KARACHI, 15 July 2022 – Standard Chartered Bank conducted a roadshow for Non-Resident Pakistanis based in the UAE. This event was brought forth with the support of the State Bank of Pakistan (SBP).
The Standard Chartered network is a key enabler and gives the Bank a unique advantage in information, the ability to create synergies and unlock potential through seamlessly delivering the best products to its client base while keeping them abreast of the latest developments. The Pakistani diaspora has always been a core segment of the Standard Chartered UAE client base and regulatory initiatives like Roshan Digital have now integrated the diaspora into Pakistan’s economy. It is their commitment to the Standard Chartered brand that allows us to be a leading bank not only in the UAE and Pakistan but in countries across the world.
The event offered a unique opportunity to the diaspora to gain insights into the growth potential of Pakistan and the various initiatives and opportunities available to them while residing abroad. Key speakers included Governor SBP (A) Dr. Murtaza Syed, Rola Abu Manneh, CEO Standard Chartered UAE and Rehan Shaikh, CEO Standard Chartered Pakistan. A panel discussion also took place where pressing questions of clients related to the country’s current economic challenges and future outlook were addressed by Dr. Murtaza Syed and his colleagues from SBP Mr. Syed Irfan Ali and Mr. Ali Raza Syed.
Commenting at the occasion Mr. Rehan Shaikh, CEO Standard Chartered Pakistan said, “Non-resident Pakistanis continue to remain instrumental for the economic growth of our country, not only as a major source of foreign exchange sent across to their loved ones for sustenance but also a big source of investments. We are proud to facilitate these clients at both our locations. As the oldest, largest, and leading international bank in Pakistan, non-residents remain an integral part of our journey. This has only been possible on the back of a very progressive and forward-looking Regulator which has championed not only structural economic reforms, but also spearheaded modernization of the Banking industry with focus on digitisation, financial inclusion, and opening avenues for the NRPs.”
The Chief Guest Dr. Murtaza Syed, Governor SBP (A), “Measures taken by the Government and SBP took post covid, kept Pakistan’s economy alive and growing. We have challenges on the economic front but I am confident that things will stabilize in coming months as prudent steps are being taken to tackle the current challenge of international commodity inflation putting pressure on our forex reserves being a net importing nation.
As a progressive central bank, the State Bank of Pakistan continuously strives to keep pace with the rapidly evolving digital financial landscape. SBP has been harnessing technology and innovation to promote digitization of payments for efficiencies in banking and overall economy. In line with this vision, we conceptualized the idea of providing digital banking services to millions of non-resident Pakistanis who have given so much to Pakistan and now we want to return something back. The key features of Roshan Digital Account (RDA) are convenience, efficiency, lifestyle banking products, better and attractive offerings, all in a presence-less environment. Currently, with 14 participating banks, RDA has become a unique proposition helping NRPs conduct essential banking transactions, invest in Government securities, stocks, donate to charities, and meet their financing needs for home or car. Due to efforts of all stakeholders and the overwhelming response of NRPs, around 425,000 RD accounts have been opened from 175 countries with total funds inflow crossing USD 4.5 billion.
Encouraged by the success of digital initiatives like RDA, we are endeavouring to position ourselves in the new era of digitation not only as a regulator but also as an enabler of the financial sector, where both our NRPs and resident Pakistanis can have full control of their finances in Pakistan and that too from the comfort of their homes.”
In a time marked with political and economic change, Standard Chartered firmly believes that Pakistan has a good economic story to tell. It was an honour for the Standard Chartered franchise to arrange an opportunity for its clients to listen to first-hand views from the esteemed SBP Panel.