Category: Business

 e& and Mastercard partner to drive an ambitious digital future for consumers in 16 markets across the Middle East, Asia and Africa.

 

• Mastercard’s technology solutions and digital payment expertise will help revolutionize payments, loyalty and personalization as e& transforms its consumer offerings.
• e& accelerates ambitions to enhance e& international’s consumers’ digital journey and maintain robust digital leadership by providing innovative financial services.

Dubai  –  UAE (Muhammad Yasir)   e& has announced a strategic partnership with Mastercard that will see consumers and businesses in 16 markets across the Middle East, Asia and Africa benefit from a variety of new technologies and user-friendly experiences powered by Mastercard’s capabilities when using digital financial services provided by e& operating companies.

These experiences include providing consumers with innovative alternatives to how they choose to pay for a variety of lifestyle activities. Consumers will also benefit from exciting, personalized offerings and opportunities to engage with multiple brands.

Mastercard will support e& as it expands its financial services ecosystem across its footprint by integrating digital payment services and tools into people’s day-to-day lives. The collaboration will enhance the consumer user-experience journey and encourage greater agility and flexibility in business operations.

The benefits will impact consumers whether they are making purchases in-store or online. They will also be able to send and receive money internationally between people and businesses through a simple, safe and convenient remittance payment option.

 Mikhail Gerchuk, CEO, e& international, said: “Consumers’ payment behaviors and spending habits have changed dramatically over the last few years, and it is imperative that we stay innovative to create solutions that enhance their digital journey. Our strong presence in 16 countries across the Middle East, Asia and Africa, provides multiple opportunities to scale synergies, explore growth opportunities and identify new possibilities to work in collaboration with strategic partners. Through our partnership with Mastercard, we will ramp up our efforts to bring financial offerings that consumers most need in the digital age.”

 Amnah Ajmal, Executive Vice President, Market Development, EEMEA, at Mastercard, said: “We are delighted to partner with e& during its transformation journey by delivering the technology and expertise that can take consumer engagement to a completely new level. This collaboration further strengthens Mastercard’s position as a trusted partner for ambitious businesses who want to expand customer choice and access.”

 Mastercard’s goal is to bring 1 billion people into the digital economy by 2025, including 50 million micro, small and medium-sized enterprises (MSMEs), with a focus on 25 million women entrepreneurs. Mastercard is creating a future where payments keep pace with the way we live, work and do business, accelerated by the rapid transition to digital solutions and offerings. As more people enter the financial mainstream, money management tools and solutions must be fit for purpose – inclusive for all, digitally driven and built on a foundation of security.

e& launched its new brand identity in February last year. Its strategy aims to accelerate growth through the creation of a resilient business model representing the group’s main business pillars. The telecoms business currently continues to be led by etisalat by e& in e&’s home market and by e& international in its international markets, upholding the group’s rich telecoms heritage, bolstering the strong telecoms network and maximizing value for the group’s various customer segments.

Ramping up the digital services for individual customers to elevate their digital-first lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology. To maximize the digital potential of governments, large-scale enterprises and corporates, e& enterprise focuses on delivering innovative digital vertical value propositions through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects. e& capital allows the group to focus its efforts on driving new investments while maximizing shareholder value and strengthening its global presence.

Pakistan (Muhammad Yasir)

Daraz Group, South Asia’s leading e-commerce platform, released the inaugural report on Daraz Live selling in South Asia. The report indicated that live commerce, a combination of live streaming and sales is one of the fastest-growing platforms for raising awareness for brands and sellers alike. The report looks at Daraz Live’s performance over twelve months across Pakistan, Bangladesh, Sri Lanka and Nepal with over 3000 brands and sellers. Over 2600 consumers were also interviewed across the four markets. The report revealed that Daraz Live selling saw a 900 per cent increase in orders in the last six months of 2022, cementing itself as a strong selling proponent for marketing campaigns. Live selling has worked particularly well for categories where consumers were either able to make quick, low-cost, impulse purchases or situations where consumers want to learn more about certain products before purchasing. In addition, categories like fashion, lifestyle, electronics and fast-moving consumer goods benefit the most from live streaming. 60 per cent of the consumers surveyed stated that they use Daraz Live to learn more about a product and potentially get additional discounts before making a purchase. Besides Daraz Live streaming, Daraz also launched the Daraz influencers model that allows brands to tap into a list of influencers who are trained to live stream professionally in Pakistan, Bangladesh and Sri Lanka. Trained influencers have their own engaged following, which helps brands to increase their reach and visibility. Professional live stream influencers also bring a level of authenticity and credibility to brands that are difficult to achieve through traditional advertising methods. 71 per cent of the orders generated directly from live streams happened during the live stream itself due to the influencer/presenter’s persuasive skills, time-sensitive discounts and deals, as well as real-time two-way interaction. Since the launch of influencers, 45 per cent of the total orders can be attributed to them. “Live commerce at Daraz Pakistan has been a great experience in terms of building engagement across platforms and creating the right kind of conversions by implementing tactics like gamification, product reviews and unboxing. This, powered by commissions, keep the momentum going,” said Zoheb Asif, Daraz Live Pakistan influencer and actor. According to McKinsey , live commerce has evolved rapidly in China, taking less than five years to develop into an innovative sales channel. Following China’s lead, Western brands, retailers and marketplaces are establishing their own live-commerce ventures and events to promote their products, especially in beauty and fashion. Closer to South Asia, according to a report by Boston Consulting Group and TikTok , live commerce or shoppertainment could uncover USD 1 trillion in market value for brands in Asia Pacific by 2025. As the leading e-commerce player in South Asia, Daraz is confident that live selling will scale in the next few years as internet penetration continues to grow in Pakistan, Bangladesh, Sri Lanka and Nepal. In addition, barriers to entry are lower for businesses signing up for Daraz Live since it is a free-for-use solution that increases the visibility of their brand. “Live selling has proven to be a useful, interactive marketing tool that helps buyers to make their purchase decisions more effectively. We are confident that Daraz Live would help brands achieve credibility when our users shop online,” said Edouard Gheerbrant, Chief Business Officer, Daraz Group.

At the Digital Talent Summit co-hosted by Huawei and the Institute for Lifelong Learning Huawei joins UNESCO Global Alliance for Literacy to step up talent cultivation Bahraini student, Husain Basem Hasan from Bahrain Polytechnic, represented talents from the Middle East.

Pakistan (Muhammad Yasir) Huawei announced it has joined the UNESCO Global Alliance for Literacy (GAL) today as part of the company’s lead up to the Mobile World Congress 2023. The announcement was made at a Digital Talent Summit co-hosted by Huawei and the Institute for Lifelong Learning (UIL) which serves as the Secretariat of the GAL. At the Summit, Huawei and the UIL agreed to jointly promote the use of technology to raise literacy. The two parties also signed a cooperation agreement under which Huawei will fund an expansion of the UIL’s current initiatives to enhance educators’ use of technology in developing countries.

Currently, the UIL initiative operates in Bangladesh, Côte d’Ivoire, Egypt, Nigeria, and Pakistan. Huawei is the first private company to become an associate member of the GAL and the company is excited its own goals align with the GAL’s vision of eradicating digital illiteracy in young people.

UIL Director David Atchoarena explained at the event, “Our rapidly changing world calls for concerted efforts and strong partnerships to achieve quality education and lifelong learning for all.” Atchoarena continued, “Huawei’s expertise in the area of innovation in learning will be a great asset to the Global Alliance for Literacy. Collaborative projects such as ours will ensure that no one is left behind on this journey.” Huawei’s own Vice President of Corporate Communications Vicky Zhang also commented, “Getting the right education is often the key to success in life.

As a major player in the technology sector, Huawei feels it has a responsibility to provide technology skills in all parts of the world, trying our best to include as many people as possible.” “We are proud to join forces with UNESCO to better deliver on this responsibility,” Zhang added.

Huawei believes digital talent is a key driver in achieving digital transformation, solid economic growth, and better quality of life. Since 2008, Huawei has offered a wide and expanding range of talent programs. Under its Seeds for the Future umbrella, Huawei provides tens of thousands of people every year with scholarships and digital training courses targeting all age groups. The company also organizes and sponsors tech competitions where students can expand their knowledge, win prizes, and make new friends. Husain Basem Hasan, student at Bahrain Polytechnic, represented talents from the Middle East at the Digital Talent Summit.

As a winner of the latest Huawei Middle East ICT Competition from Bahrain, Hasan expressed his gratitude to Huawei for granting him the opportunity to be part of this unique experience. Dr. Piti Srisangnam, Executive Director of ASEAN Foundation applauded Huawei’s contribution to the local talent community. “The ASEAN Seeds for the Future program that we launched in 2022 together with Huawei has already become a resourceful platform for hundreds of local students in ten ASEAN countries to learn ICT knowledge and have cultural exchanges,” he said. John Omo, Secretary General of African Telecommunication Union (ATU), also emphasized on the necessity of bridging the local talent to the international community. He said “It is critical that youth in Africa have access to global opportunities and can be a part of global conversations.” Sen. Jorge Ramirez Marin, President of the Commission of Science and Technology of Mexico Senate also called for a global synergy. “Digital education should be a factor that brings us closer to equity, instead of aggravating inequality,” he said.

The summit concluded with a profound and interesting panel session on imagining the future of education. The panel discussion was shared by George Gilder, the renowned economist and co-founder of the Discovery Institute, Dr. Ricardo Gil-da-Costa, the CEO and co-founder of Neuroverse, and two Huawei Seeds for the Future alumni. So far, Huawei’s Seeds for the Future program has helped nurture more than 2.2 million digital talents in over 150 countries. The company’s ICT Academy can train about 200,000 students each year.

In 2021, Huawei announced it had already invested US$150 million and planned invest another US$150 million in digital talent development before 2026, which is expected to benefit an additional 3 million people. About the Global Alliance for Literacy Since its launch in 2016, the Global Alliance for Literacy has driven international discourse and guided the agenda for literacy provision globally for those who need it most. The alliance includes 30 countries committed to improving youth and adult literacy. 

Lahore (Muhammad Yasir)

Nestlé Pakistan reported its full year results for 2022, recording an increase of 21.9% in its revenue as compared to the same period last year.

The results were shared at the end of the Company’s Board of Directors’ meeting at its Head Office.

This growth was achieved despite external challenges of high inflation, limited foreign exchange availability to pay for imports and devastating floods. Relentless focus on ensuring product availability, innovation and renovation initiatives, supported by investments behind the brands, helped to offset the headwinds mentioned above.

The operating profit also improved, as a result of sales growth, favorable product mix, pricing management and tighter control on fixed costs.

The Company maintains a cautious outlook for 2023 due to external challenges e.g. restriction on imports, low foreign exchange availability, pressure on the local currency, and an increase in taxes.

 

Pakistan (Muhammad Yasir)

Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif, has launched the BOP Freelancer Segment and Credit Card at a ceremony for cheque distribution among the beneficiaries of the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS). The event was part of on-going ‘Week of Youth’ celebrations. Mr. Zafar Masud (President and CEO – BOP) and other senior officials of BOP were also present at the occasion. The Bank of Punjab (BOP), one of the leading financial institutions of Pakistan, through this proposition, aims to improve financial access of freelancer community by addressing their transactional, lending and payment related needs. Additionally, this initiative will also enhance the country’s potential of attracting foreign exchange. Addressing the ceremony, Mr. Zafar Masud (President and CEO –BOP) said, “There are around 3 million freelancers in Pakistan. Freelancers contributed $400m out of the total information and communication technologies export remittances of $2.616 billion recorded by the country during FY 2022, while their potential is worth billions of dollars. Through our freelancer segment & credit card initiative, we aim to unlock this potential and help the economy. Freelancers and IT professionals can open Freelancer Digital Accounts in both PKR and USD, which can help bring foreign remittances through official channels and can support enhanced credit and debit limits of up to USD 5,000 per month & USD 30,000 per annum. In addition, IT professionals and companies are now allowed to retain 35% of their export proceeds in such special foreign currency accounts, in an aim to bring and retain foreign exchange earnings.” Furthermore, freelancers can get BOP PSEB co-branded Debit & Credit cards. These cards give access to exciting tech-related discounts at our alliance partners and boast features customized for this segment, such as better transaction limits. We’re thankful to our partners MasterCard and Pakistan Software Export Board (PSEB) for their tireless efforts in making this possible.”

Karachi (Muhammad Yasir)

NEPRA senior officials’ team led by Member (Technical), Rafique Ahmad Shaikh visited K-Electric (KE) Head Office to review KE’s performance and status of compliance with NEPRA’s Act, Performance Standards (Distribution) Rules 2005, Distribution Code and other applicable regulations, devised by the regulatory authority. KE CEO, Moonis Alvi, accompanied by senior management apprised NEPRA Authority about the power company’s status of initiatives and proactive measures being taken, pertaining to supply and demand over the summer months especially in the upcoming Holy month of Ramadan. Further to this, KE management also briefed the Authority about the financial and operational challenges being faced and sought NEPRA’s support on such matters. Rafique Ahmad Shaikh emphasized on the continuous need to improve further and cater to the rising power demand. Moreover, he also directed the company officials to continue with its growth trajectory to achieve further efficiency and innovation by integrating clean energy projects in the system.

Photo Caption: NEPRA Delegation led by Rafique Ahmad Shaikh, Member (Technical) Sindh, visited K-Electric to ascertain power supply and demand situation over the summer months in 2023.

Pakistan (Muhammad Yasir)

“In line with the Government’s Digital Pakistan vision and the UN SDGs, Smart Village Pakistan aims to digitally transform remote and rural communities with Internet connectivity and empower local residents with access to a range of digital services to improve their quality of life and well-being. It gives me great pleasure to announce that Pakistan is the first country to establish a Smart Village in the Asia Pacific region.” – Federal Minister for IT & Telecommunication (MoITT), Syed Amin Ul Haque said while addressing as Chief Guest at the Inauguration ceremony of Gokina Smart Village Project in a local hotel on Wednesday.

This pilot project comes under the umbrella of Smart Villages of Pakistan, a nationwide initiative launched by the MoITT in 2021 together with Universal Service Fund (USF), International Telecommunication Union (ITU) and Huawei.

While applauding the efforts of USF, ITU and Huawei, Federal Minister for MoITT, Syed Amin Ul Haque said, “It is anticipated that the pilot projects and the Smart Pakistan Village initiative as a whole will help overcome key challenges that people in rural areas face such as limited access to healthcare, education, financial, and digital services; lack of employment and income-creation opportunities; digital literacy and gender gaps; and a rural-urban divide exacerbated by uneven technology proliferation. The Smart Village Pakistan Projects will be initiated in all provinces very soon.”

Highlighting the Gokina Smart Village Project details IT Minister said that, three priority areas were identified through the needs assessment study in Gokina, a valley settlement located 21 kilometers away from Islamabad.

1. Education– Gokina village has a high school for boys and for girls. However, it was found that there were no science teachers, particularly in girls’ school, which creates hurdles for students in getting benefits both, in terms of learning as well as competing for the future professional opportunities that science subject’s offer at national and international levels. The project has identified an e-education provider (Tele-Taleem) to bridge this gap.

1. Health- There is a medical center in the village with limited to no medical services available. The health worker is responsible to provide very basic health advice and services to the community members. It was also highlighted that the biggest challenge in getting access to health services is time consuming as it involves commuting to Islamabad, no emergency services, no doctors and absence of pharmacy etc. The project has identified an e-health provider (Sehat Kahani) to bridge this gap.

1. Digital Skills & Entrepreneurship– It was found that there is a clear need and demand for digital skills enhancement & entrepreneurship whereby community members can utilize a hybrid model of digital as well as non-digital tools to become entrepreneurs in the identified areas like fashion, stitching, handicrafts and other home businesses for women; modern agricultural skills, chef skills for local youth, marketing of products and access to finance and market for existing and upcoming businessmen in the communities.

Speaking on the occasion, Chairman NADRA, Tariq Malik said, “After the success of Mobile NADRA vehicle, we are excited to launch the NADRA Motorcycle Services – starting from Gokina Smart Village and shall soon be initiated all over Pakistan – where people will be able to avail all NADRA facilities close to their homes, such as family registration certificate, child registration certificate, etc.,”.

Earlier in his opening remarks, Haaris Mahmood Chaudhary, Chief Executive Officer (CEO) of USF said; “Gokina Smart Village project is an exemplary model of how we envision the future of digital inclusivity in Pakistan. Sustainable digital growth is key to accelerating rural development and supporting the socio-economic stability of individuals. The agenda of the USF has been to empower unserved and underserved communities. We look forward to transformative collaborations with our esteemed partners ITU, Huawei, NADRA, and Jazz, as well as service providers TeleTaleem and Sehat Kahani, to have a significant impact on the lives of the peoples.”

Addressing the occasion, Atsuko Okuda, Reginal Director of ITU said, “The Smart Village Pakistan initiative promotes a whole-of-government approach to bring the benefits of digital transformation in sectors such as health, education and agriculture to the rural and remote communities, leaving no one behind and offline”.

While also addressing the occasion, Ahmed Bilal Masud, Deputy CEO of Huawei Technologies Pakistan said, “Huawei continues to progress in Pakistan as a market leader with USF projects in the rural areas through our operators.  The challenges that come with digitalization are large, but the opportunity is even larger in Pakistan. Digitalization is essential for competitiveness, representing an incentive to increase the ability to play a more significant role in the international community.”

Pakistan (Muhammad Yasir)

UBL delivered yet another solid performance generating a Profit Before Tax (PBT) of Rs. 68.3 billion for the year ended December 31, 2022, with a year on year growth of 31%. Profit after tax (PAT) was reported at Rs. 32.1 billion with Earnings per Share (EPS) at Rs. 26.19 (2021: Rs. 25.23). The Bank declared dividends of Rs. 9.0 per share for the fourth quarter of 2022, taking the overall dividend distribution to Rs. 22.0 per share for the full year which is significantly higher than the Rs. 18.0 per share declared in 2021. Despite economic challenges this year, UBL remained resilient in sustaining its leading position in the Pakistan banking industry.

UBL remains one of the largest financial institutions of Pakistan with a footprint of 1,335 branches in Pakistan and an asset base of over Rs. 2.8 trillion. Serving 11 million customers, with deposits of over Rs. 1.84 trillion and gross advances of Rs. 1.01 trillion as at December 31, 2022, UBL is at the forefront of banking and financial services in Pakistan.

We are proud of our highly dedicated and professional team of around 13,500 staff members and remain steadfast in our commitment of reaching remote areas of the country and providing access to banking facilities, thus serving the goal of financial inclusion for every citizen of Pakistan.

The Bank continues to build on its award-winning digital banking infrastructure which has repeatedly been recognized as one of the best in Pakistan in providing the most innovative banking solutions.

Substantial revenue growth across both funded and fee based segments

The Bank earned net markup income of Rs. 103.2 billion in 2022, with a strong build up in the revenue base which is up 44% year on year. With consistent build up in the balance sheet during the year, markup earning assets averaged Rs. 2.2 trillion in 2022, growing by 13%. A timely repositioning within the asset book strengthened interest earnings driven by a well-diversified portfolio of fixed and floating rate investments. This resulted in a sharp increase in net interest margins (NIMs) from 3.8% in 2021 to 4.9% in 2022.

Non-Fund Income (NFI) recorded significant growth of 47% over last year, reported at Rs. 34.4 billion, and contributed 25% of the overall gross revenues of the Bank. The year witnessed an increase in Fee and Commission Income by 21%. Customer fees from branch banking operations stood at Rs. 2.3 billion, with an increase of 33%, driven mainly by business acquisitions across the retail network.

Income from cards of Rs. 3.1 billion was earned in 2022, up 21% on the back of the portfolio of active debit card customers growing to over 2.5 million, with 930,000 new acquisitions during the year. Home remittance commissions were a strong contributor with Rs. 2.0 billion earned during the year as UBL maintained its leadership as the preferred partner to the overseas Pakistani diaspora.

Given our strategic partnership with leading insurance companies, banc assurance remained one of the leaders with a 25% market share in the industry, generating fee income of Rs. 1.6 billion in 2022.

Branch Banking builds earnings base across the Bank 

In 2022, the bank focused on building on its low-cost deposit base and on boarded 613,000 new current account relationships, leading to a robust growth of 13% in average current deposits, with volumes reaching Rs. 715 billion. The average current to total deposits ratio improved to 43.6% in 2022 from 42.1% in 2021, while savings accounts averaged Rs. 674 billion in 2022 (2021: Rs. 661 billion). The domestic cost of deposits came in at 6.4% as against 3.6% in the corresponding period of last year and remained well contained despite the sharp increase in interest rates during the year. In the Home Remittances space, UBL continues to be in the forefront with transactions growing by 20%, thus increasing the Bank’s market share to 21.6%.

As part of the Bank’s Diversity and Inclusion agenda, UBL further enriched its exclusive product for women, “UBL Urooj” with a dedicated debit card as well as targeted alliances to meet the specific needs of women. Since its launch, the portfolio has built up to over 21,000 account holders with Rs. 4.0 billion in deposits and winning a ‘Dragons of Asia’ Award in 2022.

UBL Ameen remains a core focus with strong growth

Islamic banking continues as one of the key strategic segments of the Bank expanding its footprint across the country. The Islamic network stands at 150 branches (2021: 145 branches), along with 219 Islamic Banking Windows (IBWs) within conventional branches (2021: 197 IBWs).

UBL strengthened its Islamic business with a strong performance of 87% growth in the Islamic loan book, which averaged Rs. 69 billion in 2022. UBL Ameen’s deposits averaged Rs. 178 billion in 2022, demonstrating strong average growth of 21% over last year.

The Bank views the Islamic segment as a key growth opportunity and will continue to aggressively expand UBL Ameen’s presence in this vitally important sector.

Significant growth in loan book while improving credit quality

Bank level gross advances closed at Rs. 1.01 trillion at Dec’22, with a strong growth of 39% led by the Corporate Banking Group. Commission income from cash management was recorded at Rs. 1.1 billion in 2022, growing by 14% year on year with higher throughput volumes across Corporate and SME customers. Income from trade and guarantee business was recorded at Rs. 2.0 billion, registering a strong growth of 58% with steady volumes across long standing customer relationships.

The Bank continues to expand within the mid-market segment as the average portfolio of SME and Agri loans recorded a 23% growth over last year with the aim of creating differentiation through customized financial solutions, digitization and a more partner driven approach.

Digital Banking – Paving the way with growing penetration

UBL continues to be recognized as the industry leader in Digital Banking. For the third consecutive year, Asia money lauded UBL’s digital excellence by declaring it the ‘Best Bank for Digital Solutions’ in Pakistan for 2022. Alongside, Euro money declared UBL as the ‘Market Leader of Digital Banking’ in Pakistan, especially based on its track record as the best in digital. In the year 2022, digital transactions have increased by 48% to 55 million with almost Rs. 2.6 trillion in payments throughput which is up 53% year on year. In addition, the Bank continued to increase its digital penetration with 49% of active bank customers registered on the digital app.

Keeping in line with our key strategy pillars, UBL aims to provide a seamless customer experience across all touchpoints and technology platform-based solutions. UBL continues to strive to create a more holistic payments ecosystem which will clearly transform the payments landscape in Pakistan. In 2022, we introduced distinctive features on the digital side to facilitate the users to execute all financial and non-financial transactions effectively and efficiently without visiting the branch. Digital Account Opening, Digital Cheque Deposit and the Urdu mobile app were some of the noteworthy breakthroughs in 2022.

Commitment to Technology and our Data Strategy – setting us apart

UBL continued its focus on technology, data and digitalization in 2022 which was responsible for our excellent uptimes and service levels across all of technology infrastructure and customer channels.  We have embarked on a well-architected multiyear execution plan to embed technology and data DNA in the core of the organization. At the heart of this program is the implementation of our “Digital Banking Platform” which knits the customer onboarding and internet / mobile experiences across all customer channels. The platform is designed with a view to meeting the future needs of a tech-savvy and well-informed young population and is planned to be rolled out in the future.

In line with our strategy of being a data driven organization, UBL contributed towards developing a data community, by organizing the first of its kind “Datathon” which was well acknowledged on both local and international forums in the form of awards and media representations.

Leading by example – Stepping up our social responsibility in times of need

UBL is fully committed to setting benchmarks for the Environment, Social and Governance (ESG) standards in Pakistan though stronger compliance and control standards in line with international best practices. The Bank has focused on investing in green energy solutions and reforming its energy needs through solar energy which will ultimately reduce carbon emissions thus reducing adverse climatic effects and safeguarding natural resources. Through our focus on the United Nations mandated Sustainable Development Goals, the Bank has positively impacted millions of lives in the communities it serves. Post the aftermath of the recent catastrophic floods, UBL has been actively working to provide assistance to thousands of families displaced and affected by the floods under the Bank’s overall ESG agenda. Best way Foundation, the charitable foundation operated by the Bank’s principal sponsors, raised over USD 2 million for flood relief which were used to provide sustainable relief to the scores of people tragically affected by the floods.

Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said:

“We are proud of our solid performance across all core segments and the resilience of our people and network in these challenging times. Our results reflect our focus on deepening and building customer relationships which reaped dividends with robust growth in fee income and a strong growth in deposits. Despite a high inflationary environment, we have worked diligently to contain costs which is evident from our low cost to income ratio. Our focus remains on investing in our branch network and our staff who are our two biggest assets, and with whom we serve our 11 million customers. As one of the systemically important financial institutions, we remain committed to fulfilling our responsibilities towards our customers, people and our shareholders. We are confident that with our honesty of purpose, commitment to excellence and the dedication of our staff, we will achieve even greater heights in 2023.”

Pakistan (Muhammad Yasir)

English Biscuit Manufacturers (EBM) participated in the Gulfood Exhibition 2023, with an impressive pavilion that caught the eye of foreign visitors and buyers alike, leaving them with the desire to learn more about the company’s brands and their plans to expand into international markets. This year, EBM launched its creams portfolio in the Middle East, comprising of its two top brands RIO and Sandwich, which were a roaring success.

EBM’s dedication to keep investing in R&D to introduce innovative products to the liking of its consumers is in line with the company’s mission to nourish lives.

Exhibitions like Gulfood are held in high regard by EBM as such platforms help the company grow manifold in the international market. Speaking on the occasion, the Managing Director and CEO of EBM, Dr. Zeelaf Munir, said: “We are thrilled to be here once again and are grateful for the opportunity provided to us by Gulfood to showcase Pakistan’s capability when it comes to producing baked goods.

Despite the economic challenges faced during these tough times, we have been able to strengthen our position as a market leader. We remain fully committed to providing healthy and nutritious baked delights to our consumers in Pakistan and beyond.” Executive Director at EBM, Shahzain Munir said: “The feedback from the international community has been very encouraging. We are very pleased with how they displayed a willingness to learn more about our brands and our future plans.

The reason behind EBM’s expanded footprint is the result of the immense hard work of over five years. The exploration of opportunities to expand our international business remains one of our key priorities, as we will be able to contribute towards the growth of Pakistan’s exports as a company, which is the need of the hour in the current times.” With a strong foothold in over 30 countries, EBM takes great pride in exporting its products to the United States, the United Kingdom, Canada, Europe, the Middle East, and Africa. It continues to remain a market leader and at the forefront of the continuous evolution in the FMCG industry.

EBM envisions continuing to provide products that are rich in quality and nutrition, thus making an impact through its purpose of nourishing lives, hearts, and communities.

Economy

• Visa hosted event with start-up founders from across Pakistan to discuss and explore fintech and start-up landscape.
• Visa to introduce flagship She’s Next Program for the first time in Pakistan focused on unlocking the potential of women entrepreneurs.

Pakistan (Muhammad Yasir) Visa (NYSE: V), the world’s leader in digital payments, hosted a gathering to welcome a select group of influential start-up founders in Pakistan, providing a platform to discuss and explore prominent prospects within the country’s fintech and start-up landscape. The gathering was hosted by Visa’s Regional President for Central and Eastern Europe, Middle East, and Africa (CEMEA), Andrew Torre, Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan (NALP), Leila Serhan, and Country Manager for Pakistan Umar S Khan, reaffirming Visa’s commitment to Pakistan’s fintech and startup sector.

The event’s success was marked by the visionary founders showcasing innovative approaches to tackling commercial and customer-centric challenges. Start-ups in attendance included Chikoo, CreditBook, Dastgyr, Digikhata, Haball, Jazari, Kuickpay, MedzNMore, PostEx and Polly & Other Stories.

At the event, Andrew Torre also shared plans to bring Visa’s She’s Next program for the first time to Pakistan this year. She’s Next is focused on unlocking the potential of women entrepreneurs and small business owners through grants, mentoring and networking opportunities. Since 2020, Visa has invested more than $2.2 million in over 200 grants and coaching for women SMB owners through the grant program globally, including in the US, Canada, India, the Middle East, and Ireland.

Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, commented, “The dynamic nature of the Pakistan market is fueled by emerging fintech and startups who are revolutionizing the way consumers and businesses can access commerce. I was energized by my interactions with this inspiring community and our conversations on how Visa can work with them to enable convenient and accessible financial services for their customers. Visa is proud to be leading the conversation on how the startup and fintech community can help shape the future of money movement to expand access to underserved markets and regions and we remain committed to supporting and collaborating with Pakistani innovators to transform payments for individuals and businesses alike.”

The event built on Visa’s multi-year commitment to digitally-enable 50 million small and micro businesses (SMBs) worldwide by the end of 2023, to support recovery from the pandemic. Thus far, Visa has enabled 41 million small and micro businesses worldwide.

Visa has historically worked closely with fintechs to touch just about every part of the payment’s ecosystem. Visa’s flagship initiatives such as the Fintech Fast Track Program and the Visa Everywhere Initiative, designed to pave the way for fintechs and start-ups to scale and unlock new opportunities have also achieved much success in Pakistan.