ISLAMABAD: Jameel Ahmad, Governor State Bank of Pakistan (SBP), on Wednesday said that the unprecedented volume of data generated by digital devices highlights the potential of effective data utilization in contributing to poverty reduction, sustained economic growth, societal welfare, and improved living standards across the diverse SAARC region.
While inaugurating the SAARCFINANCE Seminar titled ‘Potential Role of Big Data in Economic Policy’, he underlined the growing role of big data in central banking, financial inclusion, and how the SBP is incorporating big data analysis in policy making.
The event brought together notable delegates, subject matter experts, and esteemed speakers from the SAARC region to discuss the implications and impact of big data in shaping economic policies.
SBP governor also shared examples of how the central bank was using big data analytics for economic analysis, leveraging satellite imagery data, and harnessing the power of machine learning algorithms for fraud detection and prevention.
He also underlined the legal and regulatory challenges related to privacy and confidentiality.
Governor for Strong Data Protection Laws
Jameel Ahmed urged for strong data protection laws and regulations and highlighted the significance of addressing the current costs linked with skilled human resources and technological infrastructure.
He called upon SAARC member countries to collaborate in developing a data-driven ethos in the region, ensuring responsive policies and inclusive benefits.
He expressed hope that regional and multilateral economic bodies, such as SAARC, could play an important role in setting industry standards and regulatory best practices for the adoption of Big Data analytics.
The event was attended by policy and market experts from reputable organizations including World Bank (WB), International Finance Corporation (IFC), International Monetary Fund (IMF), Meta, Google, and the Pakistan Bureau of Statistics (PBS).
