NBP President Eyes Expansion: Plans First Branch in Mainland China

Beijing: In a strategic move aimed at expanding its global footprint and bolstering digital banking capabilities, the President of the National Bank of Pakistan (NBP), Rehmat Ali Hasnie, has expressed interest in establishing the bank’s inaugural branch in mainland China. This decision aligns with the broader vision under the leadership of Prime Minister Shehbaz Sharif, as part of an endeavor to seize the opportunities presented by the Belt and Road Initiative (BRI), fostering cross-border financial collaboration and advancing digital connectivity between Pakistan and China, as reported by China Economic Net (CEN).
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During his participation in the Pakistan-China Business Forum in Shenzhen, the NBP President emphasized that the proposed branch is poised to facilitate heightened trade and investment flows. Leveraging state-of-the-art digital banking technologies, it aims to deliver seamless financial services. Following the Prime Minister’s recent visit to China, Hasnie anticipates a surge in trade volume between the two nations, necessitating innovative trade financing mechanisms from banks to support this growth. Earlier this month, NBP inked a Memorandum of Understanding (MoU) with China-Pakistan International Silk Road Industry Investment Management Co., Ltd., aimed at facilitating investments in crucial projects promoting industrial cooperation and supporting the establishment of special economic zones and other sectors.

Highlighting the importance of embracing advanced digital banking platforms and fintech solutions within the context of the BRI, Rehmat emphasized, “Efficient management of financial transactions and services associated with BRI projects hinges on the adoption of these technologies.” He underscored the need for Pakistan’s banking sector to address regulatory reforms, enhance risk management, and fortify cybersecurity measures to fully harness the benefits of BRI. Emphasizing NBP’s commitment to playing a pivotal role in the successful implementation of the China-Pakistan Economic Corridor (CPEC), he affirmed, “We are actively aligning our strategies with BRI objectives, bolstering national economic growth, and fortifying our position in the regional and global banking arena.”

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