Pakistan, Nov. 3 -- Federal Minister for Finance and Revenue Muhammad Aurangzeb has stressed the need for financial innovation to reduce the cost of doing business, expand financial inclusion and bring more people into the formal economy. He said digital assets must demonstrate tangible economic benefits before becoming part of Pakistan's financial system.

Speaking virtually at a dialogue titled "Digital Assets and the Future of Banking" at the Lahore University of Management Sciences (LUMS) on Monday, Aurangzeb said emerging technologies should be evaluated based on their ability to improve everyday financial services for individuals and businesses.

He highlighted several potential benefits, including reducing the cost of international...