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Articles for tag: countries, developing, digital, economy, Environmental, impact, Latest, reveals

July 10, 2024

News Desk

The UN reveals the environmental impact of the digital economy on developing countries

The UN Conference on Trade and Development (UNCTAD) said on Wednesday that developing countries are suffering the environmental impact of the digital economy while reaping relatively little benefit from basic digitization in mines and minerals. UNCTAD released its Digital Economy Report 2024, which revealed the significant environmental impacts of the global digital sector as well as the disproportionate burden placed on developing countries. “The rise of technologies such as artificial intelligence (AI) and cryptocurrency and cryptocurrency mining has significantly increased energy consumption,” UNCTAD Secretary-General Rebeca Grynspan said during a press conference in Geneva. “For example, the energy consumption of Bitcoin

July 1, 2024

News Desk

Digital transformation starts with electricity bills

KARACHI: According to the Nepra State of Industry report, in FY23, 38.2 million electricity customers across Pakistan consumed 112 billion units in the year with a total value of Rs 3.7 trillion. These numbers not only show the scale of the industry, but also a hidden opportunity. Traditionally, Pakistan’s economy runs on a river of rupees with a heavy reliance on cash-based payments. But the tide is turning. Covid-19 became an unexpected catalyst, pushing businesses and banks to expand their digital services and payment methods. Figures from the State Bank show that the volume of utility bill payments through online

June 27, 2024

News Desk

The government has asked to rapidly develop the digital infrastructure

LAHORE: Pakistan needs to take firm steps to strengthen reforms related to market-driven data sharing and accelerate the construction of digital infrastructure, including industrial internet and computing power networks, said Moazzam Ghurki, President of the Joint Chamber of Commerce Pakistan-China and Industry (PCJCCI). These steps should be part of the broader push towards a ‘Digital Pakistan’ initiative, just like a ‘Digital China’, Ghurki said in a statement. He pointed out that China unveiled a comprehensive digital development plan last year, promising to make significant progress in implementing the Digital China program by 2025. “We can get help from this model.

June 23, 2024

News Desk

The Diplomat Club urges tech companies to join the digital revolution

Islamabad: President of Diplomat Business Club and former ambassador, Javed Malik, urged Pakistani technology businesses on Saturday to be part of the digital revolution that is transforming the global business landscape. He made these remarks while addressing the World Business Forum 2024 in Dubai, UAE, which brought together delegates from more than 30 countries under the auspices of the Diplomat Business Club to explore business, trade and investment opportunities through global cooperation. The Diplomat Business Club facilitates business leaders to connect, collaborate and explore new avenues to expand their businesses. It also aims to create new alliances to co-create ventures,

June 22, 2024

News Desk

National digital wallet plan shelved

Islamabad: The government has abandoned its plan to set up a National Database and Registration Authority (NADRA) digital rewards platform, called the National Digital Wallet, to promote a cashless economy in the country. Sources told The Express Tribune that the Ministry of Information Technology and Telecommunication informed Chief Minister Shehbaz Sharif in a recent meeting that the proposal was not feasible and therefore could not be pursued. Earlier, the plan was also submitted to the Special Investment Facilitation Council (SIFC) to seek its approval. The investment body had instructed the IT ministry to work out the feasibility of the plan.

June 12, 2024

News Desk

IT sectors are soaring with the China-Pakistan Digital Corridor

KARACHI: The Pakistan Economic Survey 2024 has highlighted significant growth prospects in the IT and telecommunications sectors, driven by the China-Pakistan Digital Corridor. The Joint Information Technology (IT) Working Group under the China-Pakistan Economic Corridor (CPEC) is dedicated to improving and developing the information and communication technology infrastructure of China and Pakistan. This group aims to build a China-Pakistan digital corridor, strengthen investment cooperation in the digital economy, and support the development and implementation of new digital technologies and applications. SI Global Solutions CEO Noman Said shared his views with The Express Tribune, stating, “This initiative, part of CPEC, aims

June 2, 2024

News Desk

Digital payment cap for cattle purchase increased

KARACHI: Pakistan’s central bank has temporarily raised the online payment limit to Rs 5 million to facilitate the purchase of offerings ahead of Eidul Azha and get rid of the hassle of carrying heavy cash. In a statement, the State Bank of Pakistan (SBP) said it has temporarily enhanced transaction/balance limit for various account categories from May 31 to June 20, 2024 to facilitate digital payments in cattle markets for the purchase of sacrificed animals on Eid fall in mid-June 2024. Accounts for which the limits have been enhanced include Branchless Banking L-1, Asaan Account/Asaan Digital Account and Merchant Account

May 25, 2024

News Desk

How will digital payment mechanism work in cattle markets?

A man feeds cattle at the cattle market on the outskirts of Karachi on June 19, 2023. — AFP KARACHI: With street crimes on the rise ahead of Eid ul Adha, the State Bank of Pakistan (SBP) is all set to introduce a QR code payment mechanism in cattle markets across the country, a move that will help people and traders make payments securely. The digital payment mechanism aims to curb cash transactions and promote financial inclusion in a market estimated to be worth Rs 550-600 billion during the festival. SBP is working with 25 banks to enable QR code

May 18, 2024

News Desk

The government will create a commission for the digitization of the economy

Islamabad: The government has decided to set up a committee to digitize the national economy under the Digital National Framework, with Prime Minister Shehbaz Sharif chairing the committee. Information and Telecommunications Minister Shaza Fatima made this announcement at an event organized by Huawei Technologies at its headquarters in Islamabad to celebrate World Telecommunication Day. He explained that the government aims to legislate for national digitization, recognizing the need for automation to enhance transparency and infrastructure development in light of a paradigm shift. Khawaja further stated that the mobile manufacturing and export policy is in its final stages to boost the

April 16, 2024

News Desk

IT professionals are pushing for digital solutions

KARACHI: Digital marketing has eclipsed conventional methods because the advantages of digital tools far outweigh the disadvantages. Digital marketing targets specific and willing customers. IT professionals and mentors, speaking to The Express Tribune, highlighted the stark contrast between conventional and digital marketing. Conventional marketing relied on huge funds for billboards, broadcasting, television or radio 15 or 20 years ago. While product imports reached millions of people, not everyone was willing to make a purchase. For example, if a housewife saw an advertisement for fertilizers, it would be irrelevant to her. Out of millions of viewers, only a few may be

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