Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman and Minister of State Bilal Bin Saqib met Mastercard Division President for East Arabia Mark Elliott on November 5 to discuss opportunities emerging from the convergence of traditional financial systems and digital-asset technologies. The engagement focused on blockchain-enabled financial infrastructure and its potential applications in cross-border payments, remittance services and the responsible tokenisation of financial assets. The discussions also examined how emerging technologies could expand access to modern financial services for individuals and businesses. The meeting reflects growing engagement between Pakistan’s virtual asset regulator and international financial technology organisations as the country explores the role of digital assets within its wider financial system. Rather than announcing a specific commercial agreement or product launch, the meeting centred on potential areas of cooperation and the importance of developing financial infrastructure that connects emerging technologies with established banking and payment networks. Both sides also considered how innovation could deliver practical economic benefits while operating within appropriate regulatory and institutional safeguards.
A major focus of the discussion was the potential use of blockchain-based infrastructure to improve international payment flows and remittance efficiency. Pakistan receives more than $40 billion in annual remittances, making cross-border financial services an important area for technological development. More efficient payment infrastructure could offer benefits to overseas Pakistanis sending money home, as well as freelancers, small businesses and financial institutions involved in international transactions. Blockchain technology and digital-asset infrastructure are increasingly being examined for their ability to support the movement and representation of value across financial networks. The responsible tokenisation of financial assets was another area discussed during the engagement. Tokenisation involves representing ownership or claims over assets through digital tokens on a blockchain-based system, potentially supporting new ways to issue, transfer and manage financial instruments. However, the practical use of tokenised assets depends on clear ownership arrangements, legal recognition, custody mechanisms and regulatory oversight. The meeting did not announce a specific tokenisation project, remittance corridor or implementation timeline, but identified these areas as opportunities for further engagement between financial institutions and technology providers.
The two sides also exchanged views on global developments in digital payments, cybersecurity and financial integrity. These issues remain important as financial institutions and regulators assess how emerging digital-asset systems can operate alongside conventional banking infrastructure. While blockchain-based services may introduce new methods of transferring and managing value, their adoption also requires safeguards against financial crime, operational vulnerabilities and misuse. Regulatory frameworks therefore need to support responsible innovation while protecting consumers and maintaining financial stability. Bilal Bin Saqib said the next generation of global financial infrastructure is being built today and that Pakistan has an opportunity not only to participate in this transformation but also to help shape how emerging economies benefit from it. He said the priority is to translate technological innovation into real economic value for citizens, businesses and the wider economy. He further emphasised that cooperation between established financial institutions, technology providers and regulators would increasingly determine the future of finance. His remarks underline PVARA’s interest in connecting Pakistan’s digital-asset development with broader financial infrastructure and international industry engagement.
The engagement also reflects PVARA’s continued focus on international dialogue, institutional capacity-building and the development of a transparent and secure regulatory environment for virtual assets in Pakistan. Coordination with relevant national authorities will remain important as the country considers how digital-asset activities can interact with the existing financial system. Mastercard’s involvement in discussions on blockchain infrastructure, cross-border payments and tokenisation provides an opportunity to exchange perspectives on international payment networks and the requirements for responsible financial innovation. For Pakistan, the potential applications extend beyond digital-asset trading to include remittance services, payment infrastructure and new forms of financial asset management. However, translating these possibilities into operational services will require further work on regulation, technology, consumer protection and cooperation among relevant institutions. No formal partnership, investment commitment or rollout plan was announced following the meeting. The discussion nevertheless highlights the growing importance of collaboration between regulators and established global financial organisations as Pakistan evaluates the role of blockchain and digital assets in its future financial infrastructure.
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