Saturday, May 24, 2025
No Result
View All Result
The AZB More Than Just News
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
No Result
View All Result
Daily The Azb
No Result
View All Result
Home Headline

160 Startups Commercial Banks Need Not Be Wary of FinTech: FPCCI

News Desk
March 22, 2022
160 Startups Commercial Banks Need Not Be Wary of FinTech: FPCCI

During the event on FinTech jointly organized by FPCCI & ICCIA, Mr. Shaukat Ali Omerson, VP FPCCI; Mian Nasser Hyatt Maggo, immediate past President FPCCI; Sheikh Sultan Rehman, former VP FPCCI; Ms. Aalia Jafar, Director International Relations ICCIA and CEOs of various FinTech companies are also present on the occasion.

Share on FacebookShare on Twitter

FPCCI Chief Mr. Irfan Iqbal Sheikh has quashed many unwarranted concerns on FinTech vis-à-vis Commercial Banks. He added that the Commercial Banks need not be apprehensive of FinTech Companies as these are only facilitating and supplementing the conventional banking; improving financial inclusion; documenting the informal economy and banking the unbanked. He said that no one can stop FinTech and there are approximately 160 startups in FinTech – many of which are highly successful & sustainable.

It is pertinent to note that The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Islamic of Chambers of Commerce, Industry and Agriculture (ICCIA) have conducted a high-profile session – as strategic partners – on FinTech Ecosystem & Opportunities in Pakistan. ICCIA is headquartered in Karachi Pakistan; and, playing its mandated role in connecting and promoting the business, industry and trade communities of the Islamic World.

Mr. Irfan Iqbal Sheikh emphasized that FinTech need to fully capitalize and integrate with the revolutionary and free-to-use Person-to-Person (P2P) money transfer program of the State Bank of Pakistan, i.e. RAAST. It will only accelerate the penetration of FinTech in Pakistan as 70% of the population remains unbanked as they do not have access to conventional banks and do not have a bank account as a result; in this day and age of documentation & digitalization, he added.

H.E. Khairul Nazran Abd Rahman, Counsul General of Malaysia in Karachi, apprised the audience of the giant strides Malaysia has made in FinTech, Islamic Banking and financial digitalization. He offered his support for transfer of knowledge and bilateral cooperation in FinTech & Digitalization.

Mian Nasser Hyatt Maggo, immediate past President FPCCI, vehemently criticized the political considerations of keeping Pakistan in the FATF Grey List for arm-twisting; despite, posting compliance in 26 out of 27 action items given to Pakistan in the FATF Action Plan – which has been acknowledged in the latest FATF meeting held on 4th March this year as well. He pointed out the ever-increasing influence of an unfriendly neighboring country and called for Pakistan’s removal from Grey List. He also proposed that FPCCI might have a Standing Committee specifically on FinTech.

The sessions was attended by CEOs of some of the top most Pakistani FinTech Companies; renowned Venture Capitalists and tech entrepreneurs. They shared the details on their regulatory compliance; success stories; financial digital services (FDS); penetration & footprint of FinTech in the masses & SMEs; insights into the future of finance in Pakistan and the reasons why the FinTech Companies do not pose a threat to the commercial banks in Pakistan.

News Desk

News Desk

Welcome to our web desk! We're a dedicated team of digital enthusiasts passionate about delivering timely and engaging content to our online audience.

Related Posts

Balochistan EconoBmic Forum in Collaboration with the Chinese Consulate celebrated it’s 33rd Anniversary & 12th Anniversary of CPEC
Business

Balochistan EconoBmic Forum in Collaboration with the Chinese Consulate celebrated it’s 33rd Anniversary & 12th Anniversary of CPEC

May 23, 2025
Meeting with Deputy Commissioner Tharparkar
Headline

Meeting with Deputy Commissioner Tharparkar

May 23, 2025
he Pakistan Association of the Dermatology arranged one day free workshop
Business

he Pakistan Association of the Dermatology arranged one day free workshop

May 23, 2025
Sindh Government establishes lab in KU to increase COVID- 19 testing capacity
Headline

Karachi Sees Rise in COVID-19 Cases, Four Deaths Reported in Two Weeks

May 23, 2025
SBP keeps interest rate unchanged at 12%
Headline

Banks to Remain Closed on May 28 for Youm-e-Takbeer

May 23, 2025
Engro Secures Approvals for Landmark Partnership to Expand Telecom Infrastructure, Paving the Way for Pakistan’s Digital Future
Business

Engro Secures Approvals for Landmark Partnership to Expand Telecom Infrastructure, Paving the Way for Pakistan’s Digital Future

May 23, 2025
Why have Bitcoin prices hit a record high?
Headline

What is Bitcoin Mining and How Does It Work?

May 23, 2025
Karachi woman steals 20 tola gold before Umrah trip
Business

Gold Price Soars by Rs3,500 Per Tola in Pakistan

May 23, 2025
Vacancies Open for Pakistani Female Beauticians in Saudi Arabia – Apply by June 8, 2025
Headline

Vacancies Open for Pakistani Female Beauticians in Saudi Arabia – Apply by June 8, 2025

May 23, 2025
UAE Dirham Holds Steady at PKR 76.44 – Exchange Rate Update for May 23, 2025
Headline

UAE Dirham Holds Steady at PKR 76.44 – Exchange Rate Update for May 23, 2025

May 23, 2025
Next Post
Likee

Building a bridge between education insufficiency through short video sharing platforms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Most Popular

Zarnab Shastri’s Private Videos Leaked Amid Manahil Malik’s Controversy

Another leak: TikToker Somal Mohsin’s private videos go viral

Sajal Malik Video Leak Sparks Controversy as Fans and Critics Debate

Aga Khan University Celebrates Student Innovation at Concluding Ceremony of President’s Challenge for Climate Solutions

Torino Comics Honors Akira Toriyama, Creator of Dragon Ball and Dr. Slump

Must Read

Sister Cities International
Headline

Muhammad Saeed Sheikh Wins Sister Cities International’s Volunteer of the Year Award 2021.

July 20, 2021
PBF opposed 28th strike called for revision of tax notices.
Karachi

PBF opposed 28th strike called for revision of tax notices.

August 24, 2024
The Azb is a 24/7 online news platform that covers a wide range of topics including business, economics, technology, finance, travel, fashion, and lifestyle.

Quick Links

  • Home
  • About us
  • SCI-TECH
  • Live TV
  • Banking

Useful Links

  • Videos
  • Reviews
  • Advertorial
  • Photos
  • About us
  • Author
  • Home
  • Latest News
  • Partner
  • Privacy Policy
  • Russian Theatre Group Celebrates Fifth Anniversary in Pakistan.
  • Terms and Conditions
  • The Azb – More Than Just News
  • Contact

© Copyright 2024 theazb. All Rights Reserved.

No Result
View All Result
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION

© Copyright 2024 theazb. All Rights Reserved.