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Pakistan (Muhammad Yasir) 

Google Cloud, in collaboration with Tech Valley, successfully concluded its inaugural Startup Competition Pakistan 2024 that saw 700 submissions from over 70+ cities.

“As incubators of innovation, startups possess immense potential to reshape traditional industries for a digital-first future, creating new economic opportunities for Pakistan. Supporting the growth of startups has long been a strategic imperative for Google Cloud. By equipping promising startups with the tools needed to grow and scale, we are making a valuable investment in Pakistan’s long term prosperity, empowering the country for success in the digital economy”, said Farhan Qureshi, Regional Director, Google.

The Competition served as a launchpad for innovation, attracting a surge of creative solutions across five key tracks: AI and GenAI, Fintech, Sustainability and Environment, E-commerce and Connectivity, and Frontier Digital Technologies. Startups refined their pitches and identified areas of improvements through mentoring sessions in major cities of Pakistan.

“This competition has been a testament to the immense potential within Pakistan’s startup ecosystem. We are thrilled to have partnered with Google Cloud and Bank of Punjab to provide this platform for our nation’s brightest minds.” said Umar Farooq, CEO of Tech Valley.

The judging panel consisted of leading local and regional VCs including Indus Valley Capital, i2i Ventures, Sarmayacar, nVentures and SEED Ventures. Each winner from the five competition tracks received a cash prize of 1 million PKR and will be offered mentorship from senior Google experts to further refine their ideas. The competition also facilitated connections with leading VCs, opening doors to potential funding and mentorship. Additionally, all 25 Finalists were offered mentorship opportunities with industry experts including from Bank of Punjab and Orbit Startups. 

The competition, strategically supported by Bank of Punjab (BOP), solidified their commitment to fostering Pakistan’s dynamic tech scene.

“BOP takes immense pride in empowering entrepreneurs and founders by offering unparalleled opportunities like this one and its support for various such endeavours in the past 3 years is a testament to this. Hosting Pakistan’s inaugural Google Cloud Startup Competition underscores our dedication to strengthening the startup ecosystem in this region. I congratulate the winners for showcasing their exceptional talent, and we remain committed to providing impactful platforms and services that support startups both locally and globally”, said Mr. Zafar Masud, President & CEO of Bank of Punjab.

The success of the Google Cloud Startup Competition Pakistan 2024 was fueled by the support of technology companies including Platinum Sponsors Alethea AI and Tridorian, Gold Sponsor Vanar, and Silver Sponsors Aspire, Bookme.pk, and OPEN Silicon Valley. Additionally, OPEN Silicon Valley, a Silver Sponsor, extended an invitation to all finalists for a visit to Silicon Valley, granting them the opportunity to immerse themselves in the world’s leading tech hub.

Leading up to the Finals, a series of Master Your Pitch events was also organised across April and May 2024 in Islamabad, Lahore and Karachi,  together with the support of key ecosystem players including Telenor Velocity, Katalyst Labs and COLABS. Promising startups got the chance to pitch their businesses to a panel of experts in front of a live audience and receive valuable feedback.

The Google Cloud Startup Competition follows the expansion of the Google for Startups Cloud Program to Pakistan whereby 10 incubators, including Ignite’s National Incubation Centres (NICs), are now Ecosystem Partners. Under this arrangement, their current and alumni bootstrapped startups can benefit from up to US$25,000 in credits, compared to US$2,000 previously.

An upcoming Google for Startups AI Academy for Asia Pacific was also announced, whereby Pakistani startups in the AI space will be eligible to be selected as part of the inaugural cohort that will cover responsible AI and provide access to Google’s ecosystem of experts and technologies. The chosen team will be a part of an APAC startup cohort with a 3 month program. The majority of the program will be online, with an on-site three-day bootcamp in Singapore, which plays host to a startup ecosystem hub with over 4,500 startups, 500 VCs and 220 accelerators and incubators.

We are proud to announce the winners and extend our heartiest congratulations to the following tracks:

• Sustainability & Environment: Asani
• Fintech: Torque360
• E-commerce & Connectivity: Indolj
• Frontier Digital Technologies: SocialBu
• AI & Gen AI: Adlytic.AI
• People’s Choice Award: Internee.pk

The destination has secured two of the top 100 spots on the list, showcasing its high-quality, culturally rich, and sustainable tourism offerings.

ALULA, SAUDI ARABIA (NUT DESK)— TIME, the global media organisation based in the USA, officially announced today the winners of its 2024 ‘World’s Greatest Places’ awards, highlighting two of AlUla’s destination offerings as remarkable places to be explored! Vetted by TIME’s editors and correspondents around the world, this exclusive list features 100 extraordinary destinations to explore, stay and visit.

AlUla’s awarded places include:

• Dar Tantora The House Hotel – Just opened in May 2024, Dar Tantora The House Hotel is the first property to be established in the historic AlUla Old Town – the ancient mud-brick houses city dating back to more than 800 years old, which was recognised as one of the Best Tourism Villages in 2022 by UNWTO. Nestled within AlUla’s desert oasis, Dar Tantora stands as an emblem of sustainable luxury. With 30 guest rooms thoughtfully restored from historical mud-brick buildings, this eco-lodge offers guests an immersive blend of traditional Bedouin living and upscale comfort.
• Sharaan Nature Reserve – Covering almost 600 square miles (1500 Square Kilometers), the beautiful Sharaan Nature Reserve is a treasure trove of natural wonders. Central to it is the restoration of AlUla’s sensitive ecosystem, which in turn allows the reintroduction, preservation and protection of endangered animals such as Arabian wolves, gazelles and large-eared red foxes, along with indigenous flora and fauna. Created with the goal for restoring the natural land and wildlife, Sharaan will serve as a safe rewilding hub for critically endangered Arabian Leopards, currently located at an offsite breeding facility.

To compile the ‘World’s Greatest Places’ list, TIME solicited nominations of places –including hotels, cruises, restaurants, attractions, museums, parks, and more– from its international network of correspondents and contributors, with an eye toward those offering new and exciting experiences. The TIME brand is recognised and respected around the world, and this prestigious accolade remains the ultimate symbol and acknowledgment of excellence within the travel sector. The full list of winners can be found here.

“We are elated by the recognitions awarded to our destination’s offerings by TIME in their renowned World’s Greatest Places,” says Rami AlMoallim, Vice President of Destination Management and Marketing at the Royal Commission for AlUla, “the exceptional sentiments reflect the excellence and dedication of AlUla’s efforts to preserve and promote its unique cultural heritage through comprehensive and sustainable development initiatives rooted in the community.”

Located in the northwest of Saudi Arabia, AlUla is an oasis city renowned for its diverse natural landscape including mountains, desert and unique geological rock formations, along with significant heritage sites. A beacon for sustainable tourism, AlUla’s commitment to purpose-driven revitalisation, is showcased in their newly launched global brand campaign, “Forever Revitalising,” has transformed the destination into a vibrant hub not only for ancient heritage, culture, art and adventure, but also for responsible tourism.

 

Lahroe (Muhammad Yasir)

easypaisa, Pakistan’s leading digital financial services platform, has announced a strategic partnership with Faysal Bank Limited (FBL), one of the premier commercial banks in Pakistan, to simplify the process of receiving international remittances.

This collaboration enables customers around the world to send remittances directly into their easypaisa wallets using Faysal Bank’s extensive remittance network, enhancing convenience and accessibility for millions of Pakistanis.

The signing ceremony which took place at easypaisa’s regional office in Islamabad was attended by distinguished executives and leadership teams from both organizations, including Farhan Hassan, Head of easypaisa Wallet Business, and Shahmeer Nadeem, Head of Product Management, from TMB/easypaisa. From Faysal Bank, Yaquta Marvi- Unit Head of Business Development and Marketing, Ziad Aftab Ejaz, Global Head Remittances, along with members of Corporate Banking attended the ceremony.  

Commenting on the occasion, Farhan Hassan, Head of easypaisa Wallet Business, TMB/easypaisa, said, “In Pakistan, remittances are a crucial lifeline that supports families and fuels dreams.  In a country, where remittances play an integral role in financing economic spending and expenditure, our partnership with Faysal Bank is a leap towards digital and financial inclusion offering seamless remittance collection services. As Pakistan’s digital finance leader, we are not just moving money; we’re propelling Pakistan towards a future of financial empowerment and limitless possibilities.”

Ziad Aftab Ejaz- Global Head Remittances- CIBG, Faysal Bank Limited, shared his insights on the collaboration, stating, “Faysal Bank plays a pivotal role in the development of Pakistan’s financial ecosystem. By partnering with easypaisa, we aim to empower millions of easypaisa users to effortlessly receive funds from their loved ones abroad. This initiative will not only benefit mobile wallet users but also promote the regulated flow of remittances, significantly contributing to Pakistan’s economic growth.”

The integration of Faysal Bank’s remittance services with easypaisa’s user-friendly mobile app ensures that customers can easily track, receive, and manage their remittances. easypaisa’s extensive agent network, combined with Faysal Bank’s comprehensive reach, guarantees that customers can access their funds with ease, thus fostering financial inclusion and economic stability.

With over 40 million registered mobile accounts and counting, easypaisa continues to lead Pakistan’s digital financial services landscape, through the power of technology and collaboration.

Strong business performance and positive outlook underpinned by robust customer activity and stable macroeconomic environment see Mashreq’s Net Profit in the first half increase by 14% to AED 4bn.

Dubai, UAE (Nut Desk)  Mashreq is pleased to announce its financial performance for the first half of 2024, highlighting the bank’s strong commitment to achieve its strategic goals focused on putting clients first, achieving operational and financial efficiency, maintaining robust risk management, ensuring operational resilience, while fostering a culture that prioritizes its employees. These results emphasize the successful implementation of Mashreq’s strategic initiatives capitalizing on providing a world class client experience which is second to none.

“The UAE’s economy continues to demonstrate remarkable resilience and stability, buoyed by robust policies and a conducive investment environment. As we witness a significant downtrend in inflation, the strength of our nation’s economy is further solidified, reflecting strong capital adequacy ratios and increasing foreign investments. This macroeconomic stability has provided a favorable backdrop for Mashreq’s continued growth.”

Strong business performance and positive outlook underpinned by robust customer activity and stable macroeconomic environment see Mashreq’s Net Profit in the first half increase by 14% to AED 4bn.

We are proud of our achievements and remain committed to our strategic vision of innovation, customer-centric solutions. Our ambition remains unchanged – to be the preferred financial partner for customer success journeys.”

Ahmed Abdelaal, Group Chief Executive Officer said: “In the first half of the year, we continued to deliver on our strategic ambitions, improving profitability and reporting a strong return on equity, driven by strong commercial momentum, robust customer activity, excellent credit quality, and focused cost management. Our results demonstrate that, despite the challenging global environment, we are making excellent progress on our strategic priorities and achieving industry-leading financial performance. This progress was primarily driven by sustained, strong net interest income, while our high customer activity across the business led to a significant uplift in non-interest income, resulting in a second-quarter return on equity of 27.6%.

We continue to invest in our capabilities to accelerate digital transformation across our business and functions, enhancing customer journeys, improving the customer experience, and reducing costs and operational risks. Additionally, we have completed our Tier 1 capital enhancement to solidify our capital base and support growth.

Our commitment to sustainability is a core focus, driving us to integrate our wide-ranging ESG initiatives and milestones through global initiatives under Climb2Change. This program is expanding across the markets we operate in, highlighting our dedication to accelerating environmental and social impacts and our sustainable finance commitments.”

Overall, we are confident that the implementation of our strategy during the first six months has built a robust foundation for continued execution.”

Over 1,600 entrepreneurs from across Pakistan have benefited from the ‘Proudly Pakistani’ initiative so far.

Pakistan (Muhammad Yasir)  In line with its mission to uplift communities through the power of commerce, Daraz has successfully trained a second cohort of 1,000 female entrepreneurs from the Punjab region. These training sessions, part of Daraz’s “Proudly Pakistani” initiative, were conducted across eight cities in collaboration with the Social Welfare Department of the Government of Punjab. This strategic partnership highlights Daraz’s commitment to supporting local communities and promoting homegrown products on a national scale.

Launched in August last year, the “Proudly Pakistani” initiative aims to promote locally-made products and empower Pakistani entrepreneurs and artisans. Over 600 small business owners from across the country benefited from this initiative in its first year. The entrepreneurs receiving these trainings learn essential digital marketing and e-commerce skills and are given the opportunity to showcase and sell their products on the Daraz platform, thus gaining access to a broader customer base.

By enhancing their skills, these individuals will be better equipped to secure sustainable livelihoods and contribute to the local economy. Moreover, Daraz and the Social Welfare Department will jointly monitor and assess the socioeconomic impact of this initiative, with a focus on income generation and community development in the Punjab region.

Commenting on the partnership, Ehsan Saya, Managing Director of Daraz Pakistan, said, “Helping local businesses thrive in e-commerce has always been our ultimate end-goal. We are excited to deepen our collaboration with the Social Welfare Department, Government of Punjab, to create even more significant and meaningful impact this year through our ‘Proudly Pakistani’ initiative. We are optimistic about the future success these female business owners will achieve on our platform and their potential to increase their incomes and improve their livelihoods.”

“We appreciate the collaboration with Daraz to make this program/intervention a success and their dedication to empowering the women of Punjab under the ‘Proudly Pakistani’ umbrella. We witnessed a positive impact of our previous collaboration with Daraz last year and feel such partnerships are crucial for nurturing entrepreneurship, enhancing community well-being, and driving economic progress in the region. We look forward to seeing the continued transformative impact this collaboration will have on our female entrepreneurs and their communities.” stated Mr Iqbal Hussain, Secretary Social Welfare and Bait UL Maal Punjab.

Mr. Mudassir Riaz Malik Ex-DG Social Welfare and Bait UL Maal, Punjab, who initiated this partnership also appreciated the efforts of Daraz for empowering women through their platform. “This is a landmark initiative and will help those women who have skills, intent and products but no access to markets, provide rare opportunity to access markets online in comfortable way. This is a big step towards women empowerment. I hope that its scope of the program will be broadened further in to benefit more deprived women.”

Pakistan (Muhammad Yasir) 

Zindigi continues to redefine financial convenience with its latest Advance Salary+ feature. Through this loan offering Zindigi will offer 3,6,9 & 12-month loans which enhance financing options for salaried individuals at the most competitive rates. Building on its AI-driven technologies, Zindigi now offers a hassle-free solution designed to meet the immediate financial needs without any documentation.

This innovation not only enhances accessibility but also sets a new standard in user-centric financial solutions. Unlike traditional loan offerings, the Advance Salary+ Loan stands out by eliminating the need for documentation, simplifying the borrowing process significantly. Aimed to provide maximum convenience to users, Advance Salary+ offers flexible tenure options up to 12 months, allowing borrowers to tailor their repayment plans according to their financial situation. Loan amounts are personalized and based on multiples of the borrower’s salary, ensuring each applicant receives the appropriate level of support.

“This product marks a significant stride in our mission to democratize financial access,” said Talal Ur Rehman, Head of Digital Lending & Wealth Management at Zindigi. “It’s about making financial support accessible to those who previously faced challenges in securing timely credit. Offered to Zindigi’s enterprise customers, this solution opens door to other enterprises across Pakistan ranging from large to micro sized to add on to this service to their employee offering”

Zindigi is dedicated to maintaining innovation and excellence within the financial landscape, persistently working to improve the financial well-being of its customers. With the highest ticket size nano lending offered to it’s consumers, a one month salary loan, Zindigi is committed to provide impactful financial services tailored to meet the needs of various  segements.

 For more information about Zindigi’s commercial loan offering and other financial solutions, visit Zindigi website or download the Zindigi app today.

Karachi (Muhammad Yasir)

Meezan Bank, Pakistan’s leading Islamic bank, has recently announced that it has entered into a referral arrangement with Haball Pvt Ltd, a premier digital payments platform. Mr. Muhammad Abdullah Ahmed, Group Head – Transaction and International Banking Group at Meezan Bank, and Mr. Omer Bin Ahsan, CEO of Haball (Pvt) Limited, signed the agreement.

Through this referral arrangement, Meezan’s clients can now leverage Haball’s multi-bank cash management services to fully digitize their order management lifecycle. Additionally, with the convenience of receiving dealer collections directly into their Meezan accounts, regardless of the initiating bank, buyers will benefit from seamless and hassle-free funds disbursement. This initiative will not only enhance Meezan Bank’s existing cash management system but also expand the reach of its products, Meezan eBiz+ and Meezan Payroll Partner, to a broader customer base.

Mr. Abdullah Ahmed, while speaking at the occasion said, “We are excited to partner with Haball and believe this partnership will benefit both of our customers. We look forward to working with Haball to help businesses in Pakistan streamline their payments process and improve their cash flow.”

Mr. Omer Bin Ahsan, said, “This collaboration with Meezan is a testament to our commitment to innovation in the digital payments space. We are confident that this partnership will bring immense value to our clients by offering them seamless and efficient financial services.”

This agreement marks a significant step forward in the strategic partnership between Meezan and Haball, aimed at leveraging digital innovation to offer their customers seamless and efficient financial services. The collaboration is expected to drive growth, enhance service delivery, and expand the reach of both organizations in the digital payments landscape.