To stimulate discussion on new technologies that are redefining financial services, CFA Society Pakistan has hosted several events in recent months. These have helped to position the local society as a thought-leader in the fintech debate among senior investment industry professionals and regulators.
Blockchain and Cryptoassets
Blockchain technology and cryptoassets are revolutionizing the world of alternative finance. While Pakistan is exploring the potential of this technology, it is still in its infancy in embracing this mode of investment.
To encourage debate, CFA Society Pakistan hosted a digital mini-conference entitled “The Era of Disruptive Finance: Potential of Blockchain and Cryptoassets in Investment Management Practices" on 25 February 2021.
In a series of panel discussions with leading international experts and local regulators, cryptoassets, their potential for growth worldwide, and Pakistan’s regulatory perspective on such investments were debated. It provided an opportunity for participants to engage in a rich dialogue and helped the local society to strengthen its relationships with local regulators.
The conference was attended by senior industry professionals from the financial and technology sectors, as well as academics and students.
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Bud Haslet, Executive Director, Research Foundation was instrumental in securing the speaker Matt Hougan, author of a CFA Institute research brief on Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals. Hougan, Chief Investment Officer, Bitwise Asset Management, conducted a session on the role of cryptoassets in professionally managed portfolios and discussed key takeaways from the research brief. Other speakers included Chris Aruliah, Head of Business Development, Bitstamp, and Muhammed Yesilhark, Chief Investment Officer at Q2Q Capital. The session was moderated by Ali Farid Khawaja, CFA, Chairman, KASB Securities Pakistan.
The State Bank of Pakistan (SBP) and Securities and Exchange Commission (SEC) have been actively facilitating the adoption and growth of fintech ventures in Pakistan and were also engaged in this conference. SBP launched a regulatory framework in 2019 for Electronic Monetary Institutions (EMIs), offering payment services to the public to achieve its goal of promoting digital payments and financial inclusion. The same year, SBP also devised a National Payments Systems Strategy to facilitate migration towards electronic payments, with active participation from the government.
"Financial services is being redefined due to new technologies, transformative business models, and regulatory reforms. Easier access to these services has enabled an increase in financial inclusion and better quality of lives.” – Muhammad Asim, CFA, President, CFA Society Pakistan.
Crowdfunding Potential for Startups
To help promote financial and technological innovation through new product development, CFA Society Pakistan also hosted a webinar on “Crowdfunding Potential for Startups”.
At this event, a commissioner from SEC in Pakistan highlighted the regulator’s efforts to increase financial inclusion digitally. The commissioner discussed the approval of the first technology-based crowdfunding platform in the country, which will commence live testing and experimentation under SEC’s regulatory sandbox initiative. Other projects approved by SEC include digital insurance, a digital platform for mutual funds, and roboadvisory.
Fintech 2020
Last year, CFA Society Pakistan published a report on technological innovations in the financial services industry: “Fintech 2020”. The report defines the fintech landscape, presents recent trends, and helps to explain how fintech can revolutionize the financial industry, including Islamic finance. The report has been nominated for an Outstanding Research Award by CFA Institute.
Sadaf Shabbir, CFA, CFA Society Pakistan, who orchestrated the project, stated: “Fintech is all about rearranging financial services around the consumer. It has the potential to deliver in an efficient, cost-effective, non-discriminatory, and accessible manner, thereby enabling financial inclusion. Small businesses can access credit through peer-to-peer lending, when a traditional bank may not entertain. Islamic Fintech is enabling Muslims across the globe to access financial services with ease. During Covid-19 lockdowns, fintech-enabled digital services made it possible for people and businesses alike to access funds and conduct transactions. It is a brave new world with its own set of challenges but with huge promise, no doubt.”
Fintech and Jobs of the Future
A webinar was conducted by the local society as part of its “University Connect Series”. The event focused on “Fintech and Jobs of the Future” and promoted early entry into the fintech arena by future professionals. The session was conducted by Ashar Nazim, CEO, Aion Digital.
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