Pakistan’s Next 10 Years: Where Fintech & Banks Collide — or Converge?

Over the next decade, Pakistan’s financial landscape will be shaped by a critical question: Will fintechs and traditional banks collide — or converge?

Fintechs are moving fast — offering digital wallets, instant credit, mobile-based payments, and embedded finance. They’re tapping into a young, mobile-first population, in a country where nearly 60% of adults remain unbanked or underbanked.

Meanwhile, traditional banks still hold the regulatory license, trust, and capital — but without innovation, risk being reduced to utility providers.

The State Bank of Pakistan (SBP) has emerged as a key enabler in this transformation. From licensing digital banks to launching Raast (the real-time payment system), SBP has laid critical infrastructure for convergence. Its forward-looking approach — balancing innovation with financial stability — will determine whether fintech and banks compete or collaborate.

Already, we see hybrid models emerging. Banks are investing in digital arms, and fintechs are seeking regulatory partnerships. Open banking, digital ID frameworks, and regulatory sandboxes could accelerate this trend.

In the next 10 years, the line between a bank and a fintech may blur. The real winners? Customers — if this convergence leads to more inclusion, better services, and stronger financial resilience.