funds through formal banking systems could help finance development projects and attract investor confidence. The inclusion of fintech in the broader ecosystem was also highlighted as a strategic pillar. The meeting was attended by key members of Sharif's cabinet, including ministers for economic affairs, IT, petroleum, and climate change, along with the governor of the State Bank of Pakistan (SBP) and heads of major regulatory bodies. Copyright Business Recorder, 2025
Business Recorder
16-06-2025
- Business
- Business Recorder
PM Shehbaz directs modern IT training for youth to make Pakistan regional tech hub
Prime Minister Shehbaz Sharif has said that a sustainable and advanced Information Communication Technology system will be established to position Pakistan as a central hub for the IT sector in the region. The prime minister chaired a review meeting on IT training for youth and establishment of training ecosystem in Pakistan. During the meeting, the PM said that the system should ensure provision of an empowered IT workforce to local companies through which they will be able to meet international demands and bring foreign exchange into the country. Instructing the formulation of clear Terms of Reference (TORs) for consultancy regarding the training system and setting a timeline for its establishment and implementation, the prime minister said the training programs should be positive and constructive, enabling youth to ensure their productivity at an international level. Calling the talented young workforce a valuable asset for Pakistan, PM Shehbaz directed the Ministry of Federal Education, Higher Education Commission, and NAVTTC to collaborate with the Ministry of IT to provide IT training in schools, colleges, and universities, besides ensuring IT training in summer camps during the ongoing summer vacations. PM for imparting tech training to Pakistan youth The participants of the meeting were told that through collaboration between the HEC and Huawei, efforts were underway to provide IT training to an additional 80,000 students in major cities, and through online classes in remote areas like Balochistan and Turbat.
Time of India
12-05-2025
- Business
- Time of India
Cybersecurity agency CERT-In flags spike in online threats
Amid escalating conflict between India and Pakistan over last weekend, the Indian Computer Emergency Response Team ( CERT-In ) has sounded out a sharp increase in cyber threats targeting businesses and government systems. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare The nodal cybersecurity agency under the Ministry of IT has issued a fresh set of security advisories, particularly aimed at Micro, Small and Medium Enterprises (MSMEs). 'CERT-In has detected a surge in cyber threats encompass ransomware attacks , DDoS incidents , website defacements, data breaches, and malware infections . These attack vectors, whether executed individually or in combination, pose a significant risk to the integrity, confidentiality, and availability of systems and services,' it said in a public advisory dated May 10. The nodal cybersecurity agency under the Ministry of IT has issued a fresh set of security advisories, particularly aimed at Micro, Small and Medium Enterprises (MSMEs). Recognising the limited resources and digital vulnerabilities of smaller enterprises, CERT-In has specifically called on MSMEs to implement cost-effective but robust cybersecurity protocols. "Given the constrained resources, MSMEs must adopt safeguards that are not only budget-conscious but also technically sound to ensure business continuity and protect sensitive data," another notification dated May 9 read. CERT-In has warned that organisations must stay vigilant and adopt proactive measures to mitigate potential risks. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The agency's alert underscores the need for organisations, especially small businesses that often lack dedicated cybersecurity teams, to prioritise baseline measures such as regular software patching, network monitoring, endpoint protection, and employee awareness programs.
