CONTENTS · Senior Management Expertise. However, the enabling environment in Technology needs to...

CONTENTS

1 Key takeaways Executive Summary Pg. # 1

2 Science Fiction Becomes Reality Khursheed Kotwal Pg. # 3

3 Can the “Fourth Industrial Revolution” (4iR) be a game changer for Pakistan?

Prof. Atta-ur-Rahman Pg. # 3

4 Global Governance and The Fourth Industrial Revolution Jennifer K. Thomson Pg. # 4

5 Digital Economy -World Bank Perspective Patchamuthu Illangovan Pg. # 5

6 What 4iR means to cities and governments Syed Murad Ali Shah Pg. # 6

7 A glimpse into the future of our world. How companies are embracing this change?

Moneeza Butt Pg. # 6

8 The 4iR & You. How I can stay relevant Paul Keijzer Pg. # 7

9 Technology transforming E-Commerce Sadaffe Abid Pg. # 8

10 Threats & equal opportunities of the 4iR. Qurat ul Ain Hadi Pg. # 9

11 The Future of FinTech Yusuf Hussain Pg. # 11

12 What leaders need to know of Crypto Currency Farrukh Rehman Pg. # 12

13 Digital Payments vital to Economic Growth Quanita Ali Khan Pg. # 13

14 Artificial Intelligence & Internet of Things will transform the way we live & work

Kanwal Masroor Pg. # 14

SCALING THE FOURTH INDUSTRIAL REVOLUTION – December 14, 2017

CA Women’s Committee’s Leadership Summit Page 1

Key takeaways Executive Summary Key message: To scale up the 4IR technological advancements we need thorough risk based narrow regulations, less taxation, less government and less litigation.

The takeaways of the summit are compiled in three broad areas that include – policy reforms, areas of collaboration with sectors and areas for technical assistance.

I. Suggested Policy Reforms A. Digital Finance: Market experts identified dynamic and sustainable financial-services

markets with agile regulation as a relatively weak area and suggested following to be explored for robust digital platform; Governance, Risk, Compliance and Security (GRCS) of firms trying to keep pace with

technological advancements; Innovation profiling and providing advisory services to banks and corporates as to

how they can transform themselves; Regulations for due diligence of corporate Venture Capital Investments into

startups, acquisitions of Startups, future IPOs; and Budgetary recommendations to Government for introducing conducive regulations

to support new business models.

B. Privacy and Security: The concern regarding data secrecy/cyber threat is the primary risk faced by the SBP as financial sector regulator to accelerate towards digital finance technologies in an accelerated mode.

Limitations imposed by Banking Companies Ordinance, 1962 specifically in terms of customer confidentiality is also hindering the utilization of cross border cloud computing technologies.

To address the risk, the experts suggest instituting a data privacy legal framework to address and implement data protection, which protects human rights and privacy without stifling innovation in Pakistan, such actions may include,

Creating sectoral regulatory guidelines Collaborate with industry to come out with sector specific guidelines on privacy,

security and ethics – for manufacturing, financial services, identity, telecommunication, robotics etc.

II. Areas of collaboration with the sectors

A. Agriculture Sector: Use of technological platforms in agriculture projects can be

explored to connect rural farmers with market places such as Mandi Express in Pakistan which uses technology to connect rural farmers directly to urban customers.

B. Financial Inclusion and Women Entrepreneurship: Linking projects of financial inclusion, SMEs and micro borrowers with the platforms, such as an online market place for women to provides earning and growth opportunities to women entrepreneurs and women owned businesses. For example, platform like SHOEPS provide platform, where home based women have been able to monetize their talents turning them into businesses thereby increasing the financial inclusion of women in the entrepreneurial work space.



C. Skill and Education Sector: Exploring IBM education model for associate level degree program (grade 9 to 14) in applied science, engineering, computers and related disciplines, along with the skills and knowledge. Such model has proven an easy entry into well paying, high potential jobs in the information technology arena for multiple industries. IBM in partnership with corporate partners shape the curriculum that made students at the head of the line when they apply for entry level jobs after graduation. In this way, youth will be contributing to the economy and GDP as soon as they are out of educational institutions.

III. Areas for Technical Assistance

Training for Board of Directors: Studies show that less than half of the Board Members take interest in cyber security or IT security issues as they take it as an IT risk rather than considering the same in context of a business issue. Awareness and training of board of directors and audit committee member can play a vital role for appropriate risk management strategies.



SCIENCE FICTION BECOMES REALITY

KHURSHEED KOTWAL CEO AASMAN INTERNATIONAL

1) Artificial Intelligence, Internet of Things, 3D Printing, Block Chain and FinTech will drive the future and these areas require significant training and developmental work.

2) Pakistan has tremendous potential to scale the 4th Industrial Revolution (4IR) as it has the right mix of pre-requisites:

Youth Bulge; Right Talent; and Senior Management Expertise.

However, the enabling environment in Technology needs to be created with proper alliances.

3) Startups, Incubation centers and Innovations need to be promoted in Pakistan.

4) Role of the Government is significant especially in the area of Cyber Security and Startups. Proper regulatory environment needs to be ensured to nurture and promote technological advancement.

CAN THE 4IR BE A GAME CHANGER FOR PAKISTAN?

PROFESSOR ATTA-UR-RAHMAN CHAIRMAN - UN COMMITTEE ON SCIENCE TECHNOLOGY AND INNOVATION

1) The 4th Industrial Revolution (4IR) is a ‘Revolution of the Mind’ emerging from knowledge and creativity. In order to benefit the most from this revolution, substantial investment is required to be made in the education sector across all levels (including primary, secondary, tertiary and higher education).

2) The present world is pre-dominantly knowledge driven with revolutionary developments going on at a fast pace in the field on Bio-technology, Materials Engineering, Nano Technology, Energy Engineering etc. with so much going on in almost every field that truth has become stranger than fiction.

Most noticeable technology focus points in the present era include understanding and reversing the Ageing Process, Stem Cell technologies for repairing human organs, 3D Printing of Organs, Quantum Computing, development of Metamateirals and Intelligent Materials, Nano medicines, Nano electronics, Bucky Balls, Solar Cells, Electric Cars etc.



3) A knowledge based approach is required to be enthused amongst the masses in order to reap the maximum benefits of the 4IR since socio-economic development is no longer dependent on natural resources and KNOWLEDGE is now the key driving force of world economies. Those countries which have realized that their real wealth lies in unleashing the creative potential of their human resources are the countries which are taking reins of the future in their hands.

4) Science is a lucrative profession in Pakistan and we need to excite young minds about the wonders of science since it is about time that the nation starts investing heavily in its future generation as the way forward for Pakistan is to nurture and develop its ‘real resource’ where the actual worth lies.

GLOBAL GOVERNANCE AND THE FOURTH INDUSTRIAL REVOLUTION

JENNIFER K. THOMSON CHIEF FINANCIAL MGT. OFFICER, DIRECTOR POLICY & COUNTRY SERVICES, THE WORLD BANK

To help address the challenges and opportunities of the 4th Industrial Revolution (4IR), focus is required to be directed towards the following imperative elements:

1) The Government’s response to the 4IR is very crucial as rapid paced innovative technologies present a colossal challenge to the Government, particularly with regards to the readiness on note of prompt adaptability of new trends by keeping abreast with the modern technologies.

For an active monitoring and controlling of the technological advances, an up-to-date understanding is vital, otherwise the Government may start to fall behind in their core responsibilities of providing and overseeing the following:

Efficient and effective delivery of services to all citizens;

Effectively supporting the efficient operations of markets;

Creation of jobs; and most importantly

Supporting an inclusive and sustainable development.

2) The importance of obtaining and implementing international standards of effective regulatory practices cannot be ignored. There has been a lot of progress made in the legal framework and structure of capital markets in Pakistan and in the next step the full adoption of International Financial Reporting Standards (IFRS) particularly in the banking and power sector should be focused upon given its importance in terms of universal understanding and comparison of financial information for cognizant decision making on an international level.



3) The importance of inclusiveness in the Accounting and Auditing profession cannot be emphasized enough particularly with regards to the role of women in the profession. Key challenges that the profession in Pakistan face in this regard is low rate of female representation in the accountancy profession which requires immediate and continued attention because inclusiveness brings balanced views which contribute towards the future development of accountancy profession on a national as well as international level.

Challenges and opportunities of 4IR can be met when the Government is ready to adapt and take appropriate steps to respond and keep up with the rapid pace of development. Further, adopting of International Standards is also a key element which configures the way in which we communicate the financial information in a uniform manner regardless of technological improvements. Finally, concrete steps need to be taken in order to recognize the importance of the role that women can play in the accountancy profession.

DIGITAL ECONOMY - WORLD BANK PERSPECTIVE

PATCHAMUTHU ILLANGOVAN COUNTRY DIRECTOR PAKISTAN, THE WORLD BANK

4th Industrial Revolution (4IR) offers great opportunities for Pakistan, however, there are some staid structural reforms that need to advance at a fast pace. Further, heavy investments are required to be made in the human capital base of the country. 4IR can help Pakistan in the following ways:

1) In terms of job creation, more labor force is entering the market than actual work opportunities that the economy can create in terms of jobs which means that there is a widening gap that needs to be filled. Further, the gender disparity needs to be closed as it is troubling to note that the female labor force participation stands at a meager 23%. These gaps can be effectively closed by exploiting the opportunities created by 4IR.

2) 4IR can help Pakistan in closing the digital divide between urban and rural areas. Initiatives have been taken for rural development, particularly in the agricultural sector where farmers are being connected to internet smartphones so that they have direct access to the consumer of their products. Resultantly, e-commerce platform of today has tremendous potential of transforming lives in rural areas, thus closing the digital divide.

3) Building a much stronger human capital whose skills and competencies can ultimately become the biggest export for the Country. Its time to invest in our children. In the 4IR what you really require is the cognitive skills and one particular constraint to Pakistan is the level of childhood stunting which is an approximate 44% for which rectification measures need to be taken urgently. Government needs to spend more in health and education as well as invest more in education which needs to rise significantly as a percentage of the country’s GDP.



WHAT 4IR MEANS TO CITIES AND GOVERNMENTS

SYED MURAD ALI SHAH CHIEF MINISTER, SINDH

Government of Sindh is a strong advocate of supporting women in every field because they play a pivotal role in the progress and development of Pakistan. The relevance of women and their professional competency in different fields of work cannot be ignored and keeping this fact into consideration, ‘The Department for Women Development’ working under the Government of Sindh has devised an active provincial policy for women development and also supports women in the field of business.

4IR is making a great impact all over the world. Countries which have not kept up with the advancement and technology have been left behind and this is the reason why we need to capitalize on our human resources and make the most out of them as we have got great brains all around the world. China has the highest population in the world and they have utilized this huge human capital through capacity building which is the reason that they now have the biggest technology company in the world. This is exactly what Pakistan needs to replicate in order to become a market leader.

Forums, Seminars and Conferences for promoting the technology advancement are very important as their outcomes help the entrepreneurs because businesses have changed altogether. The advancement in technology has revolutionized the way we think and operate in the modern world and therefore we need to keep up with the developments in the first place. Government of Sindh is working on keeping abreast with the developments in technologies and expects the same from the citizen of Pakistan on a nation-wide level.

A GLIMPSE INTO FUTURE OF OUR WORLD. HOW COMPANIES ARE EMBRACING THIS CHANGE?

PANEL DISCUSSION MODERATED BY MONEEZA USMAN BUTT PARTNER KPMG INTERNATIONAL

1) Fourth Industrial Revolution (4IR) effects have already struck the Banking industry where innovative models of branchless banking are seeing the light of the day. In this respect, banking industry tends to view startups and FINTECH as an opportunity and area of collaboration rather than as a threat.

2) On the smart Manufacturing side, there have been break throughs internationally and it will not be long where such innovations are brought home locally to reap the benefits of efficiency and less error prone procedures.

3) In the Education sector, it is an area where educational institutions could consider increasing the outreach of schooling via technology and virtual class rooms. Startups need proper guidance and carry through mechanisms and to be linked with the relevant investors for which there are organizations promoting them.

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4) With regard to Small and Medium Enterprises (SMEs), a lot more to bring them under the ambit of the technology needs to be done. They do not seem to be geared for such revolution and it is time they take note of the changes around and start taking appropriate steps.

5) Overall, the Board’s role would remain largely the same with respect to governance,

however it would be required to ensure robust risk management system and strategy to respond to disruptive changes of the revolution.

6) Whereas, for Women, such revolution brings glad tidings as technological

advancements shall make it easier for them to carry on with their careers with distant work stations facilities etc.

4IR & U. HOW I CAN STAY RELEVANT. REALIZING HUMAN POTENTIAL, GENDER & WORK

PAUL KEIJZER CEO AND FOUNDER, ENGAGE CONSULTING

Future of work is going to be entirely different with networks replacing hierarchies, organizational leadership methodologies moving from controlling human resources to empowering them, pre-planning considered inferior to experimentation and mindset shifts preferring transparency to privacy. Essential factors to be considered while Managing talent in the exponential age are as follows:

1) All line managers have to be a talent scout at every possible opportunity. Rise of ‘Skillpreneur’ - one who wants to really improve their own skills;

2) Throwing out the HR Playbook intended to control the organizational population is crucial. Organizations to have a 10 Word HR Policy Manual so that employees act and decide as if this is their own company with an underlying concept that only responsible resources are hired, rewarded and tolerated;

3) Treat talent as partners and that requires a different philosophy not only from the line manager who is empowering the talent to take charge of his own career but also require mindset shift on part of the individual him/herself who now cannot blame the line manager for all that is wrong with his/her career;

4) Provide life-long learning to the employees including opportunities of knowledge replacement/refreshment considering the rapid innovations and revolutionary changes;

5) The work that an organization does has to be audaciously big, aspirational and also transformative that can significantly affect an industry, community or the planet. Young talent that comes to the workplace is now looking for meaning. The primary motive of the best talent is not to make money but to procure a life which gives them a sense of meaning;



6) Using technology to engage talent. These kind of ideas in which you use mobile technologies to engage, select, attract and develop talent is going to be the way forward.

If an entity is able to touch these six elements of Managing Talent, it will be able to create an employer brand and accordingly establish itself as an organization for which talent really wants to work for.

TECHNOLOGY TRANSFORMING E-COMMERCE

TABLE TALK BY SADAFFE ABID FOUNDER CIRCLE PAKISTAN

1) MANDIEXPRESS.PK Mandi Express is a Premium Vegetables and Fruits delivery service operating in

Pakistan which uses technology to connect rural farmers directly to urban customers.

Since the independence of Pakistan in 1947, the state of agricultural supply chain has not really developed and it is to date enslaved by the traditional distribution channels having multiple links which end up abusing the basic rights of the farmers. Mandi Express has used technology to disrupt that structure and has created a set up where the produce from farmers is procured automatically through a feature of phone available with them in the rural/remote areas.

Technology is used in every step including order placement, product procurement, accounting and product delivery all of which are completely automated due to which the business costs are minimized and ample time is available to be allocated to business development and reaching out to farmers being critical aspects of the business.

Accordingly, with use of technology, Mandi Express has built a strong platform not only for the farmers but also for the consumers giving them choice of procuring the best produce from comfort of their home. Technology also provides useful data such as consumer behavior/preferences which can be used to pitch particular products thereby adding value to the brand as a concerned and customized service provider.

2) SHEOPS SHEOPS operates as an online market place for women which provides earning and

growth opportunities to women entrepreneurs and women owned businesses. Through this platform, home based women have been able to monetize their talents turning them into businesses thereby increasing the financial inclusion of women in the entrepreneurial work space.



Predominantly the women being catered are from urban areas and overseas countries who have come together and created a market space where women who are creating products can come and trade them economically for financial benefits. Going forward the concept may be stretched to rural areas as well, thereby promoting social and financial inclusion of talented women residing in remote parts of country.

Being resilient in the face of adversity is very essential for an entrepreneur as every day brings new challenges and therefore remaining spirited and strong is vital. Pakistan’s progress depends upon some of our tech startups taking off and generating new ideas. Accordingly, concrete steps should be taken to support these ventures in the best interests of the nation as a whole.

THREATS & EQUAL OPPORTUNITIES OF THE 4IR.

HOW CLOUD COMPUTING ENABLING BUSINESSES. THE FUTURE OF WORK

PANEL DISCUSSION BY QURATULAIN HADI FINANCIAL MGT. SPECIALIST, THE WORLD BANK

THE NEXT REVOLUTION IS IN CLOUD Cloud computing is an Information Technology (IT) paradigm that enables ubiquitous access to shared pools of configurable system resources and higher-level services that can be rapidly provisioned with minimal management effort, often over the Internet.

The most beautiful thing about technological advancement is that it is not restricted by the geographical boundaries, rather anyone who has a vision can perform marvelously.

Many modern age service providers have adopted an entirely new business model in which rather than owing a particular asset they utilize assets owned by others on transactional model. Enterprises have to acknowledge this paradigm shift and move from fixed assets costs to a transactional cost model or create a hybrid.

We require a right set of regulatory environment that can help us to keep pace with technological advancement. These regulations need to focus on the outcomes.

Studies show that less than half of the Board Members take interest in cyber security or IT security issues as they take it as an IT risk rather than considering the same in context of a business issue. Here, awareness can play a vital role and every organization need to have a standard which should be followed for ensuring proper security of its data and operations.

Technology presents different opportunities and challenges to the regulator as well. Companies Act, 2017 defines the change in approach of the regulator where the Securities



and Exchange Commission of Pakistan (SECP) has been seen embracing technology is offers in terms of delivery, filing and compliance. New initiatives are being taken by the regulator which include e-dividend, e-voting, book entry form shares for all companies etc.

Any technology adopted by the financial sector should be a win-win situation for regulated entity as well as customer. State Bank of Pakistan (SBP) has been on the forefront of technological up gradation and has a comprehensive IT governance framework which allows banking sector to use cloud computing.

The prime risk that limits the banking sector from moving towards the digital finance

technologies in accelerated mode is the concern regarding data secrecy better termed as cyber threats which may better be approached and dealt with cautiously.

Limitations imposed by Banking Companies Ordinance, 1962 specifically in terms of customer confidentiality is hindering the utilization of cross border cloud computing technologies. However, the regulator is always keen to discuss new ideas and plans.

Often there is a retrospective wisdom in regulations where regulators learn the vulnerabilities of system only after they are highlighted through attacks in the first place.

As technology evolves there will be a very steep learning curve for regulators themselves.

We cannot escape from technology since this is the only way forward where growth is going to be exponential and indeed digital economy has a huge role to play in the development of human capital in terms of global resource inclusion. At the same time, we need to be cognizant of the fact that the risks are immense and pretty much unknown at the moment so the regulators have to be very vigilant in their role.

In this new era, the traditional audit methodologies and accounting approaches are becoming obsolete and the auditors would ultimately need to use technology to audit technology. Data analytics and different tools are increasingly being used for effective risk based audits and accordingly new skill sets will be required in coming times to carry out future audits.

There is an apparent need to rethink and reinvent the major chunk of audit profession

in order to gear it for the future which is a challenge for the regulators of accounting profession. The pace at which the audit profession is changing needs to match with the pace at which the world is changing and new technologies are evolving.

Professional firms are embracing technological changes with open arms and are extensively engaged in the business of technology themselves. Firms are changing their methodologies and are making extensive use of enabling exponential technologies to make the audits more effective thereby ensuring value of money for the stakeholders.



In this age, it is important that organizations continuously innovate and for innovation

to take place at a faster pace, the regulators need to play a facilitator role because that is the only way forward. For a greater level of innovation, we need thorough risk based narrow regulations, less taxation, less government and less litigations as this is the only to really scale up the 4IR technological advancements.

Pakistan as a nation needs to reskill its human resource already out of educational institutions and needs to introduce extensive programs where through using cognitive and cloud technologies, people are equipped with modern technologies. Simultaneously, the upcoming youth should be trained directly by the employers who can teach them the skills needed for the future because this way, we will have people who will be contributing to the economy and GDP as soon as they are out of educational institutions.

Technologies should not be looked at from the cost saving perspective only. Rather we should look at the opportunities which they can create through new outcomes, new business models and innovations in health care, science as well as education sector thereby creating new jobs.

THE FUTURE OF FINTECH

YUSUF HUSSAIN CEO, IGNITE NATIONAL TECHNOLOGY FUND

FinTech (financial technology) is anywhere technology is applied in financial services or used to help companies manage the financial aspects of their business, including new software and applications, processes and business models. Digital payments have already shown the potential to unlock a wide range of new business models in finance and beyond, including e-commerce and on-demand services.

Innovation is when an idea or an invention transforms into a product or service that impacts society for which a fee may be charged. Digital finance is an innovative technology which is transforming the way people transact for fulfilling their financial needs. For individuals, it brings the benefits of reduced poverty, improved gender equality, education and health. For businesses, it implies credit efficiencies, outreach and new business models.

The shift to digital payments from cash could save large amounts of moneys merely through the advantage of improved efficiencies. Digital operations within Government can create efficiency improvements resulting in substantial cost savings which potentially means increased public investment in critical areas such as education, infrastructure and health care.

Pakistan’s Digital Finance Growth Drivers have a Mixed Trajectory. There are three basic digital finance growth drivers which are as follows:



1) Widespread digital infrastructure in which Pakistan is very strong because mobile connections / broad band users have now reached approximately 50 Million users and they also have a unique identifier which is given out by NADRA;

2) Dynamic and sustainable financial-services markets with agile regulation in which Pakistan is in a relatively weak position as compared to other countries; and

3) Fintech and startups which generate easy-to-use Products that people prefer to

use over the existing alternatives.

Accountants should focus on the following areas: Governance, Risk, Compliance and Security (GRCS) of firms trying to keep pace with

technological advancements;

Innovation profiling and providing advisory services to banks and corporates as to how they can transform themselves;

Due Diligence of corporate Venture Capital Investments into startups, acquisitions of Startups, future IPOs; and

Budgetary recommendations to Government for introducing conducive regulations to support new business models.

WHAT LEADERS NEED TO KNOW OF CRYPTO CURRENCY

FARRUKH REHMAN VP SOUTH, INTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN

Cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Like the US dollar, cryptocurrency has no intrinsic value in that it is not redeemable for another commodity. However, it has no physical form, is not legal tender and is not backed by any government or legal entity. Further, its supply is not determined by a central bank. The network is completely decentralized, with all transactions performed by users of the system.

Bitcoin began operating in January 2009 and is the first decentralized cryptocurrency. However, today there are hundreds of cryptocurrencies. Government attitudes around the world towards cryptocurrency has been inconsistent when it comes to the classification, treatment, and legality of this technology. Regulations are also evolving at different paces in different regions. Those countries that have embraced cryptocurrencies have been cautious, for example:



Australia, Canada and Singapore have either released or are in the process of releasing tax guidelines on how to treat cryptocurrencies;

UK Government has announced a focus on building financial crime regulations for digital currency companies; and

US Government appears to have let this marketplace evolve, while others have chosen to heavily regulate and, in some case ban the use of cryptocurrency.

Cryptocurrencies are initially ‘mined’ but can subsequently be bought, exchanged, awarded or granted. It undoubtedly meets the definition of an asset. Mining cryptocurrencies is a specialized activity and the accounting for such activities warrant further research. No specific accounting standard or guidance has been issued internationally in this regard.

It is important to note that in April 2018, State Bank of Pakistan has warned the general public against using virtual currencies/coins/tokens such as Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond, etc. Any person found using virtual currencies/coins/tokens for the purpose of transferring money outside Pakistan will be subject to prosecution as per applicable laws.

DIGITAL PAYMENTS VITAL TO ECONOMIC GROWTH

QUANITA ALI KHAN EDUCATION SPECIALIST, THE WORLD BANK

1) Digital payments can best be labelled as ‘Payments for Progress’ because they support economic growth in a very primitive way by promoting the financial and social inclusion of women particularly in remote areas of the Country. When you are empowering women, you are leading them towards social inclusion en route for financial inclusion. Taking women as agents of change and as an economic advantage is indeed the best recipe for sustainable economic development.

2) Using technology is bound to give good sustainable returns in the long run. Also, using

technology for digital payments increases the transparency, efficiency and effectiveness of the model whereas the costs involved in the process can be controlled over a certain period of time. There is an undeniable need to have the right partnerships and the right technology which needs to be customized for the targeted region and when these factors are kept in check, the business model will work undoubtedly.

3) While developing dynamic payment systems, following essentials should be kept in mind: Acceptability (Costs and Appropriateness); Robustness (Security of fund flow and authentication); Integration (coordination and interoperability).



4) For Pakistan’s Digital Payments Revolution, following are the three key challenges:

Dynamic registry - because that’s required to access the financial system; Having a strong Payment system - preferably a white label platform; Effectively tying the payment system / platform to the financial services.

Pakistan has implemented some of the best practices in technology, unique ID allocation and crowd funding. It is now just a matter of putting them together in a comprehensive and structured business model to contribute to the overall economic growth of the Country.

ARTIFICIAL INTELLIGENCE & INTERNET OF THINGS WILL TRANSFORM WAY WE LIVE AND WORK

TABLE TALK CONDUCTED BY KANWAL MASROOR FOUNDER TECH PAKISTAN

4IR is set to transform our lives and currently lot of advancements are being made in Artificial Intelligence (AI) and Internet of Things (IoT). In Pakistan, there is a dire need to develop an active platform to support these kind of start-ups so that we can keep pace with the technology.

1) IoT is basically the infrastructure for the next revolution. By definition, it is a system of physical things embedded with sensors, software, electronics and connectivity to allow it to perform better by exchanging information with other connected devices or the operator. The future is to connect every little item in house, office, factories etc. so that a comprehensive network with new set of rules and business models can be established. Globally it is said that by 2020 almost 50 billion devices will be connected whether it be simple household items/gadgets or complex apparatuses/machineries of commercial use. Similarly, in Pakistan everything will also need to be digitized and in this regard huge potential for automation exists across all industries. That said, some of the more sophisticated establishments are automated already, however, their systems need upgrading/renovation which will require new insights and thus creates potential for new models and technologies.

2) The 3D printing or additive manufacturing is a process of making three dimensional solid objects from a digital file. The creation of a 3D printed object is achieved using additive processes in which an object is created by laying down successive layers of material until the object is created. This technology will play a big role in automotive industry / health care sector in terms of product development and eventually there is a lot of scope in it and we should readily adopt it as soon as possible as this technology is now available in Pakistan.



A major chunk of the population in Pakistan comprise of youth which means that we have great potential in developing new ideas and nurturing them into commercially viable businesses. To support this ideology, we now have technology available to create ideas into tangible objects, therefore we should avail it and try to focus on bigger markets, exporting and creating our own things so as to prove our capabilities and talents to the world.

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