Pakistan to get three new players in fintech industry

Pakistan’s fintech sector is growing rapidly as various big players are taking interest in the region. As of now, three fintech firms are planning to capitalize the financial market of Pakistan. Recently, a quarterly report of Standard Bank of Pakistan (SBP) has surfaced which has revealed that FonePay, Monet, and TPL Rupya are planning to start their operations in Pakistan.

The report by SBP has indicated that the financial sector of Pakistan will see a rise in the business-to-consumer e-Commerce (e-B2C) platforms. The new financial technology will help people to make online transactions to anyone having mobile wallet account.

According to a Mckinsey and Company, fintech will add around 4 million new jobs, 93 million bank accounts, $36 billion annual gross national product (GNP), and $7 billion to Pakistan government’s net revenue by the year 2025. The advancement in communication technology, branchless banking and the expansion of internet access are playing a vital role in the development of the financial sector of Pakistan. According to Mr. Yusuf Hussain, CEO of National Technology Fund Ignite,

“Bank accounts seem to be on track as there are 7 million today. This includes 1.8 million traditional accounts, accumulated over 50 years, and 5.2 million mobile/branchless accounts accumulated in around one-tenth of that time.”

Pakistan’s fintech industry is emerging rapidly as top financial technology & inclusion players like Karandaaz Pakistan have been providing financial and technical support to fintech startups which showcase substantial potential to create value for the society.