ISLAMABAD, March 7 (Xinhua) -- Pakistan's central bank governor said that the unprecedented volume of data generated by digital devices underscores the potential of effective data utilization in contributing to sustained economic growth, societal welfare, poverty reduction, and improved living standards across the diverse South Asian Association for Regional Cooperation (SAARC) region.
Governor of the State Bank of Pakistan (SBP) Jameel Ahmad made the remarks here on Wednesday during a seminar on SAARC Finance titled "Potential Role of Big Data in Economic Policy."
The official called upon SAARC member nations to collaborate in building a data-driven ethos in the region, ensuring inclusive benefits and responsive policies.
He expressed optimism that multilateral and regional economic bodies, such as SAARC, could play a crucial role in setting industry standards and regulatory best practices for the adoption of big data analytics.
Ahmad shed light on the growing role of big data in central banking and financial inclusion and on how the SBP is incorporating big data analysis into policymaking.
The governor also shared specific examples of how the central bank uses big data analytics for economic analysis, leveraging satellite imagery data, and harnessing the power of machine learning algorithms for fraud detection and prevention.
The SAARC comprises eight member states, namely Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. ■
