Comment by Riaz Haq on November 4, 2022 at 11:40am

Pakistan’s Digital Lending Revolution
Not only is increased digital lending the need of the hour, it is also a very attractive business proposition.

https://aurora.dawn.com/news/1144545/pakistans-digital-lending-revo...


Clearly, increased regulatory oversight is urgently needed to keep pace with the innovations in digital lending that we are seeing in the field. Informal players like these loan apps and your local electronics store do not share loan repayment behaviour with credit bureaus. This results in financial institutions approving loans that are unlikely to be repaid, ruining future credit access to a vulnerable segment that can benefit most from them. This must be carefully monitored and regulators must encourage lenders to utilise high-quality data to minimise defaults and keep loans affordable for greater impact. For example, low default rates of working capital loans that leverage actual business transactional data through embedded digital workflows allow small businesses to negotiate better rates. These digital loans scored using rich data give power back to small business owners who can in turn profitably grow their businesses and hire more workers.

In addition, as data becomes more sought, stored, and potentially shared, our consumer data protection laws will be tested and likely need to be updated. We will inevitably hear about large-scale data breaches and their aftereffects. While data leaks must be prevented and privacy protected, platforms across the ecosystem must also integrate and share data responsibly. This must happen with consumer consent. Combined data sets will produce richer signals to unlock more opportunities. Seldom in human history have we had such powerful tools to uplift our population in such a short period. One hundred and ten million digitally connected and transacting Pakistanis will produce rich footprints to enable lending for themselves and their businesses. When regulated and executed responsibly, digital lending has the potential to uplift millions of Pakistanis out of poverty and significantly raise Pakistan’s GDP. Amid the doom and gloom, exciting times lie ahead.

Comment by Riaz Haq on November 14, 2022 at 4:36pm

Investors, including HBL, participate in Finja’s Series A2 Funding Round
Finja, Pakistan’s largest dual-licensed SME digital lending platform, announced fresh capital injection as part of its $10 Million Series A2 financing round, with participation from notable investors including Sturgeon Capital and HBL.


https://www.globalvillagespace.com/investors-including-hbl-particip...

Finja, Pakistan’s largest dual-licensed SME digital lending platform, announced fresh capital injection as part of its $10 Million Series A2 financing round, with participation from notable investors including Sturgeon Capital and HBL. This investment round is multi-dimensional and includes equity, debt, and off-balance sheet capital. This is HBL’s second investment in Finja after its initial participation in the company’s Series A1 round.

With this injection, Finja has the capacity to finance more than $50 million over the next 12 months to catalyze the potential of Pakistan’s SME sector. This has set the stage to further scale Finja’s existing digital co-lending program to support its overall vision of empowering Micro, Small and Medium Enterprises (MSMEs) and their supply chains with digital credit.

This financing is a significant step towards more fully utilizing Finja’s credit engine, which continues to prove its scalability and accuracy, cementing Finja as the sustainable choice for SMEs throughout Pakistan.


Qasif Shahid, Co-Founder Finja remarked, “The future of the financial services industry lies in collaboration between fintechs and banks. Moving away from vertical silos to open banking systems and embedded finance. This puts Finja in a winning position as it ramps up our capability to offer small and micro businesses digital products.” He further added, “With this new injection and our laser focus on optimizing our organization, we will now be turbo charging digital lending to SMEs through our association with HBL”

Finja today has emerged as one of the leading digital lending platforms in the country clocking a total lending throughput of PKR 7 Billion at the back of extending approximately 150,000 loans to 35,000 Karyana stores in 30+ cities. Finja also works closely with FMCG distributors and helps them to buy supplies upstream on credit and also provides purpose built working capital lending lines to SMEs scored through Finja’s proprietary AI/ML algorithms.

Kamran Zuberi, CEO Finja Lending Services, remarked that Finja is the first financial services entity to package capital in small amounts of PKR 50,000 and for periods of 7, 14 and 30 days to Karyana stores for availing credit to buy supplies and improve their sales. “We score these retailers from data that we get from our partnerships with multiple FMCG principles, hundreds of distributors and new-age market aggregators that operate mobile apps for small retailers to order supplies from.”

Comment by Riaz Haq on November 22, 2022 at 10:29am

Waada Buys Rival to Become Pakistan’s Top Insurance-Tech Startup
Pakistan’s insurance penetration is 0.7%, trailing neighbors
Nation to see further consolidation as funding slows: investor
---------------

Waada becomes largest technology led insurance start-up in Pakistan - 24/7 News

https://www.insurancejournal.com/news/international/2022/11/07/6938...

Pakistani online insurance startup Waada acquired a local rival to create the South Asian nation’s largest player in the field, seeking to benefit from growth in the burgeoning market.

The Karachi-based company took over MicroEnsure Pakistan, a unit of MIC Global operating in South Asia and Africa, in an all-stock deal, according to a statement Friday. The brands combined have 1.5 million active customers, Waada said, without disclosing the deal value. Waada also said it’s closed a seed round of $1.3 million from local angel investors and foreign venture capital firms.


Pakistani online insurance startup Waada acquired a local rival to create the South Asian nation’s largest player in the field, seeking to benefit from growth in the burgeoning market.

The Karachi-based company took over MicroEnsure Pakistan, a unit of MIC Global operating in South Asia and Africa, in an all-stock deal, according to a statement Friday. The brands combined have 1.5 million active customers, Waada said, without disclosing the deal value. Waada also said it’s closed a seed round of $1.3 million from local angel investors and foreign venture capital firms.

----------

https://247news.com.pk/waada-becomes-largest-technology-led-insuran...

Waada, The Insurance start-up has announce that the company has become the largest player among all technology-led start-ups in the country’s insurance segment after acquiring its rival company MicroEnsure Pakistan.

The Announcement was made on the startup’s Social media handle LinkedIn, In the announcement, it has been confirmed that deal has been locked however, company has not disclosed the details of the deal yet.

Separately, the company also announced a $1.3 million seed funding round. According to international news agency, the all-stock deal will bring the number of active customers of Wada to 1.5 million. “Waada aims to add customers using online sign-ups and has a goal to distribute 10m policies in three to five years,” it said.

Comment by Riaz Haq on November 22, 2022 at 10:32am

Waada Buys Rival to Become Pakistan’s Top Insurance-Tech Startup
Pakistan’s insurance penetration is 0.7%, trailing neighbors
Nation to see further consolidation as funding slows: investor
---------------

Waada becomes largest technology led insurance start-up in Pakistan - 24/7 News

https://www.insurancejournal.com/news/international/2022/11/07/6938...

Pakistani online insurance startup Waada acquired a local rival to create the South Asian nation’s largest player in the field, seeking to benefit from growth in the burgeoning market.

The Karachi-based company took over MicroEnsure Pakistan, a unit of MIC Global operating in South Asia and Africa, in an all-stock deal, according to a statement Friday. The brands combined have 1.5 million active customers, Waada said, without disclosing the deal value. Waada also said it’s closed a seed round of $1.3 million from local angel investors and foreign venture capital firms.


Pakistani online insurance startup Waada acquired a local rival to create the South Asian nation’s largest player in the field, seeking to benefit from growth in the burgeoning market.

The Karachi-based company took over MicroEnsure Pakistan, a unit of MIC Global operating in South Asia and Africa, in an all-stock deal, according to a statement Friday. The brands combined have 1.5 million active customers, Waada said, without disclosing the deal value. Waada also said it’s closed a seed round of $1.3 million from local angel investors and foreign venture capital firms.

----------

https://247news.com.pk/waada-becomes-largest-technology-led-insuran...

Waada, The Insurance start-up has announce that the company has become the largest player among all technology-led start-ups in the country’s insurance segment after acquiring its rival company MicroEnsure Pakistan.

The Announcement was made on the startup’s Social media handle LinkedIn, In the announcement, it has been confirmed that deal has been locked however, company has not disclosed the details of the deal yet.

Separately, the company also announced a $1.3 million seed funding round. According to international news agency, the all-stock deal will bring the number of active customers of Wada to 1.5 million. “Waada aims to add customers using online sign-ups and has a goal to distribute 10m policies in three to five years,” it said.

Comment by Riaz Haq on November 22, 2022 at 10:35am

Pakistan:Insurance market grows by nearly 22% in 2021

https://www.asiainsurancereview.com/News/View-NewsLetter-Article?id...

The insurance industry posted gross annual premium of PKR432bn ($1.9bn) in 2021, 21.7% higher than the PKR355bn chalked up in 2020, according to data compiled by the Securities and Exchange Commission of Pakistan (SECP).

---------

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Comment by Riaz Haq on December 11, 2022 at 1:33pm

HEC grants $525,000 to 15 startup businesses to boost entrepreneurship
Muhammad Faisal Kaleem


https://dailytimes.com.pk/1031680/hec-grants-525000-to-15-startup-b...

The Higher Education Commis-sion (HEC) has granted $525,000 to fifteen start-ups under the Innovator Seed Fund (ISF) program with the purpose to enhance the entrepreneurship, Daily Times has learnt.

As per available information 15 start-ups have won grants of up to $35,000 each in the Pitching competition. Initially, as many as 26 entrepreneurial teams shortlisted out of 186 applicants who have participated in the competition.

Chairman HEC Dr. Mukhtar Ahmed applauded the talent and potential of university students, graduates and researchers with regard to presenting solutions to local challenges.


He, however, underlined that Pakistan definitely faces problems, yet it is certain that problems bring opportunities with them, adding that various achievements of Pakistani academia and industry in the spheres of technology and innovation, he stressed that the young generation was blessed with the capabilities to sort out solutions to the challenges facing the country.

While recalling the start-up program, Dr Ahmed highlighted that Pakistan’s start-ups saw a record-breaking year of fund-raising in 2021 with over $350 million in funding. He noted that with collective and persistent efforts, this fledgling ecosystem can flourish further and safeguard Pakistani entrepreneurs through regulatory, networking, and funding opportunities.

During the pitching ceremony earlier, Dr. Shaista Sohail said Pakistan currently has the largest number of young people ever in its history, which makes it one of the youngest countries in the world. “This huge generation of young people can be the biggest asset of the country, if we are able to reap its potential by empowering and uplifting them.” She stressed the need for providing the youth the right kind of education and skills as well as the opportunities to fulfil their roles as responsible, productive citizens, and drivers of economic growth.

She noted that in many countries, startups and entrepreneurship play a very important role in job creation. She further observed that Pakistan’s startup ecosystem is still in its embryonic stage compared to other nations of the world. “There is a dire need to propel our efforts towards promotion of technology and innovation-based Startups in the country and to boost the overall Startup ecosystem,” she emphasised.

The grant winning start-ups included ezGeyser, mimAR Studios, Funkshan Tech Pvt. Ltd., and truID Technologies Pvt. Ltd. from National University of Sciences & Technology (NUST); Savvy Engineers Pvt. Ltd. and Arm Rehab Technologies from International Islamic University Islamabad (IIUI); Avero Life Sciences from Institute of Management Sciences, Peshawar; Wonder Women from University of the Punjab; Orko Pvt. Ltd., Boltay Huroof, and Poter Pakistan from NED University of Engineering & Technology (UET), Karachi; VisionRD and Oxbridge Innovative Solutions Pvt. Ltd. from Bahria University Islamabad; 110 Innovate from IBA-Sukkur; and Shahruh Technologies Pvt. Ltd. from UET, Lahore.

Comment by Riaz Haq on December 11, 2022 at 1:33pm

HEC grants $525,000 to 15 startup businesses to boost entrepreneurship
Muhammad Faisal Kaleem


https://dailytimes.com.pk/1031680/hec-grants-525000-to-15-startup-b...

The Higher Education Commis-sion (HEC) has granted $525,000 to fifteen start-ups under the Innovator Seed Fund (ISF) program with the purpose to enhance the entrepreneurship, Daily Times has learnt.

As per available information 15 start-ups have won grants of up to $35,000 each in the Pitching competition. Initially, as many as 26 entrepreneurial teams shortlisted out of 186 applicants who have participated in the competition.

Chairman HEC Dr. Mukhtar Ahmed applauded the talent and potential of university students, graduates and researchers with regard to presenting solutions to local challenges.


He, however, underlined that Pakistan definitely faces problems, yet it is certain that problems bring opportunities with them, adding that various achievements of Pakistani academia and industry in the spheres of technology and innovation, he stressed that the young generation was blessed with the capabilities to sort out solutions to the challenges facing the country.

While recalling the start-up program, Dr Ahmed highlighted that Pakistan’s start-ups saw a record-breaking year of fund-raising in 2021 with over $350 million in funding. He noted that with collective and persistent efforts, this fledgling ecosystem can flourish further and safeguard Pakistani entrepreneurs through regulatory, networking, and funding opportunities.

During the pitching ceremony earlier, Dr. Shaista Sohail said Pakistan currently has the largest number of young people ever in its history, which makes it one of the youngest countries in the world. “This huge generation of young people can be the biggest asset of the country, if we are able to reap its potential by empowering and uplifting them.” She stressed the need for providing the youth the right kind of education and skills as well as the opportunities to fulfil their roles as responsible, productive citizens, and drivers of economic growth.

She noted that in many countries, startups and entrepreneurship play a very important role in job creation. She further observed that Pakistan’s startup ecosystem is still in its embryonic stage compared to other nations of the world. “There is a dire need to propel our efforts towards promotion of technology and innovation-based Startups in the country and to boost the overall Startup ecosystem,” she emphasised.

The grant winning start-ups included ezGeyser, mimAR Studios, Funkshan Tech Pvt. Ltd., and truID Technologies Pvt. Ltd. from National University of Sciences & Technology (NUST); Savvy Engineers Pvt. Ltd. and Arm Rehab Technologies from International Islamic University Islamabad (IIUI); Avero Life Sciences from Institute of Management Sciences, Peshawar; Wonder Women from University of the Punjab; Orko Pvt. Ltd., Boltay Huroof, and Poter Pakistan from NED University of Engineering & Technology (UET), Karachi; VisionRD and Oxbridge Innovative Solutions Pvt. Ltd. from Bahria University Islamabad; 110 Innovate from IBA-Sukkur; and Shahruh Technologies Pvt. Ltd. from UET, Lahore.

Comment by Riaz Haq on December 23, 2022 at 5:02pm

Mobile banking doubles, internet banking grows by 51.7% in FY2021-22
As internet banking, POS, and eCommerce transactions post strong growth, the digital payments ecosystem is picking up steam

https://profit.pakistantoday.com.pk/2022/12/23/mobile-banking-doubl...

https://www.sbp.org.pk/PS/PDF/FiscalYear-2021-22.pdf

The overall number of payment cards, however, decreased during the year, from 45.9 million in 2020-21 to 42.4 million in 2021-22.

Bring in the fintech

According to the State Bank’s annual report, the four fully licensed EMIs (electronic money institution); Sadapay, Nayapay, Finja and CMPECC, combined had 262,558 total active accounts and 514,961 payment cards issued to their customers. Last year’s numbers on EMIs were not available for a comparison on how these numbers have grown.

The SBP has in the past has often emphasised on the potential fintech can play to boost digital payments and financial inclusion.

During his speech at the Institute of Banking Pakistan Annual Award Ceremony, Jameel Ahmad, Governor SBP stressed on the need for banks to revisit their traditional approach to service delivery and adapt quickly as digitalization shifts the balance of power from banks to tech savvy entities, hinting at the growing trend in fintech.

“Leveraging digital technology is essential not only to promote financial inclusion, but also to ensure that the industry keeps pace with emerging global trends,” opined Ahmed.

Speaking on the importance of technology, Ahmad quotes M-Pesa, a Kenyan fintech. “An often-cited success story is that of M-Pesa in Kenya, where it single-handedly drove mobile financial services availability and successfully raised financial services access in Kenya. “

Ahmad pointed out that a number of factors already exist in Pakistan that can help drive digital financial innovation and proliferation of a tech-based financial ecosystem. He pointed out that the nation has a fully functional digital ID system, ubiquity of mobile devices, penetration of mobile and broadband services, availability of faster payment rails, remote account opening process, and facilitative regulatory environment for enabling the entry of non-bank entities into the financial arena.

The Central Banker also points out that while fintech has brought competition, it also presents the sector with an opportunity to create synergies and mutually beneficial partnerships.

“Banks and Fintechs can partner with each other to provide innovative products for customers that are otherwise not viable on a standalone basis. For banks, such partnerships can help with penetration in untapped segments like retail businesses and Micro and Small Medium Enterprises, yielding beneficial outcomes for all stakeholders,” he said.

Encouraging the banks that are yet to make consistent and sustained moves toward technological transformation, Ahmad told them to make use of the digital bank frameworks and the instant payment system, RAAST, to position themselves for the future.

Comment by Riaz Haq on December 26, 2022 at 8:57pm

ONE Network, Cybernet complete first phase of cross-country long-haul fiber network

https://www.brecorder.com/news/40211289

A new ultra-low latency long-haul fiber network is being deployed jointly by One Network, the largest ICT and Intelligent Traffic and Electronic Tolling System operator in Pakistan, and Cybernet, a leading fiber broadband provider. The network will span the entire length of the country and provide much-needed capacity and redundancy to the communications, internet, and media infrastructure in numerous cities, towns, and districts.

The first phase of the project, which includes 1,800 km of fiber network along motorways and road sections linking Karachi to Hyderabad (M-9 Motorway), Multan to Sukkur (M-5 Motorway), Abdul Hakeem to Lahore (M-3 Motorway), Swat Expressway (M-16), Lahore to Islamabad (M-2 Motorway) and separately from Lahore to Sialkot (M-11 Motorway), Gujranwala, Daska and Wazirabad have been deployed.

Both partners are now moving expeditiously to install and test a multi-terabit transport network and attain ready-for-service (RFS).

The second phase which includes Hyderabad to Sukkur, Multan to Pindi Bhattian (M-4 Motorway), Hazara Expressway (E-35), Hakla to D.I.Khan (M-14 Motorway), and Islamabad to Peshawar (M-1 Motorway) has commenced and is expected to go live by Q1 2023.

Based on learnings from disruptions due to infrastructure damages in recent floods, the project has implemented extra measures to withstand natural calamities. All critical components including optical networking equipment, distribution networks, and power systems are deployed in such a manner that they continue to function in a range of disaster scenarios. Furthermore, the network is being enhanced through multiple rings, and swap arrangements with other network providers to provide an unprecedented level of reliability.

Asif Siddique, CEO of One Network, said: “This national long-haul project is the backbone to enable One Network to deploy state-of-the-art platforms for electronic toll collection (ETC) and intelligent transportation systems (ITS) for our National Motorways – the economic backbone of our country. Built along the national motorways, the fiber transmission network will provide a robust information highway linking many Pakistani cities, towns, and districts. The infrastructure has been built, and will be maintained, by keeping in mind the capacity and communication needs for our nation and its citizens for the next 25 years”. The infrastructure shall also be available for all cellular mobile operators to provide quality of service to their 3G/4G subscribers along the motorway routes. “We are building safe and reliable long-haul fiber infrastructure with an aim to contribute to improving quality of service and digitalization efforts of the government of Pakistan,” added Mr. Asif Siddique.

Danish A. Lakhani, CEO of Cybernet, said, “Our goal is to provide a high-capacity fiber network that continues to function in critical times. With careful planning of the fiber plant including ring-based protection and regular, proactive maintenance we aim to construct a robust national fiber backbone for use by everyone – but one which will be owned and managed by local Pakistanis. Such a backbone will not only serve the people, businesses, and institutions of Pakistan but also meet the needs of international customers who require high-capacity, cross-border connectivity.”

The new long-haul network will also provide tremendous benefit to Cybernet’s own broadband service (StormFiber) by enabling the company to provide multi-terabit transmission uplink to its broadband access network.

“This transmission network will enable us to further our mission of transforming the Pakistani economy by bringing gigabit fiber broadband service –at an affordable price— to households and businesses in every major city of Pakistan. We are on track to roll out our FTTH-based triple play service to the 25th city in Pakistan by the end of the year”, added Lakhani.

Comment by Riaz Haq on December 26, 2022 at 8:58pm

Starlink’s technical plan being studied by PTA, other stakeholders


https://www.brecorder.com/news/40216864


ISLAMABAD: The Starlink Internet Services has yet to satisfy the Pakistan Tele-communication Authority (PTA) and other stakeholders over its technical plan—being evaluated for the launch of services in the country, official sources revealed to Business Recorder.

According to official documents of the Ministry of Information Technology and Telecommunication and the PTA, the technical plan submitted by Starlink is under evaluation by relevant stakeholders. The Government of Pakistan is in consultation with all stakeholders including SUPARCO, LEAs, PTA, and FAB to analyse the Starlink technical and business plan, as regional and various international countries are taking cautious approach to allow or deny Starlink due to respective satellite regimes as well as security aspects.

The documents further revealed that security clearance of Starlink and related technical vulnerabilities assessment especially its data hosting outside the country and utilization of laser technology from satellite to satellite without using Earth Gateways is being analyzed by Law Enforcement Agency. Further action of granting licence or otherwise will be taken by the PTA after clearance from all stakeholders.

In accordance with existing regulatory provisions, Long Distance and International (LD1) and Local Loop (LL) licencees of PTA are allowed to provide satellite-based telecommunication services in respective licenced region(s). Starlink Internet Services Pakistan (Pvt) Ltd (Starlink) which is owned by Starlink Holdings Netherlands BV, applied for LDI licence for Pakistan on 24th February 2022 along with 14 x LL licence for all Telecom Regions of Pakistan on 29th April 2022.

All stakeholders were intimated and Starlink case is being analysed from technical perspective on non-exclusive, non-interference, and non-protection basis.

Starlink Internet Services Pakistan (Pvt) Ltd (Starlink) approached Pakistan Telecommunication Authority (PTA) to permit Starlink (SpaceX) to operate in Pakistan. Traditional satellites are operating in Pakistan in Geo Stationary Orbit (GSO) (at an altitude of 36000 kms). However, Starlink differs from GSO technically, as it operates in Low Earth Orbit (LEO) at an altitude between 250 to 500 kms, thus, provides low latency connectivity.

Starlink/SpaceX satellites can also communicate with many Ground Stations at a time and conversely, one ground station can connect to many starlink satellites. Satellite-to-satellite connectivity also exists through laser technology to effectively expand footprint in all areas.

Internet bandwidth is normally accessed from ground station within the country, where services are extended through starlink thus, optical fiber cable bandwidth is up/down linked through space stations and internet services are provided to the end user in the country.

The PTA officials on Monday also briefed the Senate Standing Committee on Information Technology and Telecommunication on the Starlink issue which met under the chairmanship of Senator Kauda Babar.

Officials said that this technology is still in its early stages and further progress could not be made due to some security concerns. Senator Afnanullah Khan said it was an excellent technology for providing internet services in remote areas and it was not appropriate to forego it just because of security concerns.

Chairman Committee, Senator Kauda Babar, formed a sub-committee to settle the matter and bring it to a logical end. The Sub-committee will sit with all the stakeholders and resolve the issues.

The officials revealed that SpaceX’s Starlink currently uses beta version which is not fully secured. The committee was informed that the technology was reportedly used in a drone attack in Ukraine while it was also reported in Afghanistan as well. The committee constituted a sub-committee to look into the matter and report back to it.

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