Pakistan creeps into digital age

Bank study has suggested that only 12% of the adult population of Pakistan has access to formal banking services, while only 24 million people hold bank accounts, says the Express Tribune.

According to Pakistan Telecommunication Authority (PTA) chairman Dr Mohammed Yaseen - speaking during the 4th International Mobile Commerce Conference - only technology in Pakistan can bridge the digital divide.

He said mobile money was still in its emerging phases and there was consensus that regulations must be designed and implemented gradually as the industry expands and matures - an approach that seeks to respond to risks in the mobile money space as they emerge.

"Our regulatory responses should then be proportional to the risks," Yaseen remarked, adding that another critical concern will be consumer trust, writes Business Recorder.

According to the International News, PTA and the State Bank of Pakistan will finalise third-party mobile banking regulations this year to facilitate cellular banking in the country.