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rather it’s a vivid reality of our times. Like all other revolutionary concepts or previous
revolutions, in generic sense, this Industrial Revolution has its own disruptive factors like
artificial intelligence, blockchain, quantum computing, internet of things, autonomous
vehicles, robotics and many more. Few fantasies have been realized, few are in process and
few are coming on the way as it’s a long way to go but it’s quick also in terms of unfolding of
inventions and innovations. Private sector, as always, is major contributor and consumer
market is also thriving irrespective of worldwide financial crunch that’s actually the beauty of
a revolution, the lime light, the attraction and the ease of doing things using latest means.
Here comes our suggested Gateway for State Institutions and it’s
that more consideration and investment should be made on
Regulatory Technologies (RegTech). Dialogue was initiated with
reference to following factual points elaborated by Mr. Abbas
Ansari, CEO NIMIS:
1. During April 2018 State Bank of Pakistan (SBP) issued two
Circulars i.e. BPRD Circular No. 03 of 2018 and FE Circular
No. 03 of 2018. As per mentioned Circulars all banks, DFIs,
Microfinance Banks, Payment System Operators (PSOs),
Payment Service Providers and Exchange Companies
were advised to refrain from processing, using, trading,
holding, transferring value, promoting and investing in
virtual currencies and tokens. Mr. Abbas Ansari - CEO | NIMIS
After issuance of mentioned Circulars during the period of
one year regulatory authorities (RAs) and law enforcement agencies have taken
actions against certain individuals and companies. Most recent action was taken by
Securities and Exchange Commission of Pakistan (SECP) against 09 companies who
were dealing in cryptocurrencies. Although these actions were taken for the sake of
good in the society and prevention of illegal practices in economy but certain actions
by LEAs have also created a sense of insecurity within Industry and specifically those
professionals working in blockchain technology.
2. It is a fact that transparency and accountability can be ensured with maximum
accuracy if systems are more and more digitized. Blockchain technology and artificial
intelligence can play a vital role in this regard.
Session Report: RegTech Panel Discussion
3. IOT products are pouring into our lives now either it is industry or homes. Meanwhile
a key questions is arising that who’s ensuring inherent security within them?
4. Understanding the need of time and complying with FATF guidelines our State has to
take continuous steps to counter money laundering and terrorist financing. To serve
the purpose LEAs and RAs have to take important steps and we are raising a question
for the Dialogue that how technologies of 4IR can play their role in this perspective?
5. Financial transparency within economy is key for sustainable growth and development
of our State. SECP, SBP and FBR are related RAs and our question for the discussion
is how can blockchain technology and artificial intelligence complement objectives of
mentioned RAs.
Panelists of the Discussion - From Left to Right: Mr. Abdul Rahim Ahmad, Mr. Ali Saqib, Dr. Talha Ali and Mr. Rafay Baloch
NIMIS conducted this Dialogue Session themed “RegTech: Suggested Gateway for State
during 4th Industrial Revolution” on April 06, 2019 during Global TechBiz Leaders Summit in
Quad-e-Azam Auditorium of IIU Islamabad. Panelists of the Discussion were:
- Mr. Abdul Rahim Ahmad from Securities and Exchange Commission of Pakistan
- Mr. Ali Saqib from State Bank of Pakistan
- Mr. Rafay Baloch from Pakistan Telecommunication Authority
- Dr. Taha Ali from National University of Science and Technology
Discussion was moderated by Advocate Zeeshan Riaz who is practicing digital crimes lawyer
and have keen understanding of regulatory affairs and digital space. Discussion was started
with question to Dr. Taha on required steps by academia in perspective of modern technology
and required regulations. Dr. Taha emphasized on the role of Pakistan Engineering Council
to take necessary steps for review and revision of engineering curriculums in our universities.
Mr. Rafay Baloch was asked on IOT security and required regulations. Mr. Baloch elaborated
the idea of security with respect to IOT based products and proposed a solution to serve the
purpose that there must be a centralized body to validate security measures within IOT based
products.