Digital Pakistan

Mobilink Microfinance Bank Ltd, a leading digital microfinance institution in Pakistan, has partnered with oladoc, a prominent digital healthcare platform, to enhance healthcare access for 500,000 customers and their families. This collaboration aims to make quality healthcare more accessible and affordable, offering a range of complimentary services such as outpatient consultations (OPD), significant discounts on inpatient services (IPD), reduced costs for medications, and savings on surgical procedures. The initiative also includes free wellness consultations with nutritionists, psychologists, dieticians, and fitness trainers. Mobilink Bank’s Chief Business Officer, Atta Ur Rehman, highlighted the bank’s commitment to customer well-being, particularly in response to rising healthcare costs. Abid Zuberi, Co-Founder and CEO of oladoc, emphasized the partnership’s potential to positively impact communities. This collaboration unites Mobilink Bank's financial expertise with oladoc's extensive healthcare network, creating a powerful synergy that enhances customer value. It marks a significant step in improving healthcare access and affordability across Pakistan while reinforcing the bank's dedication to addressing its customers' evolving needs. #DigitalPakistan #TechUpdate

NayaPay and DealCart, two Pakistani startups, have earned spots on Forbes Asia’s 100 to Watch list for 2024, recognized for their innovation and growth potential in Pakistan’s challenging economic landscape. Founded in 2016, NayaPay is a digital finance platform that has gained significant traction with its user-friendly app offering a range of financial services. With over 1.8 million users, the company is now expanding to include a financial management platform for businesses. CEO Danish A. Lakhani expressed pride in NayaPay’s recognition, noting it underscores the company’s efforts to simplify financial services and drive digital adoption in Pakistan. DealCart, an online grocery platform launched in 2022, also stands out on the list. It serves the growing middle class by providing a wide range of products while supporting local grocery stores. The inclusion of both NayaPay and DealCart on Forbes Asia’s list highlights their potential to reshape the fintech and e-commerce sectors in Pakistan. Despite economic challenges, these startups have demonstrated a remarkable ability to innovate and thrive. #DigitalPakistan #TechUpdate

The Government of Pakistan is ramping up its efforts to accelerate #digitization and foster socio-economic development. This initiative was highlighted by State Minister for #IT and #Telecommunication, Shaza Khawaja, during the inauguration of ITCN Asia 2024. Shaza Fatima emphasized the importance of adopting information and communication technology (#ICT) to advance the nation’s economy. She noted that the IT industry has shown remarkable growth, with #exports increasing by 24% this year, reaching $3.22 billion. The government’s Digital Pakistan Policy is central to these efforts, guiding both public and private sectors towards digital transformation. Initiatives like #software technology parks, special technology zones, and e-Rozgar centers are being established to support Pakistan’s growing #freelance workforce and boost economic growth. Industry leaders at the event stressed the need for policies that would help Pakistan become a regional IT hub, leveraging its skilled workforce to enhance #global competitiveness. These efforts are a key part of the government’s vision to integrate digital platforms across various sectors, driving technological #innovation and economic progress. #DigitalPakistan #TechUpdate

Pakistan is actively seeking $4 billion in funding from Middle Eastern commercial banks by the next fiscal year to address external financing gaps. The State Bank of Pakistan (SBP) Governor, Jameel Ahmad, revealed this in an interview, stating that the country is also nearing completion of a $2 billion deal to secure International Monetary Fund approval for a $7 billion bailout program. Ahmad expressed confidence in meeting Pakistan's gross financing needs both in the short and medium term. He highlighted the country's past reliance on allies like China, Saudi Arabia, and the UAE for debt rollovers and anticipated similar assurances for the next three years. The SBP governor also projected lower gross financing needs than the IMF's estimate of 5.5% of GDP, citing a decline in the current account deficit. Regarding monetary policy, Ahmad noted that recent interest rate cuts have had the desired effect on inflation and the current account, despite the reductions. He emphasized the central bank's commitment to fiscal consolidation and growth, while acknowledging the challenges faced in the past year due to the balance of payments crisis. #DigitalPakistan #Finance

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The Pakistan Fintech Network (PFN) has entered a strategic partnership with Sunshine Technologies to drive innovation and growth in Pakistan's financial technology sector. This collaboration is aimed at exploring and developing advanced solutions that will enhance the delivery of financial services nationwide. Leveraging their combined expertise, PFN and Sunshine Technologies plan to create new fintech products, improve existing services, and explore emerging technologies like blockchain and artificial intelligence. A representative from PFN expressed enthusiasm about the partnership, highlighting its potential to bring significant industry changes. They emphasized that the Memorandum of Understanding (MOU) marks an important step for both PFN and Sunshine Technologies as they collaborate to develop fintech solutions specifically designed for the Pakistani market. By joining forces, PFN and Sunshine Technologies are well-positioned to shape the future of fintech in Pakistan, focusing on making financial services more accessible, efficient, and inclusive. The collaboration is expected to contribute to the overall growth and development of the financial ecosystem, benefiting a broader audience across the country. #DigitalPakistan #TechUpdate

The Ministry of IT and Telecom Pakistan informed the National Assembly of Pakistan (NA) that Starlink and other satellite broadband companies are eager to launch operations in Pakistan. However, none have met the licensing requirements for commercial services yet. Currently, Starlink is the only company that has applied for a Long Distance and International (LDI) license. In a written response to Zubair Khan Wazir, Minister of State for IT Shaza Khawaja revealed that while Starlink has gained attention, other international #LEO/#MEO #satellite operators have also expressed interest. These companies may offer various technologies, subject to meeting Pakistan's technical, regulatory, and security standards. Starlink registered with SECP (Securities Exchange Commission of Pakistan in December 2021 as "Starlink Internet Services Pakistan (Private) Ltd" and applied for an LDI license in February 2022. However, their application process has faced delays due to concerns from stakeholders like FAB, Pakistan Space and Upper Atmosphere Research Comission (SUPARCO), and SPD regarding technical and regulatory compliance. These issues arose as Pakistan's National Space Policy was still under approval, but it was finally ratified in December 2023, followed by the Space Activity Rules in February 2024 which are being complied with by Starlink and are applicable to to other NGSO/LEO operators intending to initiate operations in Pakistan. #DigitalPakistan #TechUpdate

The Young Scientists’ Fellowship Program (#YSFP), supported by the Mustafa (Peace Be Upon Him) Science and Technology Foundation (MSTF) and #COMSTECH, is nearing its application deadline on August 31. This prestigious fellowship aims to empower young scientists from Islamic countries by offering short-term fellowships at Iran’s Sharif University of Technology. The program focuses on critical research areas like Mechanical #Engineering, #Renewable Energy, #Data Science, Biotechnology, #AI, and more. It's designed to nurture talent, enhance international #collaboration, and address #scientific challenges faced by #Islamic nations. Eligible candidates must be under 40 and hold at least a Master’s degree. Fellowships range from 6 to 12 months, providing scholars the chance to engage with cutting-edge advancements and share knowledge across borders. Notably, applicants with ties to Mustafa Prize Laureates or winners of the #KANS Scientific Competition receive additional evaluation points. Applications can be submitted online at ysfp.mstfdn.org. This initiative strengthens ties within the scientific community and fosters #innovation across Islamic societies. #DigitalPakistan

The The Hub Power Company Limited (HUBCO) reported a 21% increase in consolidated earnings for FY24, reaching Rs. 75.29 billion. However, the company's profitability declined by 14% year-over-year (YoY) in 4QFY24, amounting to Rs. 20.47 billion. Alongside the results, HUBCO declared a cash dividend of Rs. 8.50 per share. During FY24, HUBCO's net sales rose by 14% YoY to Rs. 130.52 billion, while gross margins improved by 600 basis points to 52%. The company also recognized a 44% increase in profit from associates and joint ventures, totaling Rs. 49.36 billion, primarily due to contributions from TNPTL and PKR devaluation. Despite a 38% YoY rise in finance costs to Rs. 26.7 billion, 4QFY24 saw an 18% decline in finance costs. HUBCO's earnings per share (EPS) stood at Rs. 53.98 for FY24 and Rs. 15.78 for 4QFY24. The stock closed at Rs. 154.3, up 5.55%, with over 23.2 million shares traded on Monday. #DigitalPakistan #TechUpdate

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