The Centre for Excellence in Islamic FinTech at Iqra University (IU-CEIF) has organised an industry-focused training session for participants enrolled in its Professional Graduate Certificate (PGC) in Islamic FinTech and Digital Banking, bringing practical perspectives on open banking, embedded finance and financial regulation into the programme. The session was delivered by industry trainer Saqib Bashir and focused on the topic “Open Banking and Embedded Finance: Partnerships, Innovation and Regulation.” According to IU-CEIF’s announcement, participants explored how technology is changing financial services and creating new ways for banks, fintech companies and other service providers to collaborate. The discussion covered several areas relevant to the development of digital financial services, including open banking, API-based data sharing, bank-fintech partnerships, embedded finance, regulatory sandboxes and regulatory technology (RegTech). Participants also examined the State Bank of Pakistan’s proposed Open Banking Framework, which has become an important subject in discussions about the future of financial data sharing and collaboration within the country’s financial sector. IU-CEIF said the session used practical examples, industry case studies and interactive discussions to connect the programme’s academic content with developments taking place in financial services. The activity reflects the centre’s approach of incorporating industry expertise into professional education, particularly in areas where financial technology, banking operations and regulatory requirements are evolving together. The university has not disclosed the session date, number of participants or the trainer’s detailed professional designation in the announcement.
Open banking was one of the central subjects discussed during the session. The concept generally allows customers, with appropriate consent and safeguards, to share their financial information with authorised third-party providers through secure application programming interfaces (APIs). This can enable financial institutions and fintech companies to develop services that use information held across different financial platforms, potentially supporting account aggregation, personalised financial products, improved customer onboarding and alternative credit assessments. API-based data sharing can also help banks connect with external service providers without requiring every integration to be developed through separate, closed systems. For Pakistan’s financial sector, the proposed SBP Open Banking Framework is relevant because it could establish common expectations for data sharing, customer consent, security and the responsibilities of participating institutions. However, the framework’s proposed status should be distinguished from an operational nationwide open banking system. The session also addressed embedded finance, a model in which financial products and services are integrated into non-financial platforms and customer journeys. Examples can include payments within online marketplaces, financing options offered through merchant platforms and financial services incorporated into business applications. These arrangements depend on partnerships between banks, fintech providers and businesses, with technology integrations connecting the different services. Participants were able to examine how such partnerships can create new distribution channels for financial products while raising questions about data protection, customer transparency, operational accountability and regulatory compliance. The announcement does not identify specific products or live integrations demonstrated during the session, but confirms that these subjects formed part of the learning programme.
The programme also covered regulatory sandboxes and RegTech, two areas that are increasingly relevant as financial institutions experiment with new products and digital operating models. Regulatory sandboxes provide controlled environments in which eligible firms can test innovative financial products or services under regulatory oversight, subject to defined conditions and safeguards. They can help regulators understand emerging business models while allowing participating companies to assess practical and compliance requirements before wider market deployment. RegTech, meanwhile, refers to the use of technology to support regulatory compliance, reporting, monitoring and risk management. Financial institutions may use these tools to improve processes such as customer verification, transaction monitoring, regulatory reporting and the identification of suspicious activity. These topics are closely connected to open banking and embedded finance because wider data sharing and partnerships between financial institutions and technology providers require clear governance arrangements. In Islamic FinTech, these developments also raise considerations around the structure and delivery of Shariah-compliant financial products, including how digital platforms support transparency, contractual requirements and the responsibilities of participating institutions. By including these themes in the PGC programme, IU-CEIF is exposing participants to both the technological opportunities and regulatory considerations associated with digital banking. The centre has not announced whether the session will lead to a separate research initiative, practical implementation project or further collaboration with the State Bank of Pakistan.
IU-CEIF said its objective is to bridge the gap between academic learning and industry expertise by providing participants with exposure to professionals and practical financial technology developments. The Professional Graduate Certificate in Islamic FinTech and Digital Banking is positioned around the changing requirements of financial services, where professionals need to understand not only banking products but also the technology infrastructure, partnerships and regulatory frameworks supporting them. Industry-led sessions can provide participants with perspectives beyond theoretical instruction, particularly when discussing emerging subjects such as API ecosystems, embedded financial services and digital compliance. The latest session also connects with wider discussions in Pakistan about expanding digital financial services and developing an environment in which banks and fintech companies can collaborate through more structured technology arrangements. For the sector, understanding these developments is relevant to product development, financial inclusion, customer data management and the delivery of digital banking services. Nevertheless, the announcement provides no information about additional trainers, future session dates, certification requirements or the programme’s next academic activities. It also does not confirm any formal partnership between IU-CEIF and the SBP arising from the discussion. The session is therefore best understood as an industry-oriented educational activity within the existing certificate programme, offering participants exposure to practical issues shaping Islamic FinTech and digital banking in Pakistan.
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