Business

Fintech acquires logistics service provider

E-commerce sector to hit $12b as acquisitions, growth accelerate

Our Correspondent August 31, 2022

There is a need for the Islamic banking industry to capitalise on fintech to sustain its growth momentum, says SBP statement. PHOTO: FILE

KARACHI:

With Pakistan’s e-commerce sector set to hit $12 billion by 2025 as acquisitions and growth accelerate, fintech PostEx has announced that it has completed the acquisition of Call Courier, a logistics service provider, to expand its logistics services, according to a company statement. Following the acquisition, PostEx will now service 1.3 million users with over 8,000 merchants across 500 cities in Pakistan with monthly loan book crossing $12 million.

“E-commerce growth in Pakistan is expected to achieve milestone soon,” remarked Alpha Beta Core (ABCore) CEO Khurram Schehzad while talking to The Express Tribune. “Fashion and apparel makes up more than 70% of the total e-commerce in the country.” “Fintech and similar ecommerce platforms have brought a significant chunk of funding to Pakistan,” commented SI Global CEO Noman Ahmed Said. “Ensuring consistency and compliance is the need of the hour and support may be required in this regard to sail through, enabling startups to continually push ahead,” he said.

He emphasised that with new funding, there must be collective focus on bringing Pakistan at par with the Western world. “There’s absolutely no doubt that Pakistan is brimming with talent.” As leading professionals in the tech world, “it is upon us to revolutionise Pakistan’s technological landscape by honing in talent, guiding and shaping it,” added Noman Ahmed.

“It is imperative that this work begins at the university level.” He was of the view that final project and thesis submission should focus on creativity and new ideas that may be brought to life with the support of startups. Meanwhile, Google has announced the launch of seventh edition of its Google for Startups Accelerator for Southeast Asia and Pakistan. It will enroll up to 15 seed and Series A startups, focused on solving the region’s most important challenges, particularly in fintech, healthtech, retail and e-commerce, and SMEfocused B2B solutions.