Internet
Banking will take time in Pakistan
The introduction of
Internet banking will take time because of various legal constraints,
said Deputy Governor State Bank of Pakistan Mukhtar Nabi Qureshi.
“The law on Internet
banking is yet to be placed,” Qureshi said while addressing a seminar
on e-banking organized by the Oracle Corporation.
He said the SBP was
making efforts to introduce Internet banking. The central bank had also
allowed commercial banks to introduce Internet merchant accounts but
various legal mattes were creating difficulties.
Qureshi said issues such
as e-signatures, security and host of other mattes were the issues to be
sorted out before launching Internet banking.
He said SBP’s task
force on e-commerce was busy in preparing the law. Nazif Mohammed,
Regional Business Director, Financial Services, Oracle Corporation, gave
the key presentation on powers of Oracle software and how it was helping
e-commerce.
To a question, Nazif said
Oracle was offering the software at a flat rate, regardless of the
location. Hacking incidences in Oracle software was next to none.
He said 96% of the
Fortune e-50 companies run Oracle software while world’s top banks and
brokerage houses were doing their business through the help of the
oracle system.
The seminar was sponsored
by Ora-Tech Systems, the authorized distributors of Oracle products in
Pakistan
