fintech – Pakistan Tech News

Meezan Bank introduces Wisaaq – Pakistan’s First Digital Supply Chain Financing Platform, in Collaboration with Coca-Cola Beverages Pakistan Limited (CCI Pakistan), Powered by Haball

Meezan Bank, Pakistan’s Leading Islamic Bank and Coca-Cola Beverages Pakistan Limited (CCI Pakistan) have joined hands to launch a digital supply chain financing platform in partnership with Haball, an Islamic B2B Fintech that digitizes business payments to enable a cashless and digital supply chain. Coca-Cola Beverages Pakistan Limited is a subsidiary of Coca-Cola Içecek (CCI) which is currently operating in 11 countries across the globe. The event was attended by Dr. Inayat Hussain – Deputy Governor, State Bank of Pakistan, Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank, Mr. Erdi Kursunoglu – Director Finance, CCI Pakistan and Mr. Omer Bin Ahsan – CEO, Haball along with their respective teams.

As a first in the industry, CCI Pakistan will unveil Wisaaq’s Digital Financing Platform for their distributors across Pakistan who shall be able to avail Shariah-compliant financing through Meezan Bank. The facility will enable CCI Pakistan distributors to improve their working capital while expanding their operations. By entering into this venture, Meezan Bank aims to support SMEs in Pakistan, ensuring financial efficiency and stability of the supply chain, eventually fueling growth of the economy. The Bank’s collaboration with CCI Pakistan will also allow exchange of expertise and networks from two different industries, that will create sustainable business opportunities for retailers.

On the occasion, Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank commented, “Meezan Bank is fully committed to Shariah-compliant financing and is pleased to collaborate with Haball for developing a digital financing platform to reach CCI Pakistan’s small & medium sized distributors, and their linked retailers. This partnership will act as a precursor to grow the country’s most important SME segment.”

Mr. Erdi Kursunoglu – Director Finance, CCI Pakistan added, “This cashless supply chain solution under Wisaaq is not just a digital transformation but also a business transformation. This partnership would create a win-win solution mainly for the SMEs in Pakistan. However, we believe, the biggest winner of this initiative will be the national exchequer”.

Mr. Omer Bin Ahsan – CEO, Haball mentioned, “The launch of Wisaaq is a huge achievement not just for us, but for the entire financial services industry, corporates, as well as SMEs. It wouldn’t have been possible without our partners Meezan Bank, CCI Pakistan, and State Bank of Pakistan.”

Alkaram joins hands with ABHI to offer Earned Wage Access to all its employees across the country

Alkaram, one of the biggest names in Pakistan’s textile industry, is partnering with ABHI, Pakistan’s first financial wellness platform, to offer its employees the facility of Earned Wage Access.

ABHI’s goal is to provide financial wellness services to all employees in Pakistan, giving them the ability and freedom to access their earned but unpaid salaries, so they don’t have to face financial constraints in emergencies. One of the biggest players in textiles, with thousands of employees across the country, Alkaram is partnering with this revolutionary new venture, as employees’ financial wellness is paramount to the company. This partnership will help the company in becoming one of the leaders in the global textile world, integrating vertical textile solutions with values and sustainability.

Speaking at the occasion, Omair Ansari – CEO & Co-founder of ABHI, explained that “We believe financial wellness and access to credit are basic human rights, which we aim to bring to all our customers. We are glad to partner with Alkaram and look forward to a long-lasting relationship where employees can benefit and fight the rising inflation by getting access to their earned salaries at any time of the month.”

Speaking at the occasion, Nizar Nooruddin – Head of Human Resources of Alkaram Textile Mills, mentioned that “Introduction of the financial wellness platform, ‘ABHI’ has opened up an opportunity to unlock the potential of digital transformation in facilitating our employees’ financial wellness. Empowering our employees with convenience and freedom to manage their emergent needs within no time is unmatched in today’s corporate landscape.”

Founded in 2021, Abhi is Pakistan’s first financial wellness platform that lets you access your salary daily via app or SMS. Users can withdraw the accessible amount of their accrued salary instantaneously to any bank account or wallet.

Abacus Consulting Supporting Apigee API Management Platform Available in Pakistan

Recently Abascus consulting has contracted with APigee to become the supportive reseller partner for the Apigee API management platform. This agreement will permit Pakistani digital and FinTech associations to present themselves to outer world using APIs.

In more simple words using such an API engine in place companies as Daraz wil help them to present their data (specs, prices and listing as well) using API and who wish to utilize this data like marketers, payment processors and affiliate areas will quickly grasp the data in spite of scrapping the whole website.

This agreement will help Abacus and Apigee to deliver an intelligent API platform to support organizations hasten the stride of digital business. Furthermore it will support in creating an associated digital experience for consumers employees and partners.

Adding to this the Apigee API platform will help businesses to share data in secure mode and services across myriad tdevices and channels. The signing ceremony was held in Karachi where Mr. Saad Syed, Sales Director MEA for Apigee and Mr. Shoaib Khan, VP Abacus Consulting were present.

The synergy is boosted through this partnership is dignified to manage benchmarks of excellence in the industry and by helping complicated API deployments to be obtained via faster, simple and more effective process.

Mr. Abbas Ali Khan – MD Abacus Consulting said:

We welcome this new alliance and look forward to working with Apigee. We believe that through this partnership we will be able to unlock innovation and deploy digital business models with our customers.

Mr. Saad Syed – Sales Director MEA Apigee said:

APIs are already used as the currency for data exchange within and between organizations. Many organizations are now investigating the value of intelligent API management to help securely deliver and manage the APIs that power mobile applications and other digital initiatives. To assist these organizations within the country, Apigee is proud to partner with Abacus Consulting.

Apigee’s flagship product Apigee Edge gives a solution that connects the entire digital value chain, from the backend systems of record to the customer who connects through an app.

Pakistan tops Asian telecom users and investment destinations

Pakistan takes the first place in the South Asians as telecom users, a destination for investment and many multilateral institutions, the World Bank this week said. Pakistan leads the region in e-commerce, digital finance and branchless banking in the forward movement expanding of the National Financial Inclusion Strategy campaign.

A maximum sweep and use of mobile telephony, other equipment, commercial, business, industrial, education and media sectors is seen from the Arabian Sea shores, beside the United Arab Emirates to the Himalayan heights and the K-2 peaks in north extreme of Pakistan. E-commerce sights and businesses are coming up in these snow regions. Vendors sell fancy Pakistani handicrafts as far as Germany, Norway and Japan via the Internet. While this change of the telecom and IT users is in progress, Pakistan is the first destination for foreign investors and the market is changing to being the kind where all types of mobile telephony, telecom and ICT related services and products are used.

The sister countries include production and assembly of computers, laptops and other It equipment is growing with these developments. The production activities are likely to expand and the proposals to reduce the present taxes and other concessions are being considered by the government. Pakistan Computer Association (PCA) has proposed a withdrawal of some taxes and the levy of fixed customs duties and taxes on IT products.

Our proposals will encourage legal import of IT products, remove taxes relating to the Generalized Scheme of Preferences. It will provide the IT industry a level playing field, reduce consumer prices, and cut down large scale smuggling,

Says PCA chairman, Munawwar Iqbal.

If the government agrees to levy a fixed tax on each IT product, it will bring Rs5.5 billion a year in the form of new revenue.

Abdul Rauf Alam, president of the Federation of Pakistan Chambers of Commerce & Industry (FPCC&I) says:

The computer industry in Pakistan plays a significant role in the development and progress of the overall economy. The problems being faced by PCA and other sectors of the private sector are being discussed with Finance Minster Ishaq Dar, who is busy preparing the budget and the tax proposals for the National Budget for 2016.

The budget will be unveiled in June. Meanwhile, the World Bank Group and its 25 associates in the programme to reach Universal Financial Access -2020, of which Pakistan is a member, reported that

Around six per cent of adults in Pakistan have mobile accounts as compared to South Asia’s average of less than 2.6 percent.

Pakistan having a formal and regulated transaction account is opening a channel to other financial services as savings payments, insurance, and credit, which can be helping people manage their lives better. Confirmed by the statistics are the prospects for IT-mobile telephone services and banking for moving forward hand-in-hand and enjoying growth in the various sectors.

It is shown that 13 percent of adults have a formal account, less than 5% women are included in the formal finance sector, 27.5 million adults say distance to a financial organization a barrier for the opening of a financial account while 2.9% adults have a debit card. The telecom sector is seeing a growth in the form of new equipment import, new connections and the state of the art technology, private use, and its applications from e-commerce to banking and fintech. The Pakistan Telecom Authority (PTA), World Bank and internationals say that this number is in millions.

The number of broadband subscribers is over 26 million people, PTA said which increases the broadband usage from 3 to more than 15 percent. A 10% increase in the high speed internet connections will increase the GDP by 1.38% World Bank says. A good and positive effect of coming of broadband in Pakistan is set to happen on the growth of the economy. This shows the speed and size of the rate of dividends and profits is in this modern telecoms and the reason as to invest foreign and domestic funds in Pakistan.