CIFTIS opens new avenues for boost China-Pakistan banking ties
China Economic Net
Beijing: The China International Fair for Trade in Services (CIFTIS) has emerged as a pivotal platform, fostering enhanced financial cooperation between Chinese banks and their international counterparts, said Shaikh Muhammad Shariq, Vice President of National Bank of Pakistan (NBP) and Chief Representative in China.
Addressing a seminar titled “Investment in Pakistan,” Shaikh Shariq said that this year’s fair not only showcases innovative financial services but also facilitates meaningful dialogues and partnerships aimed at strengthening global financial ties, particularly for NBP.
“As the National Bank of Pakistan seeks to navigate an increasingly interconnected world, CIFTIS offers a unique opportunity to explore collaborative ventures that can drive mutual growth and stability in the financial sector,” he added.
He said that NBP can leverage the opportunity to showcase its services, connect with potential business partners, and explore new avenues for collaboration with Chinese financial institutions.
“We are constantly working on technology upgradation to position ourselves as a digitally competitive, agile, and secure bank driven by data and innovation. The upgrade of the core banking application will continue through 2024, alongside the strengthening of our cyber security. Substantial investment in hardware and software will continue this year,” he stated.
He mentioned that with a total asset base of PKR 6.7 trillion (USD 23.6 billion) and accounting for 14% of total industry assets, NBP is the highest capitalized bank in Pakistan with PKR 382.8 Bn (USD 1.36 Bn) in net assets.
This year, NBP has participated in two major locations of CIFTIS: the Shougang Park where NBP presents its portfolio with all international banks, and the main National Convention Center.
It is to be noted that Shougang is the main venue for financial institutions to present their services in CIFTIS 2024, which is scheduled from September 12-16.
