The Centre for Islamic Finance & FinTech (CIFFT) at NED University of Engineering and Technology has held a meeting with the State Bank of Pakistan (SBP) to explore greater collaboration in Islamic finance, FinTech, entrepreneurship, research, data, innovation and talent development. According to a LinkedIn update shared by CIFFT NEDUET, the meeting involved the SBP Deputy Governor as well as representatives from the central bank’s Islamic Finance Development Department, Digital Financial Services Group and Digital Innovation and Settlements Department. The discussion focused on creating stronger links between academia and financial-sector institutions as Pakistan’s financial ecosystem continues to adopt digital technologies and develop new financial products. SBP’s Digital Financial Services Group is among the areas overseen by Deputy Governor Saleem Ullah, whose responsibilities also include financial inclusion, information technology, human resources and finance and risk management.
Entrepreneurship and innovation emerged as important areas during the meeting, with CIFFT highlighting the opportunity to connect academic research and knowledge with the development of future entrepreneurs and technology-driven financial ventures. The collaboration could provide a platform through which students, researchers and aspiring founders gain greater exposure to developments taking place within Pakistan’s financial sector while also allowing regulators and industry stakeholders to benefit from academic research. The discussion also covered the potential development of a structured and recurring FinTech research and data initiative focused on Pakistan’s evolving financial technology ecosystem. Areas identified for potential research include digital payments and FinTech adoption, demand and perceptions surrounding Islamic FinTech, consumer trust and protection, emerging FinTech business models, regulatory and policy developments, entrepreneurship and ecosystem development, as well as human capital and future skills. The proposed approach would seek to generate evidence that can support discussions among regulators, financial institutions, technology companies and academic institutions.
The potential research initiative comes at a time when Pakistan’s financial sector is undergoing continued digital transformation. SBP recently launched the second cohort of its Regulatory Sandbox, inviting innovative solutions covering artificial intelligence in financial services, payment innovations, technology-enabled inward remittances and next-generation financial services. The central bank said the sandbox is intended to allow applicants to test innovative solutions while helping SBP refine the regulatory environment in response to emerging technologies. Separately, Pakistan’s Islamic finance ecosystem is also receiving increased attention around digital products and technology-enabled financial services. The Securities and Exchange Commission of Pakistan has published research on Shariah-compliant digital financing, highlighting the development of app- and API-driven financing models and the role of emerging fintech companies in expanding digital financial services. This broader environment creates opportunities for academic institutions to contribute research and data that can help identify consumer needs, emerging risks and areas where new financial products may develop.
For CIFFT NEDUET, the meeting represents a potential expansion of its role from awareness, training and dialogue toward a broader platform involving research, evidence generation, entrepreneurship, talent development and policy engagement. The centre said the discussions reinforced the importance of bringing regulators, academia, industry and entrepreneurs together to support responsible financial innovation. Such collaboration could also help address the skills gap by connecting academic programmes with emerging requirements in FinTech, digital payments, Islamic finance, data and financial technology. As Pakistan’s financial sector adopts new digital channels and technologies, reliable research and market data can help stakeholders better understand adoption patterns, consumer trust, protection concerns and emerging business models. The collaboration between NED University, CIFFT and SBP therefore places academic knowledge and financial-sector expertise closer together, with the potential to support future research projects, entrepreneurship initiatives and talent development across Pakistan’s evolving FinTech ecosystem.
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