Draft of e-commerce legislation finalised | Pakistan Press Foundation (PPF)

Pakistan Press Foundation

Draft of e-commerce legislation finalised

KARACHI- The speakers at a seminar have emphasised the need for promoting e-commerce specially e-banking in the country.

Dr. Syed Irfan, Deputy Director Institute of Business Administration (IBA), speaking at the seminar on “E-banking Solutions for Pakistan” which was organised by E-Commerce Society of the Institute, said that the contribution to IT in Pakistan’s GDP was only five percent as compared to 15 in China, 16 percent ASEAN countries, 26 percent Taiwan and 37 percent in Austrailia, and stressed more efforts in this regard.

He further said the Government was already working on an action plan and a draft has also been finalised on e-commerce legislation.

Speaking at the seminar Ahmad Allauddin, Sr. Vice President of UBL, said that e-banking will soon mature into an offensive business strategy rather than a passive must here which has become a millenium banking today. He said in UK during the last one year only about 3,000 bank branches were closed down as a result of introduction of e-banking there. He stressed the need for transferring conventional banking channels into e-banking in order to stay in business.

Arif Siddiqui, IT Head of Standard Chartered Bank, said the conventional banking was changing its shape and the branch concept would shrink in the next five years due to increase in e-banking and people will operate their business from their houses.

He emphasised the need for promoting awareness among the local business about recent IT developments to promote the use of electronic transactions with the banks. Furqan Qureshi, General Manager, Asia Pacific Technologies said the goals of e-banking could not be achieved unless we have a proper Internet legislation, service orientation in banks, inter-bank clearing, integrated national payment and clearing system and consumer data base.

He stressed that there was a need to enact law on electronic documentation and digital signature. Mehmood Siddiqui, IT Head State Bank of Pakistan, said ‘we need a wide area net work with Central Directorate at SBP for promoting e-banking in Pakistan like 12 countries of Asia Pacific Region who have formed a working group for trade facilitation.’

Those who also addressed the seminar included Shankar Krishna of Citibank South Africa, Saqib Saeed, ISO expert Maysam Ather, Vice-President and Farrukh Umair, General Secretary of E-commerce Society of IBA.

Source: The Nation
Date:10/23/2000