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Sunday April 21, 2024

SBP advises SAARC to embrace big data for economic policy

Ahmad stressed the need for strong data protection laws and addressing the challenges of privacy

By Our Correspondent
March 07, 2024
Governor of State Bank of Pakistan Jameel Ahmad. — SBP website.
Governor of State Bank of Pakistan Jameel Ahmad. — SBP website.

KARACHI: Governor of the State Bank of Pakistan (SBP) Jameel Ahmad on Wednesday urged the South Asian Association for Regional Cooperation (SAARC) member nations to harness the potential of big data for effective and inclusive economic policymaking.

Speaking at the inaugural session of the SAARCFINANCE Seminar on the 'Potential Role of Big Data in Economic Policy', Ahmad said that the massive amount of data generated by digital devices could help boost economic growth, social welfare, poverty reduction, and living standards across the diverse SAARC region. He highlighted the growing role of Big Data in central banking, financial inclusion, and how the SBP is incorporating Big Data analysis in its policy decisions.

He also shared examples of how the central bank uses Big Data analytics for economic analysis, satellite imagery data, and machine learning algorithms for fraud detection and prevention.

Ahmad stressed the need for strong data protection laws and addressing the challenges of privacy, confidentiality, technological infrastructure, and human resources. He called for regional collaboration in building a data-driven ethos and setting industry standards and regulatory best practices for the adoption of Big Data analytics.