Published On: Wed, Jan 24th, 2018

Three New FinTech Companies to Revolutionize Pakistan’s Financial Sector

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FinTech

State bank of Pakistan with the help of McKinsey and Company, a management consulting firm; has identified that we have huge potential in our financial sector and this has been observed by the SBP that financial technology precisely called ‘FinTech’ has made sheer advancement in the financial sector with its technologically sound approaches. And eventually, the FinTech will dominate the market taking over the traditional means of financial services.

This was disclosed by the banker’s last resort, that due to the huge market potential of companies in Pakistan to grow and flourish, three FinTech companies are looking to ignite their operations in Pakistan. TPL Rupya, Monet, and FonePay are the companies which have assessed the need for Fintech and its potential market in Pakistan and have decided to move in.

The rapid progress in the financial sector of Pakistan was attributed to the increasing influx of branchless banking, the increased awareness of internet, the improved income level and undoubtedly, the advancement in communication technology.

Quoting the advantages that will be derived from the Finech SBP, stated in its report that it will promote online transactions, business to Consumer e-commerce will be enhanced and simultaneously it will create around four million jobs, will help in opening 93 million bank accounts, GNP will rise by around $36 billion and will also increase the revenue acquired by Government to $7billion by the year 2025.

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