Islamabad, Nov 17 (IANS): Pakistani Finance Minister Ishaq Dar Monday said a draft law is being prepared to subvert cyber-crimes and terrorist financing.

Addressing the International Branchless Banking Conference in Islamabad, he said the draft will soon be presented in Parliament for legislation, Radio Pakistan reported.

Highlighting the significance of branchless banking for the economy, the finance minister said using digital financial channels such as electronic and mobile banking reduces the probability of theft and fraud.

He was of the view that promotion of digital banking would also help increase remittances which saw a surge of 15.21 percent in the first four months of the current financial year.

Ishaq Dar said Pakistan's branchless banking models are recognised globally and there is a need to make more concerted efforts to drive the branchless banking sector through mobile and other latest technologies for the benefit of far-flung areas.