Page 26 - CMA Journal (July-August 2025)

Exclusive Interview

• Driving partnerships, particularly with fintechs and
merchants, which gave the platform commercial
traction and visibility. In the long run, account-based payments will
These efforts not only positioned NIFT ePay as a strong encourage innovation—from embedded
player in Pakistan’s fintech landscape but also created finance solutions to AI-driven personal
momentum for broader adoption of digital-first
payment methods. financial management. I see this change as the

ICMA: You have worked closely with the State Bank of foundation for a more inclusive, transparent,
Pakistan on initiatives like RAAST, EMI and PSO/PSP. and digitally empowered economy
What have you learned about the role of regulators in
driving innovation?
Syed Faraz Javed: My experience with the State Bank of
Pakistan (SBP) reinforced the idea that regulators are not • Offering simple digital tools for bookkeeping,
just watchdogs but also enablers of innovation. Projects invoicing, and payments that reduce reliance on cash.
like RAAST, Pakistan’s instant payment system, and the • Providing personal financial management and
EMI and PSO/PSP regulations for digital transactions enterprise financial management solutions to
showed me how proactive regulation can accelerate individuals and companies for efficiently and
innovation while maintaining stability. The key learning effectively managing their finances.
was that collaboration is essential: when fintechs, banks,
and regulators work together, the result is a more • Partnering with SME networks, cooperatives, and
inclusive, efficient, and trustworthy financial system. community organizations to understand local
Regulators provide the clarity and guardrails that give challenges and design relevant solutions.
innovators the confidence to invest and scale, while Instead of simply repackaging existing banking
fintechs bring agility and new ideas to the table. products, fintechs should aim to embed financial
services into the daily lives of underserved groups. This
ICMA: Now that you are working in Saudi Arabia, how
does the regional approach to open banking not only promotes inclusion but also builds long-term
compare with Pakistan’s journey, and what lessons customer loyalty.
do you think we can bring home? ICMA: With data playing such a big role in digital
finance, how do you personally approach using data
Syed Faraz Javed: The difference lies in approach and
execution. In Saudi Arabia, the Central Bank (SAMA) has to improve customer experience, drive innovation, or
adopted a structured, top-down framework with clear support better decisions?
regulations, defined timelines, and mandatory Syed Faraz Javed: For me, data is more than
compliance for financial institutions. This creates certainty numbers—it’s the voice of the customer. I approach it
and ensures that all players move together toward a with three priorities:
unified goal. Pakistan’s open banking journey is just • Enhancing customer experience by analyzing
starting, and it is going to be a game changer, especially behavior to make products more intuitive,
for fintechs experimenting with APIs and integrations personalized, and user-friendly.
while regulators gradually provide guidelines.
• Driving innovation by using insights to identify
The lesson for Pakistan is that clarity and direction from unmet needs and develop features that genuinely
regulators can accelerate transformation. While improve financial well-being, from budgeting tools
market-driven innovation is important, having a to proactive fraud alerts.
structured roadmap backed by regulatory mandates
helps build confidence, attract investment, and ensure • Using AI-based analytics to support decisions rather
that financial inclusion goals are achieved faster. than assumptions, whether it’s in designing a new
product, growing business, evaluating risks, or
ICMA: You have always emphasized financial entering a new market.
inclusion. In your view, what more can fintech players
do to better serve small businesses and underserved In short, I see data as the bridge between customer
communities? expectations and product innovation. When used
responsibly and ethically, it can transform digital finance
Syed Faraz Javed: Financial inclusion is about creating into a more personalized, inclusive, and trustworthy
meaningful access and financial literacy, not just experience.
opening accounts. Fintech players can make a difference
by focusing on real pain points for small businesses and The Editorial Board thanks Syed Faraz Javed, Chief Digital
underserved communities: Technology Officer at Seen Tarbi for Fintech (X² Platform),
Saudi Arabia and former CIO of NayaPay, for sparing his precious
• Providing affordable access to credit through time to give an exclusive interview for Chartered Management
alternative data and risk models. Accountant Journal.

24 ICMA’s Chartered Management Accountant, Jul-Aug 2025