Tag: Hysab Kytab

Hysab Kytab signed a strategic partnership with Winikon

Karachi: Hysab Kytab – a leading FinTech that offers a suite of financial management solutions has signed a strategic partnership with Winikon – IT services company specialized in banking business to enhance the banking experience of customers. This collaboration will help in providing individual-level personalized financial management products and services to banking customers.

The partnership between Winikon and Hysab Kytab will facilitate banking customers to manage their finances more efficiently and securely. It will improve the banking experience, and better money management and help the customers proactively manage their finances.

Viktor Weininger, CEO at Winikon said ’’Winikon is serving Temenos Transact clients backed up with 15+ years of experience in Temenos ecosystem. PFM is a key element of digital transformation as mobile is the most essential touchpoint with banking clients nowadays. I’m delighted to onboard Hysab Kytab as our partner. Through our partnership with Hysab Kytab, we are offering a best-of-breed, innovative PFM solution integrated with Transact”

Yasir Ilyas, Head of Hysab Kytab said “Hysab Kytab’s PFM is available at Temenos Exchange (Temenos Marketplace) as pre-integrated with Infinity and Transact for global customers. As a product company our expansion/scale strategy demands finding well reputed partners that have track record of successful projects. This partnership with Winikon is key for our scale strategy and I look forward to creating success together with Winikon”

About Winikon: Winikon’s passion is banking operations made simple. Winikon accompanies its clients along their path of becoming an organization where advanced banking software technology is a stable and reliable enabler for business and innovation. We help banks on their journey of transitioning into the world of modern IT architecture.

About Hysab Kytab: Hysab Kytab’s PFM is available on marketplaces of Temenos – Temenos Exchange as pre-integrated with Infinity and Transact for global customers.

Hysab Kytab PFM is a white-labelled personal finance management solution, which is a fully customizable and secure wealth management product. It can seamlessly integrate into the bank’s existing core banking applications and helps banks maximize and optimize their revenues per branch, per customer and sell more products to more customers many times.

At Hysab Kytab, we want to help customers Know More, Guess Less.

TechTalks: The future’s bright, the future is fintech

All over the world, the finance industry is witnessing a new trend as banks are transforming their business models as fintech operators. Previously, it was the other way around , shared Mohammad Yasir Ilyas, the head of one of Pakistan’s leading money management app Hysab Kytab.

He said this while moderating a webinar series titled Tech Talks held by Jaffer Business Systems, where fintech heads and finance experts discussed financial inclusion, digitization and Pakistan’s untapped potential in the financial sector – fintech: which can capture niche markets through innovative, tech-enabled, and easy-to-accessible services.

Mr. Ilyas claimed that the support of regulators was essential for fintech operators and financial institutions in order to introduce various initiatives in the market. According to Mr. Ilyas, in the last two years, the support from regulators has been positive which has led to the growth of fintech business in the country.

Given the current financial setting, in the next five years banking will become a common service in Pakistan and worldwide. Financial literacy and awareness play an important part in making people feel comfortable using services offered by fintech operators.

“The mobile phone penetration is exceptional — from 70% to 80% in Pakistan, but the penetration of banks stands merely at 20% which provides a big opportunity for fintech to come into space benefiting from mobile penetration to launch their products and services,” said Areej Al Medinah, Product Owner at SadaPay.

She added that financial inclusion was a wide phenomenon which should offer its user access to the financial system even without a bank account for basic services and a variety of products and services with a bank account.

The services should be easy to navigate, sustainable and affordable for a wide segment of the customers who can be empowered to make the most of their bank accounts.

“Bank accounts are not a privilege. They are a necessity which should not be based on red tape. Fintech companies do swift processing without excessive documentation as compared to traditional banks,” she explained.

“Fintech operators provide easy access to customers to open bank accounts or have a transactional card in a short span of time as compared to traditional banks with the involvement of a lot of processes and compliance. In this way, the role of fintech is tremendous in promoting digital transactions and financial inclusion in the country,” Ms. Al Medinah further said.

Elphinstone Founder and CEO Farooq Tirmizi believes that the phenomenon of financial inclusion could be promoted at an accelerated pace in Pakistan through the regulator’s plan and that competition should not be intensified between banks and fintech operators but between these entities and different sectors such as real estates.

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