The Association of Chartered Certified Accountants (ACCA) has released a new report as part of Research and Insight (R&I). The report looks at the boom of Financial Technology (FinTech), its impact on the financial service landscape, and how it will offer a real opportunity for Pakistan to establish itself as the centre of global finance.
The report, FinTech - transforming finance, finds that FinTech's impact on finance and banking is as revolutionary as the internet on other areas of the economy. The rapid growth of such firms in the face of traditional regulatory models could increasingly become a barrier to success. Sajid Khan, head of ACCA International Development, says the report highlights the opportunity for Pakistan's IT sector
He said that "despite the US benefiting from a head-start thanks to Silicon Valley's global standing as an innovation centre, progress has been slowed through legislative and licensing hold-ups. This has really opened the door for other markets where a combination of supportive regulatory framework and high digital investment is allowing the sector to flourish. Given the development of a highly skilled IT sector in Pakistan in recent years, which could be worth $11 billion over the next five years, the potential restructuring of the global finance sector offers a real opportunity."-PR