Page 10 - CMA Journal (Jan-Feb 2026)

EXCLUSIVE INTERVIEW

Exclusive Interview

“
Pakistan Virtual Assets Regulatory

Authority (PVARA), has been working

to support the creation of an enabling
environment for virtual assets in

Pakistan. SBP, along with major

stakeholders, is providing necessary

support to PVARA in the development

of policies and regulations “

Mr. Saleem Ullah, FCMA

Deputy Governor, State Bank of Pakistan (SBP)

ICMA: Raast processed 544 million transactions QR codes have made Raast easy to adopt for individuals
worth Rs. 12.8 trillion in Q1 FY26, with 90% of retail and merchants alike.
payments digital. How are you making it seamless for
As a way forward, SBP is working with the industry to
everyday users, and what’s next to expand its reach
expand Raast QR acceptance, particularly among small
nationwide?
retailers and merchants. There are other ongoing
enhancements to Raast to facilitate inclusion of
Deputy Governor: Let me clarify that as per the data
government payments, salaries and social transfers.
published by State Bank for Q1 FY26, 2.5 billion
SBP’s continued focus on consumer protection and
payments worth PKR 55 trillion were conducted through
dispute-handling frameworks has strengthened public
digital payment channels; which represent a 90% share
confidence in using Raast for everyday transactions.
in total retail payments conducted through banks and
EMIs. Out of these, 544 million transactions worth PKR In the medium term, SBP is exploring linkages that could
12.8 trillion were conducted through Raast. enable low-cost connectivity with regional and
international instant payments, particularly for
At SBP, our focus has been to make Raast simple, reliable remittances. Buna-Raast Integration is one of such
and inclusive for everyday users, while ensuring it scales initiatives aimed at facilitating low-cost instant
effectively nationwide. With this perspective in mind, payments from Arab countries. At the same time, SBP is
Raast is fully interoperable across banks, microfinance encouraging banks and fintechs to build value-added
banks, EMIs and wallets, allowing users to send and services through direct and indirect participation with
receive payments instantly using Raast IDs based on Raast while keeping the core payment rail open and
mobile numbers. Furthermore, by offering near-zero interoperable.
transaction costs and real-time settlement, Raast has
Overall, SBP’s strategy is to keep Raast as a public digital
removed key friction points that previously discouraged
utility which is secure, inclusive and innovation friendly

digital retail payments. At the same time, simplified
so that it continues to serve as the backbone of Pakistan’s
account linking, intuitive app journeys and standardized
digital payments ecosystem.
8 ICMA’s Chartered Management Accountant, Jan-Feb 2026