Islamabad: According to news published on Pakistan and China have committed to collaborate to establish a more effective digital payment system for all Belt and Road countries.

According to reports, the Pakistani government is focusing on the development of e-commerce with the assistance of China, which is now dominating the e-commerce globe. China’s e-commerce transactions were valued USD 2 trillion last year, according to sources.

Read More: Exports to China expected to double within three years

During his speech at the 4th Belt and Road Service Trade Cooperation Forum, Pakistani Ambassador to China Moin ul Haque noted that Pakistan wants to boost e-commerce infrastructure, modernise the e-payment industry, and update the telecommunication sector.

While speaking at the summit, Airwallex Greater China Chief Executive Officer (CEO) Wu Kai stated that there is a need to make payments more effective at a cheaper cost and to assist clients in managing their financial risks. He went on to remark that the global trade and digital economy are both growing at a rapid pace, necessitating an increase in demand for digital payment services.

Read More: By Dec, Pakistan’s exports to China expected to hit $3bn

The CEO also emphasised the importance of the banking sector, citing the fact that certain countries lack basic financial infrastructure. He stated that the company can construct a strong base on which other countries can build payment software or applications.

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