By virtue of its role as the operational arm of the State Bank of Pakistan, SBP Banking Services Corporation (SBP BSC) is dedicated to serve internal as well as external stakeholders via its sixteen Field Offices across Pakistan. The scope of its services provided to external stakeholders comprises crucial areas such as currency management, banking services to government and other stakeholders, and public debt management. The organization also extends support to SBP in implementation of its foreign exchange regime and financial inclusion agenda. Similarly, SBP BSC is also engaged in multiple other verticals such as procurement, physical security, and provision of medical and engineering services to support smooth operations across SBP and its subsidiaries.
With a view to accomplishing superior service delivery in the aforementioned domains, SBP BSC's management, with the approval of the Board of Directors, outlined a comprehensive agenda in October 2023 to define the future direction of the Bank via SBP BSC's Strategic Plan 2023-28. This document provides a comprehensive road map for transforming SBP BSC into a dynamic, technologically driven, customer-oriented and environmentally responsible organization. Guided by the organization's core values such as integrity, accountability, innovation, inclusion, people-centricity, and environmental concern; the management set out to achieve the goals outlined in the Strategic Plan. The management's efforts also reflect key themes of the document like stakeholder engagement, technological and operational transformation, strategic communication, diversity and inclusion, and environmental sustainability. The plan has begun to bear fruit and initial achievements have started giving impetus to the organization's resolve to move forward.
Prospectively, the business landscape provides various challenges and hence opportunities. Accordingly, the transformation of existing systems is imperative for optimal resource utilization and prioritization. To this end, various initiatives for business process re-engineering are underway, with more planned in the coming years.
Additionally, considerable focus is being placed on improved employee engagement and steps are being taken in light of suggestions received from all cadres of employees. Furthermore, in light of the risks associated with the changes being introduced, equal importance is being placed on strengthening the overall internal control ecosystem. One of the key features of this endeavor is defining performance benchmarks in functional areas to improve the service delivery as well as raising overall performance standards.
The early achievements on various fronts outlined in Strategic Plan are encouraging, nevertheless, there is always more to be achieved with team spirit, collective wisdom, and commitment. I would like to take this opportunity to compliment all employees and pay my gratitude to the Governor - SBP as well as the SBP BSC Board of Directors for extending their complete support and guidance in transforming SBP BSC into the dynamic institution that it is today.
Maraj Mahmood
Managing Director – SBP BSC