KARACHI: Experts said the fintech sector is set to emerge in Pakistan with innovative products and services to facilitate a large number of people meet their financial requirements and wellness.
Speaking at a session on Finance Forward and Fintech Future at the 2nd edition of Teknofest, fintech leaders discussed the rapid evolution of financial technology in Pakistan and its transformative impact on financial inclusion and economic growth.
Hassan Mumel, Head of Marketing and Customer Success at ABHI, a pioneering fintech in the region, spoke about how the company drives financial literacy and expands access to essential financial services.
During a session on Finance Forward and Fintech Future, he said that fintech operators like ABHI are not just offering products; but it is empowering people to take control of their finances.
“Through innovations like Earned Wage Access (EWA), we’ve transformed the way people manage their money, offering immediate access to earned wages and reducing reliance on predatory lending. Our solution has been embraced by over 400 companies, positively impacting more than 20,000 employees across various industries,” he added.
With successful expansions into the UAE and Saudi Arabia, ABHI is not only meeting the financial needs of the masses but also strengthening the financial ecosystem in Pakistan by attracting foreign investment.
“Our mission is to create financial wellness at scale. We are proud to be part of the shift towards a more inclusive, digitized economy, and we remain committed to offering innovative solutions that improve the financial well-being of individuals and businesses alike,” Mumel added.
Ahsan Hussain, Country Head Simpaisa, said the buzzword ‘digital finance’ is already an everyday reality, and the benefits of digital banking extend far beyond conventional financial services. Digital banking can also be a significant tool and engine for job development in underdeveloped countries, he added.
He said that the fintech sector offers a wealth of opportunities for the younger generation pursuing degrees in computer science and finance. As the industry evolves, skills such as data analytics, coding, compliance, and cybersecurity are becoming essential.
Another speaker, Dr Noman CEO of SI Global Solutions said the fintech sector has been evolving worldwide, and its estimated market size will be $1.5 trillion by 2030.
Unfortunately, the contribution of Pakistani fintech and professionals is limited at the moment, however, the sector is set to expand its footprint in different cities and countries because of its Pakistani passionate and competent professionals in the fields of finance, management, and technology, he added.
In Pakistan, regulators such as the State Bank of Pakistan (SBP), the Security and Exchange Commission of Pakistan (SECP), and the Special Facilitation Council (SIFC) are working to promote the technology and financial sector through the empowerment of the private sector and the evidence is rising exports of IT sector that touched an all-time high mark, he mentioned.
Pakistan’s population comprises youngsters with creativity and innovation at their heart. “I believe the fintech sector will emerge across the country, and the number of creators and users of fintech services will grow at an accelerated pace in near future”, he concluded.
Copyright Business Recorder, 2024