During the launch of Pakistan’s first hyperscaler financial in-country Cloud Services, Sima Kamil, the Deputy Governor of the State Bank of Pakistan (SBP), emphasized the significance of investing in data storage to reduce reliance on foreign-based cloud services.
This event, held on Wednesday, showcased an investment of $10 million by Khazana Enterprise, with technological support provided by Huawei Technologies Ltd. Ms. Kamil highlighted the importance of data security and privacy in financial services, stating that the in-country cloud service would offer greater control in securing sensitive information.
Moreover, she noted that this service would decrease latency, improve efficiency, stimulate economic growth, and prove cost-effective.
The speakers at the event emphasized that the financial sector currently spends substantial amounts, reaching hundreds of millions of dollars, on cloud services from international companies.
Huawei Cloud Pakistan CEO Shahzad Rasheed acknowledged that the future would bring significant changes to the way banks operate.
He emphasized that the digital transformation of organizations is dependent on technologies like artificial intelligence (AI), the Internet of Things (IoT), and machine learning, which require hosting on a cloud platform.
Mr. Rasheed highlighted Huawei Cloud’s differentiation as one of the three hyperscalers with a federated cloud available in Pakistan. The company offers software services and out-of-the-box solutions for digital banks with a single click.
He mentioned that Huawei invests approximately 25% of its total revenues in research and development (R&D) to drive growth through innovation.As digital Pakistan continues to grow, the need for data storage increases.
The benefits of cloud storage over physical data storage were emphasized, and it was stated that Khazana’s National Cloud services would establish a robust and secure infrastructure for businesses and public sector organizations to store, manage, and analyze their data.