tag:blogger.com,1999:blog-5848640164815342479.post736955014786441961..comments2024-03-27T15:36:44.737-07:00Comments on Haq's Musings: 2021: A Banner Year For Pakistani Tech Startup InvestmentsRiaz Haqhttp://www.blogger.com/profile/00522781692886598586noreply@blogger.comBlogger102125tag:blogger.com,1999:blog-5848640164815342479.post-79133266886587571932023-09-12T21:33:49.485-07:002023-09-12T21:33:49.485-07:00Faseeh Mangi
@FaseehMangi
Pakistani startup raises...Faseeh Mangi<br />@FaseehMangi<br />Pakistani startup raises $1.2 million to assemble electric motorcycles and operate on a battery swap model<br /><br />The investment round was led by Indus Valley Capital for Zyp Technologies<br /><br /><br />https://x.com/FaseehMangi/status/1701471908582338587?s=20Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-78630956868114330922023-08-30T16:38:19.523-07:002023-08-30T16:38:19.523-07:00Why aren’t farmers using new tech?
Kai Ryssdal and...Why aren’t farmers using new tech?<br />Kai Ryssdal and Sofia Terenzio<br />Aug 30, 2023<br /><br />https://www.marketplace.org/2023/08/30/why-arent-farmers-using-new-tech/<br /><br />Lin: Yeah, absolutely. So not only is there this kind of challenge of getting farmers to use these tools, but once they’ve used them, they face this kind of data paralysis, which is how a farmer described this to me, he’s farming corn and soybean. He feels like he’s collecting so much data on all these different parts of his farm, that he doesn’t know what to do with it. And so that’s a huge problem as well across sectors where, you know, big data, data analytics has promised to kind of deliver all these efficiencies and productivity gains. But oftentimes, what consumers and these farmers feel is that they don’t have that background to say, “OK, now that I know the moisture levels of all my soil, this is what I should do,” right.<br /><br />Ryssdal: I do not want to sound by any means ageist here, and apologies to the young farmers out there. But the average age of a farmer in this economy right now, as you point out is like 58.<br /><br />Lin: Yeah, and that’s a big problem. Those folks are not as accustomed to utilizing technology to help inform their decisions.<br /><br />Ryssdal: This is perhaps a little bit of field. But there’s an infrastructure part of this as well, right, in that a lot of almost all of this probably counts on connectivity and broadband. And I imagine if you’re out in in wherever you are on the Great Plains connectivity might be bad, you might not have service.<br /><br />Lin: Yeah, that’s a great point. All of what we’re talking about in terms of agtech relies on having that internet connection, reliable way of streaming the data that you collect. And so connectivity is a major problem on farms that are far flung or not as connected to the internet speeds that people in cities are used to. And so one of the problems that farmers run into is that when they’re driving their equipment over a hill, for instance, you might have connectivity and one side of the hill, but you don’t on the other.<br /><br />Ryssdal: Not to put a depressing punctuation mark on this conversation, but there are — I honestly can’t remember if it’s 8 or 9 billion people on this planet now — but there are going to be more in the future. And we have to feed them all. And this is part of the way we’re going to do it and adjust to climate change too, by the way.<br /><br />Lin: Yeah, theoretically, farmers could boost their yields, and that would generate more food to feed the world’s growing and hungry population, and also in a way that they’re using fewer resources. So that’s the promise of it all, but right now it’s falling a bit short.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-39455099917397705112023-08-30T16:37:22.975-07:002023-08-30T16:37:22.975-07:00Why aren’t farmers using new tech?
Kai Ryssdal and...Why aren’t farmers using new tech?<br />Kai Ryssdal and Sofia Terenzio<br />Aug 30, 2023<br /><br />https://www.marketplace.org/2023/08/30/why-arent-farmers-using-new-tech/<br /><br />Agtech, short for agriculture technology, is a growing industry that’s using data tools and software to help farmers improve yields and use fewer resources.<br /><br />With population growth increasing the global demand for food and climate change hurting crop yields, a swift adoption of agtech may be needed now more than ever. Yet, farmers are hesitant about embracing these new technologies.<br /><br />What’s in the way of farmers quickly adopting agtech, and how can the industry get more farmers on board?<br /><br />“Marketplace” host Kai Ryssdal talked to reporter Belle Lin from the Wall Street Journal about her recent article on why so few farmers are using agtech. Below is an edited transcript of their conversation.<br /><br />Kai Ryssdal: Could we have a quick primer, please? What is agtech?<br /><br /><br />Belle Lin: Absolutely. Agriculture technology, agtech is really the set of tools — both hardware and software — that enables farmers growers to really get the most out of their farming resources and inputs and up boosting their yields. So that’s really the goal of this kind of current wave of farm technology. But it’s really the kind of larger ecosystem software, hardware, robotics, tractors autonomous maybe that allow farmers to kind of do their work with greater efficiency.<br /><br />Ryssdal: So two things that you said there one yield and current wave, we’ll get to the yield in a minute. But I want to talk about current wave, because as you pointed out, in this piece, it’s been a decade-ish, that that sort of the bigger picture, agtech thing has been a thing.<br /><br />Lin: That’s right. So it’s about a decade since data analytics and what’s sometimes known as Big Data came around. So, these massive amounts of data that oftentimes companies collect, can also be collected on Americans farms, where some of the environments where the richest data is to be collected. You can collect it on almost every single specific piece of land on the soil itself on the seeds that are planted, where they’re planted down to the type of pesticide that is applied to a single weed where that weed is located. So you can understand, you know, how specific these things can get. And that’s related to this idea of precision agriculture, where all these like very specific inputs tailored to a specific farm, help a farmer to end up doing their work in a way that’s more informed by that data, and boosts their yields with fewer resources.<br /><br />Ryssdal: Right, so to that yield thing, that’s the name of this whole game — it’s getting more stuff out of the ground per acre farmed than they did before. And there’s an amazing statistic in here it says, according to the Department of Agriculture in 2017, farmers using digital soil maps, which are part of this technology produced about 49% higher winter wheat yields than farmers who didn’t. Again, that’s USDA data. And yet, the thrust of this piece is that farmers almost have too much data and kind of know what to do with it.<br /><br />Lin: Yeah, absolutely. So not only is there this kind of challenge of getting farmers to use these tools, but once they’ve used them, they face this kind of data paralysis, which is how a farmer described this to me, he’s farming corn and soybean. He feels like he’s collecting so much data on all these different parts of his farm, that he doesn’t know what to do with it. And so that’s a huge problem as well across sectors where, you know, big data, data analytics has promised to kind of deliver all these efficiencies and productivity gains. But oftentimes, what consumers and these farmers feel is that they don’t have that background to say, “OK, now that I know the moisture levels of all my soil, this is what I should do,” right.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-75413773898185917992023-08-30T16:36:44.390-07:002023-08-30T16:36:44.390-07:00Google Gen AI on Agtech in Pakistan:
Pakistan is ...Google Gen AI on Agtech in Pakistan:<br /><br />Pakistan is one of the world's largest producers and suppliers of food and crops. The country's agriculture sector consists of four subsectors:<br />Food and fiber crops<br />Horticulture and orchards<br />Livestock and dairy<br />Fisheries and forestry<br />Pakistan's major crops include wheat, cotton, rice, sugarcane, and maize. These crops contribute around 4.9% to the country's total GDP.<br />Some of the top agriculture startups in Pakistan include: Pak Agri Market, ZD&K Farms, Radical Growth, Mohalla, Khalis Fertilizers.<br />Some of the top agritech startups in Pakistan include:<br />Tazah Technologies<br />Agriculture Republic Pakistan<br />Crop2X Private Limited<br />Fowrry Technologies Private Limited<br />zamindar<br />SUSTAINABLE AGRI IS<br />Startups in Pakistan are developing IoT solutions for smart irrigation, such as solar-powered tube wells, or for animal data, such as Cowlar, a solar-powered fitbit for cows.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-68083673695918317712023-08-19T21:36:54.089-07:002023-08-19T21:36:54.089-07:00Pakistani FinTech Neem secures strategic investmen...Pakistani FinTech Neem secures strategic investment from DNI Group<br /><br />https://fintech.global/2023/06/26/pakistani-fintech-neem-secures-strategic-investment-from-dni-group/<br /><br />It has been announced that Neem, an innovative Pakistani FinTech startup, has entered into a strategic partnership with DNI Group.<br /><br />Neem is renowned for its commitment towards revolutionising financial accessibility and inclusivity across emerging markets, particularly in Pakistan.<br /><br />The company has secured significant financial investment from DNI Group, a globally recognised investment firm with operations across 28 countries. The deal signifies a vote of confidence in the embedded finance model and is reflective of the burgeoning Pakistani digital tech ecosystem.<br /><br />Neem is in the process of developing a Banking-as-a-Service platform. Their vision is to foster financial wellness among underserved communities. The business aims to empower numerous digital platforms across different industries, by offering their customers a comprehensive suite of embedded finance products through secure, API-based integrations.<br /><br />The new funding will further strengthen Neem’s commitment to financial wellness, an ethos that revolves around the principle that individuals and businesses can take control of their financial lives with the right tools and access.<br /><br />It is also expected to enhance Neem’s collaboration with other portfolio companies under the DNI Group umbrella, such as Airvantage, an airtime lending firm, and Paymenow, an earned wage access solution provider.<br /><br />Neem has always sought to make a significant impact in its homeland of Pakistan, whilst nurturing the ambition to expand into other emerging markets in the long term. With the strategic investment from DNI Group, Neem believes it has found an experienced global partner capable of aiding them to realise this goal.<br /><br />Ross Venter, CEO of DNI’s technology arm, Digital Ecosystems, expressed his excitement about the partnership. He said, “DNI is thrilled to join forces with Neem, a team of like-minded individuals operating in a vibrant, growing economy.<br /><br />“Neem’s mission to provide financial wellness to the Pakistani market aligns perfectly with DNI’s objectives of empowering people and enhancing financial and digital inclusion. Through DNI’s strategic investment in Neem, we aim to accelerate the development, exchange, and commercialisation of our respective technologies for the benefit of consumers within our global communities.”<br /><br />Despite challenging macroeconomic circumstances, the digital ecosystem in Pakistan continues to thrive and innovate. Neem is unwavering in its commitment to fostering financial resilience and prosperity for the people of Pakistan and beyond.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-58310961062049869682023-08-17T18:37:08.539-07:002023-08-17T18:37:08.539-07:00TPL Maps - Pakistan’s first consumer navigation ap...TPL Maps - Pakistan’s first consumer navigation app set to revolutionise travel<br /><br />https://www.dawn.com/news/1770618<br /><br />TPL Maps, a subsidiary of TPL Corp, announced the launch of their consumer navigation app, the nation’s first smart maps application that brings cutting-edge location data, location intelligence, and GIS services to both corporate institutions and individual users. The app is set to transform the way mapping is done in Pakistan, while also empowering businesses to harness the power of location-based data and intelligence for scaling their operations.<br /><br />TPL Maps, debuted the beta version of the app on Monday August 14, 2023. This ground-breaking app designed to provide local users with fuel-efficient route optimisation, public transport and mass transit information, and hyper-local landmark-based navigation, all in one platform.<br /><br /><br />“We are thrilled to introduce the TPL Maps app, a game-changer in the mapping landscape of Pakistan,” said Sarwar Khan, CEO - TPL Maps. “Our team of Pakistani engineers and data scientists worked tirelessly to create a comprehensive mapping solution that caters to both individual users and corporate entities. With its advanced features and unparalleled accuracy, TPL Maps will redefine how Pakistanis navigate and how corporations utilise location-based data.”<br /><br />As the pioneer in Pakistan’s location technology industry, TPL Maps boasts the largest localised data catalogue of over 8 million Points of Interest, spanning more than 350 cities nationwide. The app boasts a robust database maintained and expanded by a team of over 100 dedicated employees, including 20 skilled data scientists.<br /><br />Their dedication to innovation is further reinforced by the wealth of big data that fuels TPL Maps. With inputs from over 8 million Point of Interest, a road network spanning over 1 million kilometers, and a comprehensive archive of over 550,000 cartograms, the app offers unparalleled precision and detail in its mapping services.<br /><br />During its two years in operation, TPL Maps has earned the trust of local and international brands alike by leveraging the power of location. Its seamless integration of location intelligence and GIS services has enabled businesses to make data-driven decisions, optimise resource allocation, and increase their revenues.<br /><br /><br />“Through TPL Maps, we aim to empower businesses across Pakistan to understand the significance of location and harness its potential for business growth,” said Khan. “With our strong grasp over location technology, we are here to guide our clients on how they can leverage location data and intelligence to drive business performance, identify cost-saving opportunities, and improve their overall efficiency.”<br /><br />The launch of TPL Maps marks a significant milestone in the evolution of location intelligence in Pakistan. Its user-friendly interface, paired with a wealth of accurate and up-to-date data, positions TPL Maps as the industry leader in providing smart mapping solutions that cater to diverse needs.<br /><br />To experience the power of TPL Maps firsthand, users can download the app from the App Store/Play Store, available for both iOS and Android devices and Flutter. For corporate institutions looking to scale their operations and optimise performance, TPL Maps is ready to provide personalised solutions tailored to their unique requirements, offering 30,000 free hits for trial.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-47366413105141783352023-07-05T13:12:35.114-07:002023-07-05T13:12:35.114-07:00Aatif Awan
@aatif_awan
1/ Starting from Pakistan&#...Aatif Awan<br />@aatif_awan<br />1/ Starting from Pakistan's heartland & now expanding to the world's farm (Brazil), what a journey it's been for the<br />@FarmdarOfficial<br />team. Congrats to them on launching AgromAI, a fintech venture in Brazil that leverages AI & geospatial data to create agri financial solutions<br /><br />https://twitter.com/aatif_awan/status/1676570789913542657?s=20<br /><br />-----------------<br /><br /><br />Aatif Awan<br />@aatif_awan<br />2/ Think insurers having highly accurate, individual farm-level intelligence to underwrite crop insurance. Imagine banks using the same information to provide credit to farmers. At $170+ billion, Brazil is one of the top agri markets. Crop insurance alone is at ~ $2B annually<br /><br /><br />-------------<br /><br /><br />Aatif Awan<br />@aatif_awan<br />3/ What's amazing is that the tech is built in Pakistan by Pakistani product and engineering talent. And it's finding traction in one of the largest markets for agritech<br /><br /><br />------------------<br /><br /><br />Aatif Awan<br />@aatif_awan<br />4/ Really proud of the Farmdar founders<br />@MBukhari80<br />,<br />@MujiManghi<br />, Ibrahim Akbar Bokhari and the entire Farmdar team on this huge milestone. Congrats team!<br /><br />We hope this will inspire many other "Made in Pakistan, For the World" products<br /><br />-----------<br /><br />Pakistan’s Farmdar Has Just Launched a New FinTech Startup in Brazil<br /><br />https://www.techjuice.pk/pakistans-farmdar-has-just-launched-a-new-fintech-startup-in-brazil/<br /><br />https://twitter.com/FarmdarOfficial/status/1676487324614402050?s=20<br /><br />Named ‘AgromAI’, Farmdar’s fintech startup in Brazil will use artificial intelligence (AI) and geospatial data to provide financial services<br />Pakistan based agri-tech startup ‘Farmdar’ has just announced the launch of its new fintech venture. What’s unique about this new expansion is the fact that it is based in Brazil; a new industry in a new country, sounds exciting right?<br /><br />Named ‘AgromAI’, Farmdar’s new fintech startup will utilize artificial intelligence (AI) and geospatial data in order to provide financial services, but how would it do so?<br /><br />Well, according to Farmdar co-founder and CEO Muzaffar Manghi, Latin America is going through a severe climate change, therefore both rainfall and temperatures are evolving at a massive speed, putting both insurers and agricultural business at risk.<br /><br />AgromAI, using its geospatial data and artificial intelligence systems, will make sure that financial institutions and insurers can avoid and respond to these risks. Having individual farm-level intelligence, these insurers and institutions will have the best insurance risk management in place, allowing an increased productivity and growth in Brazil’s agricultural sector.<br /><br />“Pakistani technology will be used by some of the largest businesses in the world, and with more developed markets as a stomping ground,” said CEO Muzaffar Manghi while talking about the new startup.<br /><br />“We are extremely proud to export our artificial intelligence and data-backed products developed solely by Pakistani engineers. This is a testament to the innovation of Pakistani talent and their potential to make a contribution to the global agritech industry,” said Farmdar in its official press release.<br /><br />Agriculture makes up for a large part of the Brazilian economy, with the country being the world’s third-largest exporter of agricultural products and an agricultural production valued at $170+ billion, whereas Brazil’s crop insurance market, the primary target for AgromAI, accounts for over $9+ billion annually.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-37490973396629989682023-03-24T07:28:15.541-07:002023-03-24T07:28:15.541-07:00#Pakistani delivery #startup Trax raises $3.7 mill...#Pakistani delivery #startup Trax raises $3.7 million in early seed #investment, seeking to benefit from growth in the country’s nascent #ecommerce market. Round led by #US-based Amaana Capital and Tricap Investments of #UAE. PNO Ventures also invested.<br />https://www.bloomberg.com/news/articles/2023-03-24/pakistan-logistics-startup-raises-funds-in-bet-on-e-commerce<br /><br />Trax, a logistics-based startup for the digital economy, announced on Friday that it raised $3.7 million in seed funding from a consortium of strategic investors.<br /><br />The round was co-led by US-based Amaana Capital, making its second direct investment into Pakistan, and UAE-based Tricap Investments. PNO Ventures committed to the round along with angel investors including Omer Ismail (CEO of One, a Walmart-backed fintech) and Jahanzeb Sherwani (a Silicon Valley tech entrepreneur).<br /><br />Pakistan to produce a unicorn by 2025: Endeavor Managing Partner Allen Taylor<br /><br />The company aims to use the investment to accelerate the growth of its logistics services alongside introduction of new business verticals such as fintech and technology solutions for its customers.<br /><br />“We have built Trax with hard work and passion while funding ourselves because of our strong belief in the model,” said Trax Founder and CEO Hassan Khan.<br /><br />“This funding will allow us to accelerate our journey as we continue to solve problems for the e-commerce and logistics industry through our tech solutions,” he said.<br /><br />“Our new partners will help open doors for us to markets outside Pakistan and guide us to launch new verticals as we take the firm from a logistics company to one that solves connectivity issues and enhances financial inclusion in Pakistan.”<br /><br />This partnership will also enable the firm to take all of this learning to the regional and then the global stage and make Trax a brand that Pakistanis are truly proud of, he said.<br /><br />295 start-ups incubated since inception: NIC Islamabad helped attract over Rs7bn in investment<br /><br />Launched in mid-2017, Trax is one of the logistics players in the Pakistani e-commerce sector.<br /><br />Trax has built the third-largest delivery network in Pakistan with access to 95% of the population, served through over 100 warehouses, hubs, and retail centers nationwide.<br /><br />The company also has a by-road fast-transit line haul system for e-commerce improving lead times while reducing costs for their clients.<br /><br />Trax works with over 7,000 ecommerce merchants and also has clients in the banking, pharmaceuticals, FMCG and manufacturing industries with a team of almost 2,000 individuals.<br /><br />Suleman Soorani, Partner at Tricap Investments, said: “We are impressed with Trax’s innovative approach to logistics and their commitment to providing high quality solutions to their customers. Trax has an exceptional leadership team and a proven track record of delivering scale.”<br /><br />Aziz Hashim, Managing Partner at Amaana Capital, echoed similar sentiments. “We are confident that Trax’s strong leadership team, coupled with our investment, will enable the company to continue to expand its operations and become the leading logistics player in Pakistan.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-40000715153315233912023-03-16T10:38:50.795-07:002023-03-16T10:38:50.795-07:00Tech Destination Pakistan: Showcasing IT Prowess a...Tech Destination Pakistan: Showcasing IT Prowess at LEAP 2023 in Saudi Arabia<br /><br />https://propakistani.pk/2023/02/21/tech-destination-pakistan-showcasing-it-prowess-at-leap-2023-in-saudi-arabia/<br /><br />Despite the prevailing economic crunch and challenges put forward by the uncertain situation, Pakistan’s IT sector made waves with its notable presence at LEAP 23 in Riyadh under the banner of ‘TechDestination Pakistan’.<br /><br />This was very encouraging from an economic and business opportunities standpoint. PSEB’s renewed approach to branding Pakistan as a lucrative tech destination and enhancing its international presence has been exemplary.<br /><br />With success at LEAP, Pakistan has proven that it is ready to take on the world and is open for business.<br /><br />LEAP is an unparalleled tech event that brings together the brightest minds in the industry from across the globe, providing a dynamic platform for tech innovators, industry leaders, and top experts to collaborate, explore new innovations, establish valuable partnerships, and engage with influential mentors and investors.<br /><br />The convention generated over $9 billion in business and was attended by over 172,000 individuals, including global tech leaders, IT professionals, speakers, tech gurus, and investors, making it the fastest-growing tech event in the world.<br /><br />The Pakistan Pavilion, organized by the Trade Development Authority of Pakistan (TDAP) and the Pakistan Software Export Board (PSEB), featured 18 top IT/ITeS companies from various verticals<br /><br />These included 10 start-ups showcasing cutting-edge solutions in areas such as AI, IoT, blockchain & crypto, robotics, 3D printing, space and satellites, biotech, quantum, fintech, 5G, open source, unmanned systems, and data services.<br /><br />The pavilion was launched by His Excellency Ambassador Ameer Khurram Rathore, and six MoUs were signed between Pakistani IT companies and international companies.<br /><br />Pakistani startup, SnapRetail, made it to the final round of the Rocket Fuel Startup Pitch competition, demonstrating the true potential and innovation capabilities of Pakistan’s IT industry.<br /><br />PSEB’s Managing Director, Mr. Junaid Imam, encouraged Pakistani IT companies to participate in future LEAP events, leveraging it as a platform for networking and showcasing their presence in the IT sector.<br /><br />Additionally, PSEB Director Business Development and Partnerships, Mr. Shahbaz Hameed, shared the organization’s ambitious vision of positioning Pakistan as a leading tech destination and striving to enhance Pakistan’s brand image internationally.<br /><br />PSEB provided great assistance to the IT industry at LEAP, including organizing B2B sessions with prominent Saudi Companies to promote business expansion and foster new partnerships.<br /><br />The success of LEAP Riyadh has created a ripple effect of businesses and investments for Pakistani IT companies, and they look forward to their participation in the upcoming editions.<br /><br />PASHA, the independent IT association, assisted PSEB in yielding maximum mileage from the LEAP exhibition.<br /><br />Pakistan sees this as a perfectly timed opportunity to showcase its IT/ITeS companies on an international trade platform and expand business in the Middle East market, especially in Saudi Arabia, which is undergoing transformation by implementing its Vision 2030.<br /><br /><br />Saudi Arabia’s economy is the largest in the Middle East and among the top twenty economies in the world, with a significant share of the tech industry.<br /><br />Despite facing challenges, Pakistan has managed to make a mark in the tech industry with its participation in this mega event.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-56098465216439899452023-03-16T08:11:37.084-07:002023-03-16T08:11:37.084-07:00Internet Startup Maqsad Scores Pakistan’s Biggest ...Internet Startup Maqsad Scores Pakistan’s Biggest Edtech Round<br /><br />https://finance.yahoo.com/news/internet-startup-maqsad-scores-pakistan-070000407.html<br /><br />European seed investor Speedinvest leads round by Karachi firm<br /><br />Company bets on rising demand for after-school tutoring<br /><br /><br />Pakistan’s Maqsad raised the nation’s largest funding round by an education technology provider, showing that some startups in the nascent market are attracting investors despite a global venture financing slump.<br />The Karachi-based company raised $2.8 million in an oversubscribed seed round led by Speedinvest GmbH, one of Europe’s largest seed investors, and existing backer Indus Valley Capital, according to co-founder Rooshan Aziz. Stellar Capital, Alter Global and angel investors also participated.<br /><br />Pakistan’s venture funding was little changed at about $350 million last year, but startups including AdalFi and Truckrr have raised sizable rounds for the market this year. The nation has the world’s fifth-largest population with a high proportion of young people.<br /><br />“The ecosystem is going through a bit of a shake, but the companies which you know are solving fundamental basic problems, they’ll survive,” Aziz said in an interview. Maqsad’s operations are relatively lean and scalable and its education content always remains relevant, Aziz said.<br /><br />Education spending in Pakistan is estimated at $37 billion by 2032 with a quarter of this going to after-school academic support, the target market for Maqsad, according to the startup. The mobile-only service targets students on grades nine to twelve and offers cheaper rates than brick-and-mortar tutoring companies. Its services include a feature that allows students to take a photo of a question and receive an answer instantly.<br /><br />The app has been downloaded more than a million times and it has answered 4 million queries in the past 6 months. The startup can impact millions of students and become one of the most successful businesses in Pakistan, said Philip Specht, a partner at Speedinvest, which has one edtech unicorn in its portfolio.<br /><br />The startup was founded by high-school friends Taha Ahmed and Aziz, who went to the London School of Economics and worked in the city before returning to Karachi to start the venture. The startup will start monetization in the coming months and may partner with other public and private institutions, Aziz said.<br /><br />“This is an interesting time for edtech because globally the hype has kind of settled down after Covid,” said Ahmed. “So only serious companies are being funded in this space.”<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-36826816641999366162023-03-16T07:17:00.461-07:002023-03-16T07:17:00.461-07:00Internet Startup Maqsad Scores Pakistan’s Biggest ...Internet Startup Maqsad Scores Pakistan’s Biggest Edtech Round<br /><br />https://www.bloomberg.com/news/articles/2023-03-16/internet-startup-maqsad-scores-pakistan-s-biggest-edtech-round#xj4y7vzkg<br /><br />European seed investor Speedinvest leads round by Karachi firm<br />Company bets on rising demand for after-school tutoring<br /><br /><br />Pakistan’s Maqsad raised the nation’s largest funding round by an education technology provider, showing that some startups in the nascent market are attracting investors despite a global venture financing slump.<br /><br />The Karachi-based company raised $2.8 million in an oversubscribed seed round led by Speedinvest GmbH, one of Europe’s largest seed investors, and existing backer Indus Valley Capital, according to co-founder Rooshan Aziz. Stellar Capital, Alter Global and angel investors also participated.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-76067905403172206702023-02-22T18:41:44.486-08:002023-02-22T18:41:44.486-08:00The rocky road ahead for Pakistan’s start-up ecosy...The rocky road ahead for Pakistan’s start-up ecosystem | fDi Intelligence – Your source for foreign direct investment information - fDiIntelligence.com<br /><br />https://www.fdiintelligence.com/content/feature/the-rocky-road-ahead-for-pakistans-startup-ecosystem-81994<br /><br />Alex Irwin-Hunt<br />February 22, 2023<br /><br />Based out of the NED University of Engineering and Technology, NIC Karachi is funded by Pakistan’s national technology fund, Ignite, and operated by LMKT, a private tech company which runs two other NICs in the cities of Hyderabad and Peshawar.<br /><br />Atif Khan, the chairman and CEO of LMKT, says the philosophy behind the incubation centres “was not to create unicorns”, but to act as digital skills development centres: “We are training and grooming a lot of talent in the country.”<br /><br />NIC Karachi has already incubated more than 250 start-ups, such as ride-hailing app Bykea and London-based proptech platform Gridizen. Kamran Mahmood, the CEO of Gridizen, who recently returned to Pakistan to join NIC Karachi, says he has found it even easier to meet decision makers at large companies in Pakistan than the UK.<br /><br />“[NIC Karachi] is doing an excellent job of internationalising and progressing the start-up scene in the country,” he says. Data Darbar figures show that Karachi-based start-ups attracted $236.7m of funding in 2022, equivalent to two-thirds of Pakistan's total and almost double the previous year. The financial capital is followed by Lahore ($69.2m) and Islamabad ($41.6m).<br /><br />-------------------------<br /><br />In July 2022, Pakistan’s fledgling start-up scene was dealt a major blow. Airlift, a fast delivery start-up that had raised $85m barely a year earlier, said it would permanently close operations due to the “devastating impact” of worsening economic conditions.<br /><br />“This has been an extremely taxing decision that impacts a large set of stakeholders and an emerging technology ecosystem,” Airlift wrote in a statement. Start-up failures are common in more mature markets, and seen as an integral part of the innovation and disruption process. But the collapse of a company hoped to be Pakistan’s first ‘unicorn’, or start-up valued at above $1bn, rattled the country’s nascent tech scene.<br /><br />Several advisors, investors and entrepreneurs tell fDi that Airlift’s failure has caused Pakistani start-up founders and investors to shift their focus away from pursuing “hyper-growth” to building more “sustainable” business models.<br /><br />Similar to the caution permeating the global tech and venture capital (VC) industry, start-up funding in Pakistan has dropped considerably. Start-ups in Pakistan raised just over $15m in the final quarter of 2022, the worst volumes since the first quarter of 2020 and 79% lower than the same period a year earlier, according to Data Darbar, which tracks the Pakistani start-up scene.<br /><br />“Given the global slowdown and Pakistan’s macroeconomic and political challenges, things are tough right now and will likely remain so in 2023,” says Aatif Awan, the founder of early stage venture fund Indus Valley Capital, which is focused on Pakistan and had invested in Airlift.<br /><br />Several acute challenges currently facing the country — including dwindling foreign exchange reserves, security issues, blackouts and severe flood risks — are causing many young Pakistanis to leave. Despite significant obstacles, those involved in Pakistan’s ecosystem believe that the country’s demographics and rapidly digitalising economy make it an untapped opportunity with potential for long-term growth.<br /><br />Democratising technology<br /><br />When Shamim Rajani co-founded her software development business Genetech Solutions in Pakistan’s commercial capital Karachi back in 2004, she remembers a “lot of stubbornness” from the government and local corporates towards the IT sector.<br /><br />“Pakistan wasn’t [even] ready for women CEOs in the tech sector then,” remarks Ms Rajani, adding that she had to look for global clients in countries like the US. “Saying these words today, I don’t even believe it myself.”<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-72490043623919371412023-02-16T08:46:50.892-08:002023-02-16T08:46:50.892-08:00#Fintech #startup #AdalFi raises $7.5 million in s...#Fintech #startup #AdalFi raises $7.5 million in seed funding to fix #Pakistan's broken lending system. It provides #AI-powered credit scoring and underwriting models, along with critical infrastructure to power smart, instant loans for #consumers & #SMEs https://www.finextra.com/newsarticle/41814/adalfi-raises-75-million-to-fix-pakistans-broken-lending-system<br /><br />AdalFi, a Pakistan-based fintech providing credit scoring data and lending technology to banks, has raised $7.5 million in Seed funding.<br /><br />The funding round was led by Cotu Ventures, Chimera Ventures, Fatima Gobi Ventures and Zayn Capital alongside angel investors including execs from Plaid.<br /><br />AdalFi says it's ambition is to fix Pakistan's "broken" loans market, which currently relies on banks performing multiple manual checks on customers in the absence of any reliable credit scoring data.<br /><br />The AdalFi tech stack provides AI-powered credit scoring and underwriting models, alongside the critical infrastructure to power smart, instant loans for consumers and SMEs. These include unsecured loan products such as term loans, credit cards and revolving finance facilities for consumers and SMEs respectively.<br /><br />Within two years, AdalFi has signed up 14 banks - including seven out of the top ten - and grown loan volumes by 30% month on month for the last 19 months.<br /><br />AdalFi operates on a revenue sharing model which captures any downside risk exposure to banks such that any loan losses are accounted for, pro-rata, in fees due to AdalFi.<br /><br />Salman Akhtar, CEO and co-founder of AdalFi comments: “Pakistan has 50 million bank accounts yet only two million of these individuals and businesses have any credit relationship with their bank. The high cost of loan origination driven by physical verification of identity, assets and financial health (in the absence of credit scoring) has restricted credit access to a thin, top tier of customers. AdalFi’s digital lending platform allows partner banks to instantly credit score the other 95% of their existing customers who have never been lent to and cross-sell loans to them.”<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-8998210602583752862023-02-12T20:24:06.856-08:002023-02-12T20:24:06.856-08:00Pakistani startup using Artificial Intelligence to...Pakistani startup using Artificial Intelligence to help farmers<br /><br />https://thinkml.ai/pakistani-startup-using-ai-to-help-farmers/<br /><br />Artificial intelligence solution for the farmers to yield more crops with reduced quantity of water resources. Pakistan has great potential of agriculture and its water spending is based on irrigation. To avoid the water crisis situation in the future, this startup is helping farmers using AI …<br /><br />While the water shortage is reaching an alarming level in Pakistan and the country on the edge of drying out by 2025, an interesting Pakistani startup ‘Aqua Agro’, incubated In National Incubation Center Karachi, has come up with an artificial intelligence solution for the farmers to yield more crops with reduced quantity of water resources.<br /><br />The startup has used natively developed solar-powered IOT enabled devices and deployed them in the fields to monitor ecological conditions such as soil wetness, temperature, humidity, and various other parameters. All this data collected from the farms is then sent to an AI based cloud platform that makes the decision for the farmers on whether the crop needs irrigation or not.<br /><br />Pakistan is a country with great potential of agriculture. Its main natural resource is the land capable of being ploughed and used to grow crops. About 25% of Pakistan's agriculture accounts for about 21% of GDP and employs about 43% of the labour force. Hence, Pakistan’s water spending is based on irrigation. To avoid the water crisis situation in the future, it is necessary to cut down on water currently being used in irrigation and startup in question is helping the business exactly.<br /><br />The idea has been proved to save 50% of the water as compared to the water consumption using legacy practices. Moreover, a pragmatic increase in the crop yield is observed. Farmers are notified about watering the crops through SMS, email and a mobile application.<br /><br />The startup aims to raise funds for deploying the technology for 50 small-scale farmers of Pakistan by January 2019. For this purpose, Aqua Agro is running a crowd-funding campaign on Indiegogo.<br /><br />Those enthusiasts who are willing to make a payment to this cause, can back Aqua Agro’s crowd-funding campaign and become a part of the cause to combat water crisis which will help the country’s agriculture sector survive with reduced water resources and radiate an overall positive effect on the country’s economy.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-84404115620505621102023-01-13T16:20:35.647-08:002023-01-13T16:20:35.647-08:00State Bank of Pakistan issues NOCs to five applica...State Bank of Pakistan issues NOCs to five applicants for establishing digital bank<br /><br />https://www.brecorder.com/news/40220082<br /><br />Central bank expects after commencement of operations, digital banks will promote financial inclusion by providing affordable/cost effective digital financial services to unserved and underserved segments<br /><br />The State Bank of Pakistan (SBP) on Friday said that it has issued no-objection certificates (NOC) to five applicants for establishing digital banks in the country.<br /><br />The following are the ones issued the NOC:<br /><br />I) Easy Paisa DB (Telenor Pakistan B.V & Ali Pay Holding Ltd.),<br /><br />II) Hugo Bank (Getz Bros & Co., Atlas Consolidated Pte. Ltd. and M & P Pakistan Pvt. Ltd.);<br /><br />III) KT Bank (Kuda Technologies Ltd., Fatima Fertilizer Ltd. and City School Pvt. Ltd.);<br /><br />IV) Mashreq Bank (Mashreq Bank UAE); and<br /><br />V) Raqami (Kuwait Investment Authority through – PKIC and Enertech Holding Co.)<br /><br />In January 2022, the SBP introduced a licensing and regulatory framework for digital banks.<br /><br />“The Framework was the first step towards introducing full-fledged digital banks in Pakistan. The digital banks are expected to provide all the banking services through digital means without any need for their customers to visit the bank branches physically,” said the SBP.<br /><br />Race to digital banking – final round<br /><br />In response to SBP’s Licensing and Regulatory Framework for digital banks, the central bank received twenty (20) applications from a diverse range of interested players such as commercial banks, microfinance banks, electronic money institutions and Fintech firms by March 31, 2022.<br /><br />“Further, a number of foreign players including venture capital firms already operating in the digital banking space also expressed their interest to venture into Pakistani market directly or in collaboration with local partners. The five (05) applicants were selected after a thorough and rigorous assessment process as per the requirements of the Framework.<br /><br />Bank Alfalah launches QR payment solution with SnapRetail<br /><br />“Applicants were assessed on various parameters that included fitness and propriety, experience and financial strength; business plan; implementation plan; funding and capital plan; IT and cybersecurity strategy and outsourcing arrangements, etc. Further, all the applicants were given the opportunity to present their business case to SBP.<br /><br />“Going forward, each of these five applicants will incorporate a public limited company with the Securities and Exchange Commission of Pakistan. Afterwards, they will approach SBP for In-Principle Approval for demonstrating operational readiness and for commencement of operations under the pilot phase. Subsequently, they will commercially launch their operations after obtaining SBP’s approval.”<br /><br />The SBP said it expects that after commencement of their operations, these digital banks will promote financial inclusion by providing affordable/cost effective digital financial services including credit access to unserved and underserved segments of the society.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-40181855760339042102023-01-05T16:38:41.617-08:002023-01-05T16:38:41.617-08:00The app (Sehat Kahani) was brought into the (Pakis...The app (Sehat Kahani) was brought into the (Pakistani) federal government's 'Digital Pakistan' drive and used in 65 intensive care units (ICUs) across Pakistan under a project with UNDP, Health Services Academy and the federal and provincial governments. This allowed health workers to access critical care consultation through a Virtual Critical Care Specialist (VCCS).<br /><br />https://www.gavi.org/vaccineswork/sehat-kahani-showing-pakistan-digital-health-services-can-change-lives-both<br /><br />n connection with that project, and in collaboration with WHO and the federal government of Pakistan, six clinics were launched in hard-to-reach areas of Pakistan during the COVID-19 pandemic, and a specific focus on sexual and reproductive healthcare services was also added to this project.<br /><br />"Around 1,500 doctors across Baluchistan, KPK, and Punjab were trained in sexual reproductive services, primary healthcare, and telemedicine," says Dr Saeed.<br /><br />"Telehealth services have the potential to bridge the gap between patients and physicians in Pakistan. However, poor education, illiteracy in rural areas, lack of resources, poor internet connectivity, excessive loadshedding, etc., have limited the accessibility of qualified doctors to reach to the population in remote areas," says Dr Zahid.<br /><br />-----------<br /><br />Sehat Kahani, established in 2017, is a leading initiative in this regard. Its founder, Dr Sara Saeed, is a medical doctor whose mission is to help shore up Pakistan's fragile healthcare system by bridging the gap between patients and physicians through digitalisation.<br /><br />"As per recent statistics, around 210 million people in Pakistan don't have access to basic healthcare facilities. To address this, Sehat Kahani connects a vast network of predominantly female doctors to patients in far-flung areas of Pakistan," says Dr Saeed. She and cofounder Dr Iffat Zafar Agha managed to raise seed funding of US$ 500,000 in 2018, followed by a pre-series of $1 million in March 2021.<br /><br />In 2019, the app launched with about 60 doctors. Today, Sehat Kahani comprises a large network of more than 7,000 doctors.<br /><br />Ninety percent of those 7,000 doctors are women. Approximately 50% of them are home-based female doctors who have returned to practice after leaving when they got married and had children.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-56576351258387763872023-01-01T10:05:42.702-08:002023-01-01T10:05:42.702-08:00Freelancers earn $400 million in FY22
https://tr...Freelancers earn $400 million in FY22<br /><br /><br />https://tribune.com.pk/story/2372834/freelancers-earn-400-million-in-fy22<br /><br />The contribution of the freelancers accounted for 14.77% of the total information and communication technologies (ICT) export remittances of $2.616 billion recorded by the country during FY22.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-39500407361500052502023-01-01T07:47:02.593-08:002023-01-01T07:47:02.593-08:00Health Startups to transform under AKU-AP's In...Health Startups to transform under AKU-AP's Incubation Programme<br /><br />https://www.aku.edu/news/Pages/News_Details.aspx?nid=NEWS-002903<br /><br />National Health Incubator (NHI) is a first of its kind healthcare focused incubation programme designed to enable the development, deployment, and commercialization of select innovative and technology-driven solutions. It is run by Accelerate Prosperity (AP), a global initiative of the Aga Khan Development Network (AKDN) in partnership with Aga Khan University (AKU).<br /><br /><br />Accelerate Prosperity is a global initiative of the Aga Khan Development Network in Central and South Asia which offers creative financial solutions and pre and post investment technical assistance to help start and grow innovative startups and small and growing businesses.<br /><br />The Aga Khan University is a pioneering institution of higher education that works to improve quality of life in the developing world and beyond. The University operates programmes in campuses in Pakistan, Afghanistan, Kenya, Tanzania, Uganda and the United Kingdom, and treats more than 2 million patients annually at 7 hospitals across more than 350 medical centres globally.<br /><br />The NHI 2022 Demo Day took place on December 1, 2022 at Aga Khan University, Karachi with the on-ground support and facilitation of Critical Creative Innovative Thinking (CCIT) Forum – a unique innovation and incubation hub at AKU. A total of 19 health tech startups pitched their businesses at the Demo Day to get one-on-one feedback and secure financing from AP and external investors. The event provided an opportunity for AKU and AKDN leadership, entrepreneurs, investors and ecosystem partners to network, exchange industry knowledge, and build market linkages. The partnership between AP and AKU has been vital to the success of NHI and aims to fuel much-needed innovation in the entrepreneurial and startup ecosystem in Pakistan.<br /><br />The incubated entrepreneurs went through months of rigorous one-on-one tailored business advisory and training to refine their business and financial models and were prepared to secure investment on the Demo Day. Entrepreneurs were also provided one-on-one mentoring sessions with leading sector experts to help them better understand industry dynamics and depth.<br /><br />Incubated businesses represented tele-health, mental health, wellness and lifestyle transformation, and health-tech subsectors within the broader healthcare sector. Leading investors and ecosystem partners from Sarmayacar, I2I Ventures, Indus Valley Capital, TPL eVentures, Rayn, Neem, Insitor Partners, AlphaBetaCore amongst others were present at the event. The innovative and impactful business pitches kept the investors thoroughly engaged.<br /><br />Nadeem Shaikh, Founder at Neem - An Embedded Finance Platform - said “It’s impressive each time I come to pitch days and get to witness the sheer amount of talent, innovative ideas aspiring, and new entrepreneurs are thinking about and the scale at which they’re thinking about is amazing.”<br /><br />Dr. Carl Amrhein, Provost & Vice President, Academic at Aga Khan University said “We feel that fostering partnerships such as NHI will pave the way for the changing the entrepreneurial landscape in Pakistan. I commend the entire NHI team who worked so hard with entrepreneurs to get them investment ready and prepared for the Demo Day.”<br /><br />Rohma Labeeb, Country Director at Accelerate Prosperity Pakistan said, “Over 60% of healthcare spend in Pakistan is by the private sector, which opens unlimited opportunities for businesses to come at the forefront to bring in efficiencies, quality and scale.”<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-11024330247447570522022-12-30T16:51:33.758-08:002022-12-30T16:51:33.758-08:00Kalsoom Lakhani
@kalsoom82
1/Happy New Year! It...Kalsoom Lakhani<br />@kalsoom82<br />1/Happy New Year! It's 2nd to last day of 2022, so that means time for the Q4 roundup of #Pakistan startup ecosystem funding, put together by our <br />@Invest2Innovate<br /> Insights team. This was a ~slow~ quarter w/ startups in Q4 raising $14.9M, bringing our 2022 YTD total to $355M./<br /><br />https://twitter.com/kalsoom82/status/1608898809987489795?s=20&t=0dUvaRSsLXyYKaRMrRQCRw<br /><br />-----------------<br /><br />2/ The good news: our 2022 YTD number just *barely* surpassed our 2021 YTD number ($354M vs $355M), BUT it still did (woo!). The bad news: pace of funding slowed down significantly towards end of year -- in Q4 we raised just 8.6% what we did in Q1. This is both push & pull/<br /><br />--------------------<br /><br />3/ a LOT of startups held off on raising at the end of the year in Pakistan & may open rounds early Q1 2023 (I know this qualitatively as a PK-focused VC who speaks to our portfolio companies often, this isn't a data-driven observation) & so too, a lot of VCs slowed down pace/<br /><br /><br />----------------<br /><br />4/ towards the end of 2022, (us included!). My good friend <br />@faisal_aftab<br /> rightly predicts macro uncertainty will continue in 2023 so buckle down, but I do believe good companies w/ good economics will continue to raise in 2023 (tho vals will go down & it will take longer./<br /><br />-------------<br /><br />5/ On Monday, our Insights team will put out a pretty epic EOY roundup for ur viewing pleasure, so stay tuned! You can read our roundup & subscribe for more: https://insightsi2i.substack.com/p/7-q4-2022-roundup<br />All raw data can be found here:<br /><br />https://www.insightsi2i.com/Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-26770494103803440402022-12-29T09:58:44.008-08:002022-12-29T09:58:44.008-08:00Pakistan’s Agriculture-focused Fintech Digit++ Obt...Pakistan’s Agriculture-focused Fintech Digit++ Obtains Approval from State Bank<br /><br />https://www.crowdfundinsider.com/2022/12/200398-pakistans-agriculture-focused-fintech-digit-obtains-approval-from-state-bank/<br /><br /><br />The State Bank of Pakistan (SBP), the nation’s central bank, has reportedly granted approval to the test launch of the country’s very first agriculture-focused Fintech platform, Digitt+ (providing an Electronic Money Institution or EMI permit).<br /><br />Digitt+ is supported by Akhtar Fuiou Technologies (AFT), the firm revealed this past Friday.<br /><br />According to the firm, the aim of this agri-Fintech app is to fully digitize the agricultural ecosystem, enable greater financial inclusion for local farmers and unbanked consumers via its tech, partnership, relationship with agri-businesses and FMCGs operating in Pakistan.<br /><br />As reported by local sources, Digitt+ has teamed up with FuiouPay, an international payment solutions provider, in order to offer a market-based alternative to the traditional banking system.<br /><br />As explained in the announcement, FuiouPay provides holistic enabling solutions via their 75 intellectual property licenses and proprietary software solutions.<br /><br />Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+, noted that the firm will offer financial technology solutions to farmers residing in the country, who will have the option to open bank accounts and also gain access to credit and digital financial services – including easy bill payments, digital commerce, investments as well as fund transfers.<br /><br />As noted in the update, the approval from the State Bank of Pakistan is a key milestone.<br /><br />This ongoing initiative has the potential to address persistent food security issues, significantly improve yields and enhance human welfare in Pakistan, directly affecting local farmers and merchants, he stated.<br /><br />Notably, Pakistan has been a significant agriculture powerhouse for many years. Agriculture employs around 50% of the nation’s workforce and also contributes approximately 25% to the GDP.<br /><br />While this is considerable, the industry doesn’t have adequate access to financial services from the banking sector.<br /><br />Ahmed Saleemi, CEO of Digitt+ explained that using tech to create digital financial products focusing on micro services to build a platform that should support the delivery of these solutions for the retail Agri market and corporate sector can be achieved via the provision of business tools.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-92139551663912003442022-12-28T20:42:38.376-08:002022-12-28T20:42:38.376-08:00Jazz and Huawei Successfully Accomplished Nationwi...Jazz and Huawei Successfully Accomplished Nationwide Rollout for FDD Massive MIMO in Pakistan<br /><br />https://www.lightreading.com/jazz-and-huawei-successfully-accomplished-nationwide-rollout-for-fdd-massive-mimo/a/d-id/782496<br /><br />Jazz and Huawei have commercially deployed FDD (Frequency Division Duplexing) Massive MIMO (Multiple Input and Multiple Output) solution based on 5G technology in a large scale. The solution has been developed and tailored to the needs of boosting network capacity and user experience.<br />This customized solution has been the first launch of Jazz and Huawei, supporting Jazz leap into the 4.9G domain. This innovative solution has tremendously enhanced the network capacities along with superior 4G experience for the valued subscribers. The average network traffic increased by around 30% and the average single user speed increased by around 170%.<br /><br />Jazz’s Chief Technology Officer, Khalid Shehzad said, “We see that our customers are increasingly using high-bandwidth applications which resultantly puts pressure on existing network capabilities. Massive MIMO essentially allows us the freedom to provide more data at greater speeds, enabling our customers to use the enhanced services on their existing 4G devices. Network speeds will be faster than ever, which will significantly improve the end-user experience. Jazz is committed to developing an ecosystem that supports the government’s Digital Pakistan vision and the evolving technology needs of individuals and businesses.”<br /><br />Huawei provides the industry's unique intelligent beam scheduling and intelligent beamforming technology which are native for 5G. Massive MIMO improves the capability of the handsets to transmit more efficiently. Currently Huawei FDD Massive MIMO has been deployed in more than 70 networks and over 20,000 units have been shipped. The level of collaboration between Jazz and Huawei goes beyond to more domains. For example, the first 400G transmission, the first core network cloudification, the first large-scale commercial use of VoLTE, and the first 3G sunset city. In Pakistan, Jazz maintains a leading position in network performance and innovations, and it leads the development of the entire ICT industry.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-45626933759044757752022-12-26T20:58:57.251-08:002022-12-26T20:58:57.251-08:00Pakistan inching towards establishing vibrant netw...Pakistan inching towards establishing vibrant network of IT parks<br /><br /><br />https://www.nation.com.pk/25-Dec-2022/pakistan-inching-towards-establishing-vibrant-network-of-it-parks<br /><br />ISLAMABAD-With digital growth going through a rapid evolution, Pakistan is inching towards establishing a vibrant network of state-of-the-art Information Technology (IT) parks aimed at providing young professionals a launching pad to execute their innovative ideas and contribute to the national economy efficiently.<br /><br />The software technology parks would not only generate employment opportunities for IT professionals but also attract millions of dollars in precious foreign exchange, boost the IT industry, and increase exports, once they are completed and become fully operational.<br /><br />Currently, work on establishing the IT parks in Karachi at the cost of Rs. 41 billion and Islamabad at the cost of Rs 13.72 billion is underway. Experts believe that after their completion, they would provide job opportunities to around 35,000 IT professionals collectively.<br /><br />Federal Minister for Information Technology and Telecommunication Syed Amin-ul-Haq said the Karachi IT Park would be a gateway for an innovative future and strengthen the economy. “Karachi IT Park is the largest IT project of its kind in Pakistan, which will benefit not only the citizens of Karachi but also the IT professionals and companies of Sindh and the rest of Pakistan,” he added.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-44284815371943046392022-12-26T20:58:03.110-08:002022-12-26T20:58:03.110-08:00Starlink’s technical plan being studied by PTA, ot...Starlink’s technical plan being studied by PTA, other stakeholders<br /><br /><br />https://www.brecorder.com/news/40216864<br /><br /><br />ISLAMABAD: The Starlink Internet Services has yet to satisfy the Pakistan Tele-communication Authority (PTA) and other stakeholders over its technical plan—being evaluated for the launch of services in the country, official sources revealed to Business Recorder.<br /><br />According to official documents of the Ministry of Information Technology and Telecommunication and the PTA, the technical plan submitted by Starlink is under evaluation by relevant stakeholders. The Government of Pakistan is in consultation with all stakeholders including SUPARCO, LEAs, PTA, and FAB to analyse the Starlink technical and business plan, as regional and various international countries are taking cautious approach to allow or deny Starlink due to respective satellite regimes as well as security aspects.<br /><br />The documents further revealed that security clearance of Starlink and related technical vulnerabilities assessment especially its data hosting outside the country and utilization of laser technology from satellite to satellite without using Earth Gateways is being analyzed by Law Enforcement Agency. Further action of granting licence or otherwise will be taken by the PTA after clearance from all stakeholders.<br /><br />In accordance with existing regulatory provisions, Long Distance and International (LD1) and Local Loop (LL) licencees of PTA are allowed to provide satellite-based telecommunication services in respective licenced region(s). Starlink Internet Services Pakistan (Pvt) Ltd (Starlink) which is owned by Starlink Holdings Netherlands BV, applied for LDI licence for Pakistan on 24th February 2022 along with 14 x LL licence for all Telecom Regions of Pakistan on 29th April 2022.<br /><br />All stakeholders were intimated and Starlink case is being analysed from technical perspective on non-exclusive, non-interference, and non-protection basis.<br /><br />Starlink Internet Services Pakistan (Pvt) Ltd (Starlink) approached Pakistan Telecommunication Authority (PTA) to permit Starlink (SpaceX) to operate in Pakistan. Traditional satellites are operating in Pakistan in Geo Stationary Orbit (GSO) (at an altitude of 36000 kms). However, Starlink differs from GSO technically, as it operates in Low Earth Orbit (LEO) at an altitude between 250 to 500 kms, thus, provides low latency connectivity.<br /><br />Starlink/SpaceX satellites can also communicate with many Ground Stations at a time and conversely, one ground station can connect to many starlink satellites. Satellite-to-satellite connectivity also exists through laser technology to effectively expand footprint in all areas.<br /><br />Internet bandwidth is normally accessed from ground station within the country, where services are extended through starlink thus, optical fiber cable bandwidth is up/down linked through space stations and internet services are provided to the end user in the country.<br /><br />The PTA officials on Monday also briefed the Senate Standing Committee on Information Technology and Telecommunication on the Starlink issue which met under the chairmanship of Senator Kauda Babar.<br /><br />Officials said that this technology is still in its early stages and further progress could not be made due to some security concerns. Senator Afnanullah Khan said it was an excellent technology for providing internet services in remote areas and it was not appropriate to forego it just because of security concerns.<br /><br />Chairman Committee, Senator Kauda Babar, formed a sub-committee to settle the matter and bring it to a logical end. The Sub-committee will sit with all the stakeholders and resolve the issues.<br /><br />The officials revealed that SpaceX’s Starlink currently uses beta version which is not fully secured. The committee was informed that the technology was reportedly used in a drone attack in Ukraine while it was also reported in Afghanistan as well. The committee constituted a sub-committee to look into the matter and report back to it.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-21396675053698122942022-12-26T20:56:53.155-08:002022-12-26T20:56:53.155-08:00ONE Network, Cybernet complete first phase of cros...ONE Network, Cybernet complete first phase of cross-country long-haul fiber network<br /><br />https://www.brecorder.com/news/40211289<br /><br />A new ultra-low latency long-haul fiber network is being deployed jointly by One Network, the largest ICT and Intelligent Traffic and Electronic Tolling System operator in Pakistan, and Cybernet, a leading fiber broadband provider. The network will span the entire length of the country and provide much-needed capacity and redundancy to the communications, internet, and media infrastructure in numerous cities, towns, and districts.<br /><br />The first phase of the project, which includes 1,800 km of fiber network along motorways and road sections linking Karachi to Hyderabad (M-9 Motorway), Multan to Sukkur (M-5 Motorway), Abdul Hakeem to Lahore (M-3 Motorway), Swat Expressway (M-16), Lahore to Islamabad (M-2 Motorway) and separately from Lahore to Sialkot (M-11 Motorway), Gujranwala, Daska and Wazirabad have been deployed.<br /><br />Both partners are now moving expeditiously to install and test a multi-terabit transport network and attain ready-for-service (RFS).<br /><br />The second phase which includes Hyderabad to Sukkur, Multan to Pindi Bhattian (M-4 Motorway), Hazara Expressway (E-35), Hakla to D.I.Khan (M-14 Motorway), and Islamabad to Peshawar (M-1 Motorway) has commenced and is expected to go live by Q1 2023.<br /><br />Based on learnings from disruptions due to infrastructure damages in recent floods, the project has implemented extra measures to withstand natural calamities. All critical components including optical networking equipment, distribution networks, and power systems are deployed in such a manner that they continue to function in a range of disaster scenarios. Furthermore, the network is being enhanced through multiple rings, and swap arrangements with other network providers to provide an unprecedented level of reliability.<br /><br />Asif Siddique, CEO of One Network, said: “This national long-haul project is the backbone to enable One Network to deploy state-of-the-art platforms for electronic toll collection (ETC) and intelligent transportation systems (ITS) for our National Motorways – the economic backbone of our country. Built along the national motorways, the fiber transmission network will provide a robust information highway linking many Pakistani cities, towns, and districts. The infrastructure has been built, and will be maintained, by keeping in mind the capacity and communication needs for our nation and its citizens for the next 25 years”. The infrastructure shall also be available for all cellular mobile operators to provide quality of service to their 3G/4G subscribers along the motorway routes. “We are building safe and reliable long-haul fiber infrastructure with an aim to contribute to improving quality of service and digitalization efforts of the government of Pakistan,” added Mr. Asif Siddique.<br /><br />Danish A. Lakhani, CEO of Cybernet, said, “Our goal is to provide a high-capacity fiber network that continues to function in critical times. With careful planning of the fiber plant including ring-based protection and regular, proactive maintenance we aim to construct a robust national fiber backbone for use by everyone – but one which will be owned and managed by local Pakistanis. Such a backbone will not only serve the people, businesses, and institutions of Pakistan but also meet the needs of international customers who require high-capacity, cross-border connectivity.”<br /><br />The new long-haul network will also provide tremendous benefit to Cybernet’s own broadband service (StormFiber) by enabling the company to provide multi-terabit transmission uplink to its broadband access network.<br /><br />“This transmission network will enable us to further our mission of transforming the Pakistani economy by bringing gigabit fiber broadband service –at an affordable price— to households and businesses in every major city of Pakistan. We are on track to roll out our FTTH-based triple play service to the 25th city in Pakistan by the end of the year”, added Lakhani.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-5848640164815342479.post-86736060727071675082022-12-23T16:58:58.719-08:002022-12-23T16:58:58.719-08:00Mobile banking doubles, internet banking grows by ...Mobile banking doubles, internet banking grows by 51.7% in FY2021-22<br />As internet banking, POS, and eCommerce transactions post strong growth, the digital payments ecosystem is picking up steam<br /><br />https://profit.pakistantoday.com.pk/2022/12/23/mobile-banking-doubles-internet-banking-grows-by-51-7-in-fy2021-22/<br /><br />https://www.sbp.org.pk/PS/PDF/FiscalYear-2021-22.pdf<br /><br />The overall number of payment cards, however, decreased during the year, from 45.9 million in 2020-21 to 42.4 million in 2021-22.<br /><br />Bring in the fintech<br /><br />According to the State Bank’s annual report, the four fully licensed EMIs (electronic money institution); Sadapay, Nayapay, Finja and CMPECC, combined had 262,558 total active accounts and 514,961 payment cards issued to their customers. Last year’s numbers on EMIs were not available for a comparison on how these numbers have grown.<br /><br />The SBP has in the past has often emphasised on the potential fintech can play to boost digital payments and financial inclusion.<br /><br />During his speech at the Institute of Banking Pakistan Annual Award Ceremony, Jameel Ahmad, Governor SBP stressed on the need for banks to revisit their traditional approach to service delivery and adapt quickly as digitalization shifts the balance of power from banks to tech savvy entities, hinting at the growing trend in fintech.<br /><br />“Leveraging digital technology is essential not only to promote financial inclusion, but also to ensure that the industry keeps pace with emerging global trends,” opined Ahmed.<br /><br />Speaking on the importance of technology, Ahmad quotes M-Pesa, a Kenyan fintech. “An often-cited success story is that of M-Pesa in Kenya, where it single-handedly drove mobile financial services availability and successfully raised financial services access in Kenya. “<br /><br />Ahmad pointed out that a number of factors already exist in Pakistan that can help drive digital financial innovation and proliferation of a tech-based financial ecosystem. He pointed out that the nation has a fully functional digital ID system, ubiquity of mobile devices, penetration of mobile and broadband services, availability of faster payment rails, remote account opening process, and facilitative regulatory environment for enabling the entry of non-bank entities into the financial arena.<br /><br />The Central Banker also points out that while fintech has brought competition, it also presents the sector with an opportunity to create synergies and mutually beneficial partnerships.<br /><br />“Banks and Fintechs can partner with each other to provide innovative products for customers that are otherwise not viable on a standalone basis. For banks, such partnerships can help with penetration in untapped segments like retail businesses and Micro and Small Medium Enterprises, yielding beneficial outcomes for all stakeholders,” he said.<br /><br />Encouraging the banks that are yet to make consistent and sustained moves toward technological transformation, Ahmad told them to make use of the digital bank frameworks and the instant payment system, RAAST, to position themselves for the future.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.com