With over 40 years of experience in banking and corporate leadership. Muneer Kamal now leads the Pakistan Banks Association (PBA) with a vision grounded in collaboration, innovation and inclusion. He shares how PBA is working to reshape the financial landscape of Pakistan for a more resilient and digital future.
Synergyzer: You have led some of Pakistan’s most influential financial institutions. How has your leadership at PBA been informed by your governance roles across banking, capital markets, and corporate boards?
Muneer Kamal: Leading the PBA has given me the unique opportunity to develop a truly holistic view of the banking sector, something that is distinct from my previous roles within individual institutions.
While my experience at other financial institutions and various corporate boards taught me a great deal about governance, transformation and institutional leadership offers a broader lens.
Here, I continue to engage with the full spectrum of the industry. Including financial institutions, policymakers, regulators, fintech partners, academia, development institutions, and corporate entities.
This vantage point enables me to better understand the interconnected opportunities and challenges the sector faces. From regulatory shifts and digital disruption to inclusion, sustainability, and innovation. It has helped me appreciate the nuances of how different players approach change and where collective action is needed.
At PBA, the focus is not just on representing industry interests. But on driving systemic progress, and that requires seeing the bigger picture. Aligning diverse perspectives, and working towards shared outcomes.
Synergyzer: Having chaired institutions like the Pakistan Stock Exchange and the National Bank of Pakistan. What lessons from those experiences are most relevant for reshaping the financial sector in today’s digital economy?
Muneer Kamal: The opportunity to chair the Pakistan Stock Exchange (PSX) and the National Bank of Pakistan (NBP), I have come to deeply appreciate the importance of institutional agility, strategic alignment, and ecosystem collaboration – all of which are crucial in today’s digital economy.
My tenure, especially, at the PSX coincided with one of the most transformative periods in the institution’s history. I played a direct role in overseeing the consolidation of the three regional exchanges—Karachi, Lahore, and Islamabad—into one unified national entity, now known as the Pakistan Stock Exchange. This highly sensitive and complex process required extensive coordination across regulatory bodies, regional stakeholders, and institutional investors.
Another defining milestone during this time was the strategic divestment of 40% of PSX’s equity to a Chinese consortium, marking the first foreign acquisition of a stake in the Exchange’s history. The consortium included the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the China Financial Futures Exchange, a landmark deal that represented not only foreign investor confidence in Pakistan’s capital markets but also positioned PSX for enhanced connectivity with regional and global financial systems.
Today, these experiences shape our approach at the PBA, where the focus is on building shared goals and fostering collaboration across the broader financial ecosystem. Whether it is banks, regulators, fintechs, or development partners, we believe that meaningful progress requires collective ownership and coordinated action. At PBA, we are committed to bringing all players to the same table, ensuring that the financial sector moves forward in a way that is inclusive and cohesive.
Synergyzer: The Pakistan Banks Association has historically played an advocacy and policy alignment role. Under your tenure, how is PBA adapting to a digital-first future in terms of both regulation and innovation?
Muneer Kamal: While advocacy and policy alignment have traditionally been at the core of PBA’s mandate, we have expanded our role considerably over the past year to support the sector’s digital and strategic transformation.
Since 2024, the PBA has been actively collaborating with the Ministry of Finance (MoF) and the State Bank of Pakistan (SBP) to advance key national priorities, including digitalisation, small and medium-sized enterprises (SMEs), and the agriculture sectors of Pakistan.
To support this effort, PBA has formed dedicated task forces that offer policy recommendations to facilitate and accelerate progress in these areas. These task forces, in close consultation with the MoF, SBP, and other stakeholders, continue to design practical, forward-looking policies that promote sustainable growth and expand access to finance across these critical sectors.
Every brand, at some point, needs to evolve. both in terms of how it looks and how it is perceived. At PBA, we acknowledged that the Association’s role is evolving, and our visual identity needed to reflect that change. Our previous logo, which had been in use since 1953, served us well, representing stability and continuity.
However, as we enter a new era of innovation, we felt it was time to reintroduce PBA with a renewed identity; one that signals progress, agility, and future readiness. This rebranding is not just about a new logo.
We are repositioning ourselves not merely as a reactive body that responds to regulatory changes or industry developments, but as a proactive force that actively shapes the agenda for Pakistan’s banking sector. PBA is taking active strides in driving initiatives and championing policy reforms through continued dialogue and stakeholder engagement.
The Pakistan Banking Summit 2025 (PBS’25), held in February 2025, is another testament to the forward-thinking vision of the current PBA leadership. For the first time in over 40 years, the industry came together to engage in critical conversations related to emerging opportunities and challenges in banking and beyond.
The evolving role of digitalisation, the increasing adoption of ESG practices, Pakistan’s position in financial inclusion compared to its regional counterparts, and other critical topics were part of the discourse. The PBS’25 sparked meaningful discussions on key issues that PBA is actively carrying forward with stakeholders to drive long-term impact.
Alongside these efforts, PBA is focusing on industry capacity building through collaborations and targeted training in areas such as digitalisation, impact finance, ESG, cybersecurity, and related areas. Ensuring the industry is well-equipped to navigate evolving risks and embrace emerging opportunities.
These are just some of the initiatives I have mentioned, with some more in the pipeline. Our goal is to lead from the front, ensuring that Pakistan’s financial sector remains resilient, inclusive, and globally competitive.
Synergyzer: In your view, what are the most transformative technologies currently impacting the banking sector in Pakistan, from AI-driven risk analytics to blockchain-based clearance? How ready is the sector for adoption?
Muneer Kamal: AI, blockchain, open APIs, and real-time analytics are already reshaping the banking landscape. Banks are adopting AI technologies such as process automation for routine operations, virtual assistants for customer support, among others.
In a major step towards digitalisation, the PBA, with support from the SBP has launched a blockchain-enabled eKYC platform aimed at transforming customer onboarding and compliance across the sector.
The system enables banks to securely access and share KYC data, only with the customer’s consent, thereby ensuring data privacy, minimising duplication, and enhancing regulatory efficiency.
With eight banks already having integrated the technology, others are actively preparing to follow suit. As Pakistan’s first blockchain-based initiative, the eKYC platform paves the way for greater interoperability, collaboration, and digital innovation across the financial ecosystem.
These developments signal the sector’s readiness for accelerated digital adoption. With larger banks already leading the way, bringing mid-sized institutions along the transformation journey is crucial. The PBA is stepping in to bridge this gap by promoting collaboration through shared utilities, regulatory sandboxes, and collective capacity building.
While adoption is underway, broader implementation requires robust infrastructure and regulatory frameworks. PBA actively engages with stakeholders and policymakers to further accelerate digital transformation across the industry.
Synergyzer: What initiatives is the PBA undertaking to ensure that member banks are not just digitally compliant but digitally competitive?
Muneer Kamal: Compliance is the floor; competitiveness is the ceiling. At PBA, we are focused on helping banks move beyond digital compliance to become truly digitally competitive.
We’re driving collective initiatives such as the eKYC platform, industry-aligned cybersecurity standards, and the development of alternative credit scoring tools to create a more agile banking ecosystem.
One of our flagship projects, the SME Environment & Performance Index. It is being designed to help banks better understand and serve underserved segments by leveraging data. At the same time, we recognise that the future is rooted in collaboration. The industry continues to partner with fintechs to create new value chains and expand access to financial services.
By working together, rather than competing, banks and fintechs can accelerate digital transformation and build a more resilient, forward-looking financial ecosystem.
Synergyzer: Cybersecurity has emerged as a frontline concern in digital banking. How is the PBA helping member banks address security infrastructure gaps? And is there a move toward collective cyber resilience planning?
Muneer Kamal: Banks across Pakistan are substantially investing in strengthening their IT and cybersecurity infrastructures. From real-time threat detection to crisis response simulations. The industry is actively enhancing its digital defences to stay ahead of the curve.
Cyber risk is now a systemic threat, not a siloed IT issue. Therefore, the PBA continues to build the sector’s cyber resilience by fostering preparedness and coordination. The Association has an active Cyber Security Forum, comprising cybersecurity experts from member institutions.
The forum plays a crucial role in addressing emerging threats. Facilitating the sharing of information and best practices, and establishing standard protocols across the industry.
The broader goal is to shift from isolated protection efforts to collective resilience. This ensures that the entire sector is better equipped to detect, defend against, and recover from cyber threats in a coordinated and effective manner.
Synergyzer: Pakistan continues to face major gaps in women’s access to finance. What is the PBA doing to address gendered financial inclusion, particularly through digital channels?
Muneer Kamal: Over the past few years, the sector has made targeted efforts to improve women’s access to finance. Today, approximately 59 million women in Pakistan hold bank accounts. With 37 million active accounts, representing 54% of the adult female population.
To better cater to this segment, 51% of bank branches nationwide now have dedicated women champions. And women-only branches have been established to provide safe, comfortable, and accessible banking spaces exclusively for women.
In addition, banks continue to introduce tailored products. Ranging from offerings for women entrepreneurs to solutions that help homemakers manage day-to-day finances. These measures reflect a strong commitment within the sector to close the gender gap in financial inclusion and promote greater economic participation.
Despite these advancements, women in Pakistan continue to face structural barriers to financial inclusion. Many have lower levels of financial literacy and limited awareness of banking products.
Data reveals that 55 million women remain unbanked, and a significant portion operate exclusively within the informal economy. They often lack essential documentation, such as national identity cards or proof of residence. Which are the basic requirements that hinder their ability to open and own a bank account.
While the banking industry continues to advance financial inclusion, addressing these challenges requires coordinated, system-wide efforts. All ecosystem partners: regulators, government bodies, and civil societies. Must collaborate to bring women into the formal financial system, enhancing their digital inclusion and meaningful economic participation.
Synergyzer: Where do you believe Pakistan’s banking industry should be positioned in the next 5 to 10 years? What institutional reforms are critical to ensure long-term financial sustainability and digital competitiveness?
Muneer Kamal: Pakistan’s banking sector must evolve into a digitally empowered, customer-centric, and globally benchmarked ecosystem. Our vision is for banks to become agile, inclusive, and driven by responsible innovation.
We must embed ESG principles into operations and lending. Open banking, embedded finance, and AI-driven services should become industry norms. Financial inclusion must go hand-in-hand with digital transformation, reaching underserved SMEs, women, and rural communities.
Regionally, we should be on par with peers in digital adoption, cross-border interoperability, and ease of doing business. All of this must rest on a strong governance and risk management framework.
With the right policy environment, collaborative leadership, and continued investment. Pakistan can become a model of inclusive growth and financial resilience in the region.
We must choose ambition over inertia and collaboration over silos because Pakistan’s financial future depends on it.