The Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) on Wednesday organised a seminar on "Digital financial services". Tughral Turaab Ali, leader of globalized financial services, said that SME sector can attain sustainable growth by utilizing digital financial services. He discussed three major aspects of financial inclusion through digital banking which are e-commerce, micro-insurance and micro-finance. The main agenda of this seminar was to introduce contemporary techniques and ideas for improved financial services.
He said the concept of micro-insurance and micro-finance is to provide digital services for the indigent people. Through digitization of services, we can provide a better and comfortable life to the common people of our country, he said, and placed the idea of micro-insurance by presenting a plan for the poor farmers of Pakistan. He said by charging 50 rupees extra on the actual price of fertilizers and pesticides we can provide micro-insurance to such type of working class. We will save their extra money and will provide them in the hour of need, he added.
The second aspect of digital financial services which he discussed was "Micro-Finance" for the awareness and facilitation of small and medium enterprises. He said through micro-financing unemployment can also be eradicated. By introducing digital wallets, we can analyze and monitor the expenditure or usage of money of the respective people to get information about whether they are needed or not.
Talking about the third aspect "E-Commerce", Tughral said this aspect will prove to be very fruitful for women and less educated people because it is focused on cottage industry. Through this idea, small home-based business like, rug making, hand-made jewelry, patch-work, knitted garments can be settled for the uneducated people and the villagers, he said.
PCJCCI Chairman Standing Committee on Financial Service Dr Iqbal Qureshi said that the seminar on digital financial services was part of the series of PCJCCI awareness campaign on modern techniques of financing. He asserted that such discussions were required to share contemporary techniques and ideas among the business community to bring reform in doing business in our country. Through digitization of services and financial inclusion, we can increase the volume of our economy and connect the masses to eradicate unemployment and poverty.
PCJCCI vice president Ahmed Hasnain said that PCJCCI was determined to make technological advancements for the better and prosperous Pakistan.
He was confident that the modern concepts like digital financial banking would help address the unemployment, poverty and illiteracy in the country. On the other hand, by practising the features of micro-finance, micro-insurance and e-commerce SME sector would get an ease for growth and sustainability.
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