Pakistan’s Minister of State and Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has highlighted the role of digital finance, artificial intelligence and tokenization in expanding financial inclusion across emerging economies during an 81st United Nations General Assembly (UNGA) high-level side event in New York. Speaking at an event focused on social business, youth and technology, Saqib discussed the continuing financial access gap affecting populations across the Global South and argued that emerging technologies could help address some of the structural barriers that have limited participation in formal financial systems. His remarks connected financial inclusion with the growing availability of digital tools, particularly mobile phones, AI-based systems and blockchain-enabled financial infrastructure. According to the points presented during his address, around 1.3 billion people remain outside formal financial institutions, while approximately 900 million people among this group have access to mobile phones. Saqib suggested that mobile devices could increasingly serve as gateways to financial services if appropriate regulatory frameworks and digital infrastructure are established. He also highlighted the cost of international remittances, noting that migrant workers can face fees of around six percent when sending money home. The discussion placed digital finance within a broader conversation about how technology can reduce barriers to financial participation and connect individuals and businesses with services that have traditionally depended on conventional banking infrastructure.
Saqib also referred to the experience of microfinance and the well-known 1976 initiative in Jobra, where a young economist provided $27 to 42 women who had been unable to obtain capital through traditional banks. He used the example to illustrate how relatively small amounts of capital can create opportunities when financial systems reach communities that remain underserved. From there, his address shifted toward the present financial landscape, where AI and digital assets are increasingly being considered as components of new financial infrastructure. Saqib said artificial intelligence could work alongside professionals by processing large volumes of information in areas such as healthcare, agriculture and law, particularly in economies where legacy infrastructure remains limited. He also pointed to tokenization as a mechanism that can support smaller investment opportunities and faster settlement through digital assets such as stablecoins. Tokenization involves representing assets or financial interests digitally, potentially allowing transactions and investment structures to be divided into smaller units. Stablecoins, meanwhile, are digital assets designed to maintain a relatively stable value, generally by being linked to an underlying currency or other reference asset. The combination of these technologies with appropriate financial regulation could create additional channels for payments, investment and access to capital, although their effectiveness depends on the regulatory and infrastructure frameworks in which they operate.
The discussion also touched on Pakistan’s changing approach to virtual assets and digital finance. Saqib said Pakistan had moved away from an earlier restrictive position on digital assets and was now examining how virtual assets could connect local businesses with international sources of capital. He presented this transition as part of a wider effort to explore how emerging financial technologies can contribute to economic participation across developing markets. His remarks are particularly relevant as Pakistan continues developing its regulatory framework for virtual assets through PVARA and related policy initiatives. Rather than treating digital assets solely as a technology or investment issue, the UNGA discussion placed them within broader questions surrounding remittances, access to capital, financial inclusion and economic participation. For businesses and individuals in emerging markets, developments in tokenization and stablecoin-based settlement could potentially create additional financial channels, although adoption will depend on regulations, consumer protections, market infrastructure and the ability of institutions to integrate these technologies responsibly. The emphasis on regulation is particularly significant because wider access to digital financial products requires clear rules governing participants, transactions and the protection of users.
Saqib concluded his address by focusing on the role of young people in shaping the next phase of technology and economic development. He argued that the widespread availability of smartphones and digital tools has changed the economics of building technology-based solutions, giving individuals access to capabilities that were previously concentrated within larger institutions. His message positioned youth participation alongside AI, digital finance and emerging technologies as important elements of future economic development. The UNGA appearance also reflects the growing international discussion around how the Global South can participate more directly in emerging technology and financial systems rather than remaining primarily a consumer of solutions developed elsewhere. For Pakistan, the discussion comes as virtual assets, blockchain infrastructure and digital financial services become increasingly relevant to conversations around investment, remittances and access to international capital. The focus on AI and tokenization at the UNGA event therefore connects Pakistan’s evolving digital asset policy discussions with a wider global debate about technology, financial inclusion and the participation of emerging economies in the digital financial system.
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