ISLAMABAD: In a stride toward advancing financial access and embracing transformative opportunities, Ethan Sun, CEO of Huawei Pakistan, held a pivotal meeting with the Federal Minister for IT & Telecom, Dr. Umer Saif. The discussions centered on the vital need to bolster Pakistan’s digital economy, a conversation resonating with Huawei’s global efforts in mobile money and fintech solutions.
Mr. Sun was accompanied by a team of Huawei’s senior representatives and sector experts, including Ian Ravenscroft, VP Huawei Fintech, Ahmed Bilal Masud, Director Subsidiary Board & Deputy CEO, and Yu Shaoning, Director Public Affairs. Mr. Sun underscored the pivotal role played by Information and Communication Technology (ICT) infrastructure and a robust digital financial ecosystem. He highlighted how this combination could significantly reduce transaction costs, enhance security, and promote financial inclusion across the nation.
Huawei is a prominent global provider of information and communications technology (ICT) infrastructure and smart devices. They specialize in four key domains: telecom networks, IT, smart devices, and cloud services. Huawei Pakistan, as an extension, plays a key role in Pakistan’s telecom infrastructure. In the recent past, Huawei has built its reputation as a digital financial service provider, providing these services to more than 300 million people worldwide. The meeting indicates Huawei’s intentions to be a part of the “digital financial revolution” in Pakistan.
In their meeting with the interim technology minister, the Huawei delegation stressed the importance of key stakeholders, such as banks, microfinance institutions, fintech companies, and telecom entities, in driving this digital financial progress. Mr. Ravenscroft emphasized the necessity for regulatory support to foster innovation, drawing attention to successful fintech models in countries like Kenya and Ethiopia.
Minister Dr. Umer Saif, expressed his unwavering commitment to establishing a secure and efficient digital payment ecosystem in Pakistan, during his remaining stay in the office. He commended Huawei’s substantial contribution to Pakistan’s ICT infrastructure, hailing it as a promising step toward a digitally connected future. Dr. Saif underscored the significance of enhancing Pakistan’s digital economy, particularly emphasizing the transition toward a cashless financial system.
The Minister assured the Huawei delegation of his determination to champion the cause of digitizing the economy. He pledged to engage with relevant ministries and departments responsible for regulating the banking sector, fintech, and telecommunications. He said that these efforts are crucial in propelling the nation forward in the digital realm.
Appreciating Huawei’s technological advancements in mobile money and fintech solutions, the Minister emphasized that digitization holds the key to extending the benefits of banking and financial empowerment to remote areas and vulnerable communities. He recognized that only through comprehensive digitization can the nation bridge the gap and ensure financial inclusivity for all.