ISLAMABAD: Pakistan on Wednesday signed a memorandum of understanding (MoU) with SC Financial Technologies LLC, an affiliated entity of World Liberty Financial, to develop digital payment architectures for cross-border transactions, officials said.
The agreement was witnessed by Muhammad Shehbaz Sharif and Syed Asim Munir, Chief of Defence Forces and Chief of Army Staff, underscoring the strategic importance Islamabad attaches to modernising its financial infrastructure. The MoU was signed by Muhammad Aurangzeb and Zachary Witkoff on behalf of their respective sides.
Strengthening cross-border digital transactions
Under the MoU, the Government of Pakistan and SC Financial Technologies will cooperate on designing secure, transparent, and efficient digital payment systems aimed at facilitating cross-border transactions, including remittances, trade settlements, and foreign exchange flows.
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Officials said the partnership would focus on technical collaboration, knowledge sharing, and regulatory-compliant innovation to reduce transaction costs and improve the speed of international payments. The initiative aligns with Pakistan’s broader push to modernise its financial sector and expand the digital economy.
Government signals support for fintech innovation
Prime Minister Shehbaz Sharif said digital payments and financial innovation were becoming central to economic growth, financial inclusion, and global connectivity. He welcomed growing international interest in Pakistan’s fintech sector, describing it as a positive signal for investor confidence and regulatory progress.
Finance Minister Muhammad Aurangzeb noted that strengthening cross-border payment mechanisms was critical for boosting exports, improving remittance channels, and integrating Pakistan more effectively into the global financial system.
World Liberty Financial’s role
World Liberty Financial, through its affiliated entity SC Financial Technologies LLC, is engaged in developing next-generation digital finance solutions. Company representatives expressed interest in working with Pakistani institutions to explore modern payment architectures that operate within established regulatory frameworks.
Zachary Witkoff said Pakistan’s market potential, combined with ongoing reforms, made it an attractive partner for collaboration in digital financial technologies.
Part of broader financial reforms
The MoU comes as Pakistan accelerates reforms aimed at digitising payments, reducing reliance on cash, and strengthening financial transparency. Authorities have increasingly emphasised the role of technology in improving tax compliance, facilitating trade, and expanding access to formal banking channels.
While the agreement does not constitute a binding financial commitment, officials described it as a framework for cooperation that could pave the way for future pilot projects and technical initiatives in cross-border digital payments.
Looking ahead
Analysts say the move reflects Pakistan’s intent to position itself within evolving global financial networks, particularly as digital payment systems reshape international commerce. Any future implementation, they add, will remain subject to domestic regulations and oversight by relevant financial authorities.
The government reiterated that all digital finance initiatives would be pursued in line with national laws, international standards, and financial security considerations.
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