The Government of Pakistan and Standard Chartered Bank have discussed potential areas of future cooperation including tokenization, international Sukuk, financing opportunities and capital market transactions linked to the government’s privatization programme. The discussions took place during a meeting between Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb and Standard Chartered Bank Chief Executive Officer Bill Winters in London on September 29, 2026. According to the Finance Division and Pakistan’s Press Information Department, the meeting covered Pakistan’s ongoing structural reforms, recent macroeconomic developments and possible areas where Standard Chartered could support future financing and capital-market activity. The government said tokenization and international Sukuk were among the areas discussed, alongside other financing opportunities. The meeting also included Prime Minister’s Advisor on Privatisation Muhammad Ali and Advisor to the Finance Minister Omer Khan. The discussions bring together conventional capital-market financing, Islamic finance and emerging digital financial infrastructure, with tokenization included as one of the potential areas for future cooperation rather than as an announced transaction or launched programme.
Tokenization refers broadly to the representation of assets or financial instruments through digital tokens, potentially allowing ownership or claims connected with those assets to be recorded and transferred through digital infrastructure. The subject has become increasingly relevant to financial institutions as banks and capital-market participants explore applications involving deposits, securities and other financial instruments. Standard Chartered has itself been involved in international tokenization initiatives. In August 2026, Standard Chartered and HSBC completed a live cross-border transaction involving tokenized deposits through Swift’s blockchain-based ledger, demonstrating interoperability between regulated bank-issued digital deposits. Standard Chartered has also discussed tokenization and digital assets in the context of Islamic finance, noting that tokenization could support greater efficiency and cross-market investment when accompanied by appropriate legal, custody, interoperability and governance arrangements. Against this backdrop, the discussion with Pakistan’s Finance Minister indicates that tokenization is being considered among possible areas of cooperation between the government and the international bank. However, the government announcement does not specify a particular tokenized asset, platform, issuance structure or implementation timeline.
International Sukuk was another key area discussed during the meeting. Sukuk are Shariah-compliant financial instruments commonly used by governments, financial institutions and companies to raise funds. Pakistan has previously used international Sukuk as part of its external financing strategy, while regulators have also been working on measures to develop the domestic Islamic capital market. The Securities and Exchange Commission of Pakistan has highlighted the development of the Sukuk market and digital delivery of financial products as areas relevant to expanding access to investment opportunities. Standard Chartered’s global Islamic banking business has separately identified Sukuk and Islamic finance as channels connecting capital across regions, including South Asia. The bank said in August 2026 that only a portion of global Sukuk capital currently reaches South Asia and Africa, while digital infrastructure and tokenization could become increasingly relevant to Islamic finance as regulatory and governance frameworks develop. The latest discussions therefore cover both established Islamic financing instruments and newer digital structures, although no specific Sukuk issuance was announced as a result of the meeting.
The two sides also discussed potential capital-market transactions that could support the government’s privatization programme, including opportunities on both the buy-side and sell-side. The Finance Ministry said Standard Chartered’s investor network across Europe, the Middle East and Asia could support continued investor outreach and improve Pakistan’s visibility in international markets. The discussions form part of broader engagement between Pakistan and international financial institutions around financing, investment and capital-market activity. For NextWallet.money readers, the tokenization component is particularly relevant because it connects emerging digital financial infrastructure with traditional areas such as government financing and Islamic capital markets. At this stage, however, tokenization remains a future area of cooperation identified during the meeting, rather than a confirmed Pakistani government tokenization project or Standard Chartered transaction. Further details would be required regarding the assets involved, regulatory framework, technology infrastructure and implementation structure before any specific initiative can be assessed. The meeting nonetheless places tokenization alongside international Sukuk and capital-market financing in discussions about potential future cooperation between Pakistan and Standard Chartered.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
