Fintechs eye global reach in Singapore

Tech leaders explore international partnerships, investments at festival

KARACHI:

Pakistan's IT companies and fintech operators are actively exploring business opportunities in the global fintech sector, aiming to expand their footprint across various countries. This growth-oriented approach is attracting foreign investment and helping Pakistani companies secure projects based on their innovative services and products. This year, more than ten Pakistani companies are participating in the world's largest fintech event—the Singapore Fintech Festival.

Fahad Sajjad, CEO of Pakistan Fintech Network, said that the active participation in such prominent events will significantly boost IT businesses by opening new markets abroad. He noted that attendance at these global events is always beneficial for expanding businesses and deepening industry knowledge. "Professionals successfully gain more business opportunities in international markets, which is essential for growth," Sajjad said.

From the government's perspective, this global exposure is both viable and productive. Pakistani service providers gain avenues to sell solutions that not only bring in business but also attract much-needed US dollars to Pakistan. This flow of foreign exchange contributes positively to the national economy, fostering stability and growth.

Participating in international IT exhibitions provides numerous benefits, particularly for the three primary types of Pakistani companies involved. The first group comprises those offering IT or fintech solutions, while the second includes startups presenting innovative products and seeking attractive investment opportunities. Finally, service providers and operators offer various technological services within the global market. These events also facilitate beneficial interactions between buyers and clients, often resulting in multiple lucrative deals at a single venue.

Saad Shah, CEO of Hexalyze Consulting Services and a participant in the Singapore Fintech Festival, expressed enthusiasm about the increased presence of Pakistani companies this year compared to last, calling it an encouraging sign for Pakistan's IT and fintech sectors. "Our companies are expected to secure valuable business leads and partnerships by showcasing locally developed technological solutions for international financial businesses," he added.

Known as the largest fintech festival in the world, the Singapore Fintech Festival is a leading knowledge platform for the global fintech community. This year, the event has attracted a staggering 66,000 participants from over 150 countries, including a strong contingent of Pakistani fintech operators and IT companies.

Ibrahim Amin, Chairman of Dellsons Group, noted that Pakistani fintech operators and IT companies providing financial solutions should not only aim to sell their services at such events but also use these gatherings to observe global trends. He pointed out that these events are hubs of knowledge and platforms for partnerships, which are crucial for building the capabilities of Pakistani companies.

"Additionally, our fintech operators can attract the interest of investors and venture capitalists from around the world, who may be inclined to invest in Pakistani companies," Amin said. He also highlighted the importance of support from local authorities, suggesting that a country pavilion, strategically located, would enhance Pakistan's visibility at such events and draw more delegates, benefiting the tech industry as a whole.

With a population exceeding 240 million, Pakistan ranks as the fifth most populous country globally, with two-thirds of the population under the age of 30. The emerging fintech industry in Pakistan is full of potential as key regulators—the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP)—are focused on making e-services more accessible across urban and rural areas, creating significant opportunities for the sector. Success stories in the sector include telecom ventures like Easypaisa, JazzCash, and other branchless banking services. Currently, over 40 fintech entities operate with licenses from the SBP and SECP, and numerous IT companies continue to support local banks and financial institutions by providing financial solutions as indigenous service providers.