ISLAMABAD (Kashmir English): Pakistan has made an additional progress towards the digital finance ecosystem with the Ministry of Finance’s signing a Memorandum of Understanding (MoU) with SC Financial Technologies LLC, which is an associated company of World Liberty Financial, to work together on the emerging digital payment structures including the possible use of the firm’s stablecoin, USD1 for international transactions.
The Finance Minister and SC Financial Technologies CEO signed the agreement. FM Asim Munir attended the ceremony. SC Financial Technologies’ delegation also met PM SS.
The MoU is to set up a formal dialogue and enhance the technical cooperation on the secure, legal, and open digital payment infrastructure, as well as the new methods in cross-border payment and currency exchange.
A group of people under the leadership of Zachary Witkoff, the CEO of SC Financial Technologies LLC, had a meeting with the top officials of Pakistan to tell about how different countries are adopting regulatory measures and the technology changes in digital payments and settlement systems.
The officials announced that the engagement signals the increasing importance of Pakistan in the international digital finance landscape, with World Liberty Financial already having one high-level dialogue round and its second round already coming up in the country.
The analysts from the industry perceive the step as a signal that Pakistan is being regarded as a possible early partner jurisdiction to try the new digital payment models, including that of the USD1 stablecoin.
The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, who was commenting on the issue, said Pakistan will always be a step forward in determining the finance industry’s future.
“Pakistan is aware of the fact that the future of finance is in the making today. Our strategy is to go on the offensive by teaming up with reliable global players, getting a grip on new financial models, and making sure that the innovation, when it comes to the regulation, stability, and the national interest, is aligned.”
