Comment by Riaz Haq on December 2, 2025 at 9:33am

Pakistan’s fintech bet pays off in a new era for South Asian finance
From India's shadow to emerging regional leader, country's funding rebounds, crypto frameworks develop


https://tribune.com.pk/story/2580132/pakistans-fintech-bet-pays-off...


"Pakistan is undoubtedly a rising star in digital assets, even if this is still a “honeymoon phase” for the South Asian country in a notoriously volatile fintech segment. How Pakistan responds to its first major crypto shock will ultimately reveal the depth of its commitment."
This is what Forbes has reported on Pakistan’s current fintech landscape. Fintech’s centre of gravity in South Asia may finally be shifting, and Pakistan is emerging as the region’s unexpected powerhouse. For years, India’s dominance kept neighbouring fintech ecosystems in its shadow. Pakistan, Bangladesh and Nepal lagged behind, adopting digital finance slowly and attracting limited investor interest.
Read: Digital transformation shapes Pakistan's banking horizon
Over the past three years, that map has begun to change. Pakistan is accelerating the fastest, supported by regulatory backing, a recovering investment pipeline and early moves in digital assets, a space where regional peers remain cautious.
Funding climbed from US$10.4 million in 2019 to US$150m in 2022 before global macroeconomic pressures derailed investor confidence. In 2023, rising interest rates and a global retreat from high-growth tech pushed investment down to US$12.5m.
The rebound has been strong. Funding doubled to US$26.3m in 2024 and reached US$52.5m in the first half of 2025. By late November, Pakistan’s fintech ecosystem had secured US$391m in total venture capital and included close to 450 companies.
The standout deal of 2025 was Haball’s US$52m pre-Series A round. Meezan Bank, the country’s largest Islamic lender, provided US$47m, a sign that traditional banks are no longer resisting digital entrants and are instead choosing to collaborate with them.


Regulation has evolved alongside investment. The Pakistan Startup Fund is offering equity-free grants to attract venture capital, while the State Bank has introduced a full digital bank licensing framework. Five digital banks, including Easypaisa and Mashreq Bank, began pilot operations in early 2025. These measures aim to lift adult financial inclusion from 64% in 2023 to 75% by 2028.
As SBP Governor Jameel Ahmad said in March 2024, “When more people have access to financial services, it creates a broad base of consumers, savers and entrepreneurs… especially in countries like Pakistan where the informal economy remains widespread.” Pakistan is positioning financial inclusion not simply as social welfare but as a way to formalise the economy and support long-term growth.
Pakistan is also moving ahead of its neighbours in digital assets. Bangladesh and Nepal have declared cryptocurrencies illegal, while Pakistan has avoided a complete ban. In earlier years this created a regulatory grey zone, but the situation is now shifting. Work on a formal virtual asset framework has begun, signalling a move from passive tolerance to structured oversight.
Pakistan is emerging as the most assertive fintech player in South Asia. Unlike Bangladesh and Nepal, both of which have outlawed cryptocurrencies, Pakistan avoided a blanket ban and is now moving toward a formal virtual asset framework. The shift from a regulatory grey zone to structured oversight marks a major strategic turn.
Bangladesh and Nepal offer a sharp contrast. In Bangladesh, between 40% and 50% of the population remains unbanked and the government aims for 75% digital transactions by 2027, yet crypto remains banned. Nepal’s fintech market is smaller, with mobile banking penetration at 73% and digital wallets at 64%, and it also maintains a strict prohibition on crypto activity.

Comment by Riaz Haq on December 2, 2025 at 9:34am

Fintech Heats Up In South Asia Beyond India


https://www.forbes.com/sites/zennonkapron/2025/11/27/fintech-heats-...


Pakistan: The Fintech Sleeper Awakens

Pakistan’s fintech funding surged from just US$10.4 million in 2019 to US$150 million by 2022, seemingly positioning the South Asian country to become one of the top emerging digital finance markets. However, funding plummeted in 2023 to just US$12.5 million as global macroeconomic conditions deteriorated. Surging interest rates increased the cost of capital while investors also became warier of growth-focused tech startups.

Yet funding has recovered in the past two years, roughly doubling to US$26.3 million in 2024 and US$52.5 million through the first half of 2025. As of late November, Pakistan’s 450 fintech companies have in total raised US$391 million in VC money.


The biggest deal of the year so far has been the US$52 million pre-Series A by B2B supply chain and payments fintech Haball that closed in April. The deal is significant not just for its size but also because it represents one of the most notable tie-ups to date between an incumbent Pakistani lender and a digital upstart. Meezan Bank, Pakistan’s largest Islamic bank, provided US$47 million of Haball’s funding. Haball is the first Pakistani fintech to receive a digital invoicing license from the Federal Board of Revenue and is currently working toward becoming a regulated payment initiation service provider with connectivity to Raast, the South Asian country’s instant payment system.

The uptick in Pakistan’s fintech funding dovetails with growing regulatory support for the industry. For instance, the state-backed Pakistan Startup Fund offers equity-free grants to encourage venture capital inflows. Pakistan has also established a licensing and regulatory framework for digital banks, with five entities (including Easypaisa and Mashreq Bank) launching pilot operations by early 2025.


Collectively, these efforts aim to boost adult financial inclusion from the 64% rate in 2023 to 75% by 2028. “When more people have access to financial services, it creates a broad base of consumers, savers, and entrepreneurs and helps stimulate economic growth. This is all the more important in developing economies like Pakistan, where the informal economy has a substantial share in overall economic activity and contributes to the widespread prevalence of informal and unsafe savings and investment avenues,” Jameel Ahmad, Governor of the State Bank of Pakistan, said of the government’s financial inclusion efforts in March 2024.

Comment by Riaz Haq on January 18, 2026 at 7:08pm

Pakistan To Launch 5G In 7 Cities: What IT Minister Announced in 2026


https://ldacity.com.pk/pakistan-to-launch-5g-in-7-cities/

Pakistan To Launch 5G In 7 Cities: What IT Minister Announced in 2026. Pakistan is stepping into a new era of connectivity as 5G services are set to launch in seven major cities. Federal Minister for IT and Telecommunication, Shaza Fatima Khawaja, confirmed this ambitious plan during the 26th ITCN Asia Expo in Karachi. The government’s vision aligns with the Digital Pakistan initiative, aiming to transform internet access, strengthen cybersecurity, and equip the youth with skills for the digital economy.

In this article, we will explore everything about Pakistan’s upcoming 5G rollout, the economic and technological implications, challenges, and what this means for citizens and businesses in 2026.

What 5G Means for Pakistan

5G technology is the fifth generation of wireless communication, offering:

Faster internet speeds (up to 100 times faster than 4G)
Low latency connections, enabling smoother streaming, gaming, and remote work
Enhanced connectivity for smart cities, AI applications, and IoT devices
For Pakistan, the adoption of 5G is more than just speed—it’s a pathway to digital transformation, increased economic growth, and improved government services. The seven cities selected for the initial rolloutare major urban hubs that will benefit first from ultra-fast mobile internet.
——————-

Benefits of 5G Rollout in Pakistan

The 5G rollout in Pakistan is expected to bring multiple benefits:

High-Speed Mobile Internet: Seamless streaming, faster downloads, and improved online gaming.
Smart City Development: Enhanced IoT, traffic management, and urban planning.
E-Government Services: Faster and reliable online services for citizens.
Business Growth: Opportunities for startups, e-commerce, and fintech innovation.
Global Competitiveness: Align Pakistan with other digital economies in Asia.

Comment by Riaz Haq on February 10, 2026 at 7:58pm

Pakistan Digital Authority and DFINITY Partner for Sovereign Cloud Infrastructure and AI Software Systems

https://www.businesswire.com/news/home/20260210476471/en/Pakistan-D...

Agreement establishes Pakistan Subnet of Internet Computer Platform (ICP), supports tamper‑proof digital infrastructure, enables local AI‑native software development and pilots national messenger app

ISLAMABAD & ZURICH--(BUSINESS WIRE)--The Pakistan Digital Authority (PDA) and the DFINITY Foundation today signed an MoU to advance sovereign AI‑native digital infrastructure in Pakistan, ensuring sensitive data remains in‑country while enabling secure, modern software systems built for the AI era.

"By establishing a Pakistan Subnet and investing in sovereign, tamper proof systems, the country is laying the groundwork for software and AI applications that are secure, verifiable, and built to serve national priorities," said Dominic Williams, DFINITY.

As part of the partnership, DFINITY will support the creation of a dedicated Pakistan Subnet on its Internet Computer Platform (ICP), a sovereign cloud designed to host tamper‑resistant software, national‑scale applications, and AI‑powered systems that can create and operate independently of foreign cloud infrastructure.

The collaboration also includes plans for a National Messenger application enabling private, verifiable communications; expanded access to Caffeine, an AI platform incubated by DFINITY; 1,500 Caffeine licenses to create applications and capacity‑building initiatives across government, education, and entrepreneurship. DFINITY will also establish a local presence in Pakistan, reinforcing long‑term collaboration and technical engagement in the country.

“This partnership marks an important step in Pakistan’s digital evolution,” said Dr. Sohail Munir, Chairperson of the Pakistan Digital Authority. “By investing in sovereign cloud infrastructure and modern AI‑ready platforms, we are strengthening national resilience, supporting innovation, and creating new opportunities for our public institutions, students, and entrepreneurs.”

Chief Scientist and Founder of DFINITY and Caffeine, Dominic Williams, added: “Pakistan is taking a forward‑looking approach to digital infrastructure. By establishing a Pakistan Subnet and investing in sovereign, tamper‑proof systems, the country is laying the groundwork for software and AI applications that are secure, verifiable, and built to serve national priorities. This partnership enables Pakistan to build, own, and operate AI and cloud services on its own terms.”

Caffeine empowers people to build and deploy production‑ready apps and services to the Internet Computer by describing what they want in natural language, removing traditional barriers such as the need for engineering teams and complex development pipelines. Caffeine is used by solo builders, municipalities, banks, and public institutions worldwide. Three months after launch, users have executed more than 3.4 million build prompts.

DFINITY created the Internet Computer, an open network providing a serverless sovereign cloud allowing governments, institutions and individuals to run tamper-proof and resilient software with full ownership and free from foreign provider and intelligence agency access. Investing over $500 million in research and development, DFINITY’s team composed of engineers and researchers formerly from Google, Apple, IBM, and Meta, have published more than 1,500 papers, earned 88,000+ citations, and contributed 190+ patents across distributed systems, cryptography, and advanced computing.

Comment by Riaz Haq on February 24, 2026 at 9:52am

Pakistan Digital Authority: Building a Citizen-Centric Digital Future
Pakistan is pursuing a massive digital transformation, led by the new Pakistan Digital Authority (PDA), to create a citizen-centric, digitally empowered nation. Key initiatives are already boosting efficiency, expanding digital inclusion and strengthening the digital economy. The PDA’s success will be measured by its ability to build public trust, ensure inclusivity and maintain ethical safeguards.
BY SAIMA AFZAL


https://www.fairobserver.com/business/technology/pakistan-digital-a...

Pakistan is charting an ambitious course toward a citizen-centric, digitally empowered nation under the Digital Nation Pakistan Act 2025 and the National Digital Commission. At the heart of this transformation lies the newly established Pakistan Digital Authority (PDA), mandated to design, implement and oversee a coherent digital governance framework across the public sector.

With a population of more than 240 million people, over half being under the age of 30, digital transformation has shifted from being a policy choice to a strategic necessity. Pakistan’s leadership, under pressure from financial constraints, bureaucratic inefficiencies and global technological shifts, is optimistic that digital public infrastructure will not only reinforce the state’s authority but also create economic opportunities and restore public trust in government.

From paper files to platforms
The implications of Pakistan’s digital measures are significant. The federal e-Office system was fully adopted in 38 out of 39 divisions, reducing the average file-processing time from 25 days to four days and saving the government approximately 9.5 billion Rupees. Moreover, the introduction of performance dashboards has enabled senior leadership to monitor workflows in real-time and ensure accountability.

Citizen-focused platforms are also expanding rapidly. The PAK App now serves 1.37 million users, processes more than 1.3 million applications and collects 22.86 billion Rupees in taxes. This has thereby facilitated the movement of skilled workers across provinces. In the healthcare sector, the One Patient One ID program has significantly improved efficiency. It has processed 813,000 registrations and 1.5 million lab tests, which has cut waiting times by three to four hours. Furthermore, the program has increased the daily outpatient capacity at major hospitals, such as the Pakistan Institute of Medical Science (PIMS), to 7,500 patients.

Inclusive digital services and provincial innovation
Alongside the steady expansion of digital access across underserved regions, a range of targeted initiatives under the Benazir Income Support Program (BISP) are playing a transformative role in deepening social and financial inclusion. Programs such as Smart Villages, Asaan Khidmat Centers, Business Facilitation Centers and Women’s Digital Wallets collectively work to bridge structural gaps that have historically limited marginalized communities, particularly women, from fully participating in economic and civic life.

Smart Villages integrate connectivity, digital services and community-based infrastructure to ensure that rural populations can access education, healthcare information, government services and financial platforms without the barriers of distance or cost. Complementing this, Asaan Khidmat Centers provide streamlined, citizen-focused service delivery by consolidating multiple administrative and welfare services into accessible local hubs, thereby reducing bureaucratic friction and improving transparency.

Business Facilitation Centers further contribute to inclusion by supporting micro-entrepreneurs and small enterprises with registration assistance, regulatory guidance and access to financing opportunities. These services are especially critical for individuals in the informal economy who lack the resources or knowledge to formalize and scale their businesses.

Comment by Riaz Haq on February 24, 2026 at 9:52am

Pakistan Digital Authority: Building a Citizen-Centric Digital Future

https://www.fairobserver.com/business/technology/pakistan-digital-a...

Perhaps most impactful are Women’s Digital Wallets, which enable direct, secure and transparent transfer of financial assistance to female beneficiaries. By giving women personal control over funds and access to digital financial tools, the initiative strengthens financial autonomy, encourages savings behavior and enhances women’s participation in household and community decision-making.

Together, these interconnected efforts demonstrate a comprehensive approach to inclusive development. This not only expands digital infrastructure but also ensures that vulnerable populations can meaningfully benefit from it through improved service access, economic empowerment and greater social equity

The establishment of the Punjab Enforcement Regulatory Authority as a gender-sensitive digital governance model has shifted women’s roles in decision-making and enforcement, while simultaneously highlighting that digital reform can go hand in hand with social inclusion.

Strengthening digital sovereignty
Over the past few years, Pakistan has been building its digital infrastructureand deploying no less than 140 applications, launching 126 portals and automating 31 ministries. Telecom development is remarkable, with 200 million subscribers, 60% of the population using mobile broadband and 31 million locally-produced handsets. The installation of three submarine cables (Africa-1, 2Africa and SEA-ME-WE 6) helps to increase the capacity of the internet while enhancing the country’s control over digital connectivity. The government is also implementing regulatory changes that will soon enable 5G technology, Mobile Virtual Network Operators (MVNOs) and infrastructure sharing, all of which are expected to transform the internet access landscape in the coming decade.



Innovation, skills and the digital economy
The dream for Pakistan keeps on changing along the lines of technology and innovation. Through the National AI Policy 2025 and the National Semiconductor Program, 7,200 people have been trained in chip design. Plus, more than 300 startups have received support and the Pakistan Startup Fund helps international accelerators. Furthermore, SkillTech and DigiSkills have given 920,000 learners certifications from Google, Huawei, Microsoft and AI companies.

Pakistan has achieved $3.8 billion in IT exports, participated in 14 global exhibitions and attracted foreign direct investment worth Rs 700 million as its achievements. Furthermore, the representation of women has been increasing, with women accounting for 25-38% of the trainees and 84 women-led startups achieving success. Collectively, these initiatives point to a developing and digitally empowered ecosystem that not only promotes economic growth but also facilitates social inclusion.

The Ministry of IT & Telecom credits the Prime Minister’s leadership, the Field Marshal’s support and the regulatory and operational teams’ unyielding efforts as the primary factors behind turning the vision into reality. Pakistan has a straightforward plan: establish enabling environments, implement procedures, set guardrails and provide training when necessary. The year 2025 was a phase of laying the groundwork. 2026 is expected to be a year of large-scale, robust and leading initiatives. Pakistan is poised to be a technology powerhouse, not just embracing the digital era but driving the next three decades of technological advancement. This positioning is expected to generate significant wealth, enhance inclusivity and boost the country’s international competitiveness.

Comment by Riaz Haq on February 24, 2026 at 9:53am

Pakistan Digital Authority: Building a Citizen-Centric Digital Future

https://www.fairobserver.com/business/technology/pakistan-digital-a...

Artificial intelligence: Promise and risk
AI is rapidly emerging as one of the most influential technologies of the 21st century, offering significant potential to improve efficiency, governance, education and economic opportunity. In Pakistan, this promise is already being explored in some institutional arenas. For example, courts and several provincial governments are beginning to experiment with AI tools to improve administrative efficiency, such as case management and document review, helping reduce bureaucratic delays and improve service delivery.

Alongside government adoption, regulators are actively considering how to govern AI in complex sectors like finance. The State Bank of Pakistan (SBP) and related bodies are engaged in drafting frameworks and guidelines that could govern how AI and algorithmic systems are used in the banking sector, with an emphasis on issues such as data security, fairness and transparency, aligning with broader digital policy priorities found in Pakistan’s national AI strategy discussions.

In the education sector, AI-driven technologies are reshaping traditional practices. Smart learning platforms, virtual tutors and automated assessment tools have begun to offer more personalized learning pathways for students and reduce routine administrative burdens for teachers. Studies show educators experiencing efficiency gains and improved engagement when using AI for lesson planning and content generation, though these benefits are highly uneven across contexts.

However, these technological advances are not evenly distributed. Persistent challenges such as inadequate digital infrastructure, limited internet access, uneven device availability and low levels of digital literacy continue to hinder equitable AI adoption across Pakistan’s education system and beyond. Research on digital inclusion highlights how rural and marginalized communities, in particular, remain disproportionately excluded from the advantages of AI, compounding existing inequalities rather than closing them.

Moreover, without robust governance, AI systems can pose real risks, from reinforcing biases or misinterpretations to exposing sensitive data if privacy safeguards are absent. Ethical considerations around algorithmic fairness and transparency are increasingly part of policy debates, especially as stakeholders call for frameworks that protect both citizens and institutions as AI becomes more widespread.



The Pakistan Digital Authority: A central role
The PDA is positioned as the principal institutional mechanism for translating the country’s digital vision into coordinated national action. Tasked with implementing the National Digital Master Plan, built upon the pillars of digital economy, digital society and digital governance, the Authority is responsible for aligning federal and provincial initiatives, formulating a National Data Strategy and establishing standards for cloud infrastructure and data interoperability. Through these functions, the PDA seeks to transform fragmented digital efforts into a unified and strategically directed national framework.

When effectively implemented, the PDA can integrate Pakistan’s diverse digital initiatives into a cohesive, future-ready system capable of delivering measurable social and economic benefits. Coordinated governance structures, interoperable data systems and standardized infrastructure can significantly enhance administrative efficiency, enable evidence-based policymaking and expand access to public services across region

Comment by Riaz Haq on February 24, 2026 at 9:54am

Pakistan Digital Authority: Building a Citizen-Centric Digital Future

https://www.fairobserver.com/business/technology/pakistan-digital-a...

When effectively implemented, the PDA can integrate Pakistan’s diverse digital initiatives into a cohesive, future-ready system capable of delivering measurable social and economic benefits. Coordinated governance structures, interoperable data systems and standardized infrastructure can significantly enhance administrative efficiency, enable evidence-based policymaking and expand access to public services across regions.

The Authority’s long-term effectiveness, however, will depend on governance capacity, institutional coordination and sustained political commitment. Transparent regulatory mechanisms, clear implementation roadmaps and measurable performance benchmarks are essential to ensure that digital strategies translate into tangible outcomes. Strengthened collaboration among federal institutions, provincial governments and private-sector stakeholders can further reduce duplication, optimize resource allocation and accelerate nationwide digital progress.

Equally significant is the PDA’s potential role in fostering citizen trust and inclusive participation. Prioritizing data protection, accessibility and user-centered service design can ensure that digital transformation improves everyday governance, economic opportunity and social welfare. Investments in digital skills development, infrastructure expansion in underserved areas and support for innovation ecosystems will be necessary to broaden participation in Pakistan’s evolving digital landscape.

Over time, a fully functional PDA could serve as the institutional backbone of a modern digital state, supporting sustainable growth, administrative modernization and improved quality of life. Its success will ultimately be measured by how effectively digital transformation contributes to inclusive development, regional competitiveness and tangible improvements in citizens’ lived experiences.

The real test ahead
The success of Pakistan’s digital future will not be based on the number of apps launched or platforms used, but by the tangible impact of technology on public trust, opportunities and citizen rights. A digital Pakistan must be inclusive, encompassing all urban and rural populations, as well as both the connected and the isolated.

Comment by Riaz Haq on Thursday

Pakistan’s digital banking users top 127 million amid shift to cashless economy - Pension Policy International

https://www.pensionpolicyinternational.com/pakistans-digital-bankin...

Pakistani officials told Prime Minister Shehbaz Sharif on Tuesday the number of digital banking users in the country had surpassed 127 million, the PM Office said, as the government pushes ahead with efforts to promote a cashless economy.

Pakistan has witnessed significant growth in digital transactions in recent years. The country’s central bank said last year that its instant digital payment system, Raast, had processed more than 892 million transactions worth Rs20 trillion ($72 billion) since its launch in 2021.

During a review meeting chaired by Sharif on the promotion of a cashless economy, officials said Rs1.6 trillion ($5.7 billion) were disbursed between July 2025 and January 2026 by the government in salaries, pensions and vendor payments directly through the Raast digital platform.

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