Category: Business

Pakistan (Muhammad Yasir)

The Bank of Punjab (BOP) held the launch Ceremony of BOP e-Business Qarza for SMEs today at BOP’s Head office, in Lahore. BOP e-Business Qarza is an End to End (E2E) Digital Lending Program for Existing BOP customers. Via this digital product, BOP aims to offer a Revolving Collateral Free credit facility up to Rs. 3,500,000/- to its customers. This program is based on Artificial Intelligence (AI) and decision is made on the basis of a Digital Scorecard. This program is in line with the State Bank of Pakistan’s (SBP) vision to use relevant cash flow estimation techniques and other proxies to assess repayment capacity of SME Borrowers. This unique proposition is an addition to our SME Products Suite, which has not only set new industry standards but is also expected to help our small enterprises to meet their immediate financial needs without any hassle. Mr. Zafar Masud, President & CEO of BOP emphasized that the banking industry should come forward with products focusing on ease of finance for SMEs who usually suffer a lot on this front. He added that such initiatives would help lead towards socio economic uplift of SMEs particularly our small enterprises. He also said that BOP has recently won the PBA’s prestigious award for “The Best Bank for Small and Medium Businesses” which is a result of our bank’s overall SME strategy and effort towards Financial Inclusion by way of efficient utilization of modern day tools. He appreciated the team for their efforts and making BOP a lead bank in offering such Digital Program. He also added that BOP fully committed and shall actively contribute towards achievement of the desired results. Other senior members of management were also present on the occasion and extended their heartiest congratulations to the Team on achieving this important milestone.

Lahore (Nut Desk)

First Company in Pakistan to receive a 4.5 million USD valuation in the Energy sector

Intermarket securities, a leading brokerage firm, confirmed a 4.5 million USD valuation for NetLine, a family-owned business in the energy and power sector. NetLine is known as one of the pioneering businesses in the field of solar and UPS (uninterruptible power supply). NetlLine has demonstrated top-performing capabilities as a turnkey Solution specialist firm serving some of Pakistan’s largest industries and companies since 2002.

Mr. Iqbal Zavary, the founder and chairman of NetLine, commented, ‘’The years 2021 and 2022 were pivotal for our organisation, and we are overjoyed with the outcomes. Our quality, innovation, consistent performance, and dependability demonstrate that our products are technologically sophisticated and exceed industry standards. We are able to stay ahead of the curve thanks to investments in technology and prompt adoption of energy trends. We are honoured to be recognised as one of the leading family-based energy companies. This valuation by Intermarket Securities demonstrates our dedication to providing our clients with trustworthy and reliable products. I am proud of our team that has helped NetLine become one of the leading firms in Pakistan, offering benchmark sustainable energy solutions via world-class innovations and technology.’’

Pakistan’s booming solar industry is also one of the reasons why businesses like NetLine are making such strides and achieving success. Pakistan aims to boost its share of renewable energy to 60% as compared with 4% today. Energy demand is increasing by more than 9% annually in Pakistan – and it is projected that total energy demand will further increase 8-fold by 2030, and 20-fold by 2050 in Pakistan. Renewable energy sources, in particular solar power, present a sustainable solution to the widening energy demand and supply gap.

Mr Wajid Hussain, CEO of Intermarket Securities, said, ‘’ Pakistan has an abundance of solar irradiance and receives sun energy virtually all year. When paired with international investment, this represents a fantastic chance to harvest solar energy from the most irradiated places in the country. The Pakistani solar energy market is expected to be spurred by supporting government policies and initiatives by well-developed businesses like NetLine.’’ 

Karachi (Muhammad Yasir)

Ericsson’s global leadership in climate performance and reporting has been recognized by the independent non-profit CDP (formerly known as the Carbon Disclosure Project) by being named in its annual ‘A List’ – the top ranking possible.

CDP’s annual climate disclosure and scoring process is widely recognized as the gold standard of corporate reporting. Based on data reported through CDP’s 2022 Climate Change questionnaire, Ericsson is one of more than 280 of companies that achieved an ‘A’ out of more than 20,000 companies scored.

“At Ericsson, we take our role in climate action seriously, and you can’t manage what you don’t measure,” Heather Johnson, Head of Sustainability and Corporate Responsibility, Ericsson, says. “That’s why it means so much to colleagues across the company to see our commitment to climate action recognized on the CDP A List this year. This recognition is a testament to our continuous progression toward ambitious and science-based climate targets.”

A detailed and independent methodology is used by CDP to assess companies with scoring based on the comprehensiveness of disclosure, awareness and management of climate risks and opportunities, and demonstration of best practices associated with climate leadership such as setting ambitious and meaningful targets.

Johnson adds: “Today more than ever, companies have a crucial role to play in limiting climate change to 1.5°C. That’s why Ericsson will continue to join forces with our customers, suppliers, and the entire ICT ecosystem to manage our climate impacts and develop sustainable solutions that can help take effective climate action.”

Maxfield Weiss, Executive Director, CDP Europe says: “CDP saw nearly 20,000 companies disclose environmental data this year. The CDP A List companies are showing they are ahead of the game – taking clear action to reduce emissions and to address environmental impacts throughout their value chains. This is the type of environmental transparency and action we need economy-wide to prevent ecological collapse.’’

Lahore (Muhammad Yasir) Globe Residency REIT (GRR) was listed at the Pakistan Stock Exchange today by Arif Habib Dolmen REIT Management Limited at a Gong Ceremony, making it Pakistan’s first listed Developmental Real Estate Investment Trust (REIT). Minister for Finance, Senator Ishaq Dar was the Chief Guest on the occasion. Arif Habib, Chairman, Arif Habib Dolmen REIT Management and Javedan Corporation, presented the welcome address. He said, “The REIT instrument allows investors a fresh avenue of safe investment. This is also accessible to retail investors through listings. He further said “REITs ensure fully documented real estate development activities in a transparent manner. REIT has an escrow account concept voluntarily securing customer advances for development as CDC is the Trustee of the Fund. It not only raises financial resources for development but also creates huge job opportunities through construction. It also contributes taxes to the revenues of the Government. REIT makes conversion of open plots into developed properties adding value in economic activities by over two times of the value of land. Arif Habib Group has so far registered 9 REITs in total with a fund of PKR 110 billion and REITS worth PKR 38 billion will be created in 2023. These together will create construction activity of over PKR 600 billion. We are humbled to have received a positive response to Globe Residency REIT; being the first to list developmental REIT. Senator Ishaq Dar, Federal Finance Minister, the Chief Guest at the ceremony said, “I am happy to note that the REIT structure guarantees full documentation of Real Estate Development, ensuring transparency. PML-N has always been a promoter of the capital market in Pakistan, and we are working towards steering Pakistan out of this challenging phase. The markets will soon see the results of our efforts which we are certain it will reflect too, creating space for new products and sectors. I congratulate Arif Habib Group on being pioneers of REITs and the listing of Globe Residency REIT.” Akif Saeed, Chairman, SECP, said, “Globe Residency REIT, is the first developmental REIT to be listed on the Pakistan Stock Exchange and its listing demonstrates the potential of REITs in Pakistan, the promotion of which we have been working on for the past 15 years is now garnering results.” Dr. Shamshad Akhtar, Chairperson PSX and former governor SBP said on the occasion that she appreciates Arif Habib Group’s efforts to bring new products to the market and play its due role both in the financial and real economic segments. She emphasized the importance of structured and transparent corporate governance framework, which bring efficiencies to the business. She said real estate is a primary industry that can bring vitality to a large segment of economy. She said that in addition to economic aspects, we should also be mindful of the environmental impacts of our practices. She expressed confidence that REITs could not only invigorate the capital markets but can also bring best operational strategies in the real estate development business. Farrukh Khan, MD & CEO PSX while addressing the ceremony said, “I congratulate Mr. Arif Habib, Chairman, Arif Habib Dolmen REIT Management Limited at this landmark event where the first listing of a developmental REIT is taking place on the PSX. My sincerest thanks to the Chief Guest, respected Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar and SECP Chairman, Mr. Akif Saeed, for gracing the occasion. Addressing the Finance Minister, Mr. Khan added, “While it is a proud day for us to list GRR on the Stock Exchange today, I would like to highlight that PSX market cap has fallen from a peak $100 billion in 2017 to under $30 billion today, average daily volumes have shrunk from $200 million to approximately $20 million and despite an excellent start in the last fiscal year when eight new companies were listed, the IPOs have completely stopped. We look forward to working with the MoF and SECP to resolve some of the issues that are impacting the market. PSX will continue to be at the forefront in its efforts to revitalise the capital market facilitate all such projects such as today’s listing of Globe Residency REIT in the future as well.” 14 million units, which make up 10% of the total units of the REIT Scheme were offered by Javedan Corporation Limited to the General Public at a price of PKR 10 per unit. Offer for Sale of the REIT Scheme took place on December 14 and 15 and was oversubscribed by 2.77 times. Total size of the Fund is PKR 2.8 billion and Project Cost is expected to be PKR 20 billion. 

The strategic partnership brings together Visa’s network of networks strategy and Khazana Enterprise’s technological innovation to help empower digitization of services and government-related payment services, including development and implementation of e-government super application for citizens and businesses in Pakistan.

Pakistan (Muhammad Yasir) Visa (NYSE: V), the world’s leader in digital payments, has signed a Memorandum of Understanding (MoU) with Khazana Enterprise, a cloud-native technology provider for Government of Pakistan, in a strategic step towards driving digital transformation across the government sector in support of Pakistan’s cashless future agenda. The MoU included a number of offerings including best practices between Visa and Khazana, which is serving leading government technology provider and various other government organisations for the provision of products and services across government entities, to boost the digitization of government collection and disbursement processes. Paving the way for long-term cooperation, the MoUbrings together Visa’s network of networks strategy and Khazana Enterprise’s technological innovation to help empower government entities, small and medium businesses (SMBs), fuelling economic growth with the power of digital payments. The MoU is set to reinforce the collective objectives of both Visa and Khazana, expanding access to financial tools and knowledge for the advancement of financial inclusion. Leila Serhan, Visa’s Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan said: “At Visa, we support companies that develop solutions to power seamless money movement. We are pleased to partner with Khazana Enterprise to digitize government payments, accelerating the move to digital in line with our commitment to financial empowerment and the Government of Pakistan’s steady progress towards a cashless economy. We are confident that the convergence of Visa’s deep payments expertise with Khazana’s innovative technology will create limitless possibilities for the benefit of consumers and businesses across Pakistan, who are increasingly favouring digital payment options.” Svyatoslav Senyuta, Head of Visa Government Solutions, CEMEA said: “eGovernment platforms are simplifying how citizens and businesses interact with many government departments and ministries. I am super excited that our engagement with Khazana can led us on transformational journey of service delivery to be efficient and convenient public services and their transition to online environment improving citizen experience in Pakistan. Visa will support the Khazana for all the extended support in term of best practices, global case studies and proven architecture for the implementation of enabling digital gov ecosystem so that citizens and businesses pay and get paid with a great user experience. Shafique U Rehman, Director and Chef Revenue Officer said: “Leveraging public-private partnerships to bring government payments into the digital age, Visa and Khazana Enterprise aim to set the stage for electronic disbursements, facilitating making or receiving payments to or from the government. By better integrating services and payments, the companies also seek to enhance the entire journey of applying for benefits, as more government entities in Pakistan adopt an omnichannel approach.” Ahsan Rasheed Khan, Khazana Enterprise’s Chief Commercial Officer said: “We are excited to start this journey with Visa and lay the foundation step in our partnership for automating government-based payments. We are on a mission to democratize payments services & infrastructure for Pakistan’s government sector by providing agile, innovative, and highly secure solutions & services to make this a reality. This partnership will leverage on the vast Visa expertise for providing innovative payment solutions bringing inclusivity across all government related payments for the end consumer”. About Visa Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

TECNO collaborates with Pro Photographer Rankin to demonstrate the camera prowess of the Phantom X2.

Portrait Photographer Rankin created stunning portrait shots with innovative ingenuity through the pioneering camera lens of PHANTOM X2 Pro 5G, the world’s first smartphone to feature a retractable portrait lens comparable to a professional camera.

London, Abuja, Manila, Bogota, Nairobi, New Delhi, Ankara, Riyadh, December 16 10am GST, 2022 –TECNO, an innovative technology brand with operations in over 70 markets globally, has just launched its new flagship– PHANTOM X2 Series at its flagship product launch event in Dubai. PHANTOM X2 Pro 5G features pioneering retractable portrait lens, a groundbreaking imaging innovation to empower users to create studio-quality portraits entirely on the device.In addition to the technology breakthrough, TECNO has announced its partnership with photographer, Rankin, who has created a series of pioneering portraits shots through the lens of PHANTOM X2 5G Pro and masterminded PHANTOM X2 Pro’s ‘Master Filters’ , unveiling the premium offerings brought by the camera lens innovation.

An iconic portrait photographer, Rankin’s rule-breaking attitude and connection with his subjects, either celebrities or “real” people, creates an outstanding sense of individuality and personality in every one of his images. Whether displayed in international exhibitions or gracing the covers of magazines, Rankin’s work is synonymous with fearless creativity and an innovative approach to image-making. His imagination and ambition resonate strongly with TECNO’s brand essence, “Stop At Nothing”, making the portrait photographer the perfect consultant for the phone.

“The tech involved with this phone is extraordinary,” said Rankin, “It’s not just about taking good images quickly anymore, it’s about creating something visually stunning that we can be really creative with. That’s the beauty of how photography is evolving, and that’s what audiences really want. The great thing about the PHANTOM X2 is that it is the ideal portable mobile tool to take beautiful portraits.”

Rankin shot a series of stunning portraits, showcasing his immense talent and the high-quality imaging capabilities of the PHANTOM X2 Pro 5G. The images, all shot with the retractable portrait lens, highlight larger-than-life feature details with a Picasso-esque style, while dramatically-lit shots showcase the phone’s Super Night mode capabilities. The shooting process was also captured in a behind the scene video, with Rankin sharing his unique using experience with the phone. https://www.youtube.com/watch?v=o7h0ODvN6yc&t=5s

As well as producing an amazing campaign creative, the portrait photographer masterminded the PHANTOM X2 Pro 5G’s “Master Filters”, a series of preset photo filters designed specifically to enhance portraits shot with the phone, allowing every user to capture breathtaking images. Of the stunning filters, Rankin provides insights and consultancy during the developments of the ‘Master Filters’, in which two filters particularly stand out to him, one inspired by the old school Hollywood glamour to give the elegant, sophisticated feel to the imagery and the other, he advises users to shoot in simplistic way. With light colored backgrounds, the object will be vividly captured.

PHANTOM X2 Pro 5G is a breakthrough in image-making that lowers the threshold for stunning photography. Inspired by classic camera design, the lens creates a pure bokeh that adds a deeper sense of storytelling to portraits. The collaboration between Rankin and PHANTOM X2 incorporates art, culture and technology to enable every user to become a master of capturing the magic moments in their lives.

Zonergy Participated in 11^th Edition of SOLAR PAKISTAN – The Country’s biggest and only dedicated solar energy Exhibition to Showcase its Smart Energy Solutions.

Karachi (Nut Desk) Zonergy Solar development Pakistan, Pakistan’s Leading Solar solution provider, has participated in 11^th Edition of SOLAR PAKISTAN along with the 4^th edition of ELECTRICITY PAKISTAN – International Electricity Pakistan Exhibition organized by FAKT Exhibitions (Pvt.) Ltd in karachi Expo Center. It is Pakistan’s biggest and only dedicated solar energy exhibition – inaugurated by Chief Guest Mr. M. Kamran Khan Tessori – Governor Sindh in the presence of Mr. Abu Bakar Ahmed – Secretary Energy Government of Sindh, Mr. Saleem Khan Tanoli – CEO of FAKT Exhibitions (Pvt.) Ltd. and other renowned industry names took an active part in this Exhibition. 

The three-day mega exhibition received an overwhelming response, more than 100 companies participated and displayed a wide and exquisite range of technologies and solutions for the renewable energy, storage and power industry. SOLAR PAKISTAN and ELECTRICITY PAKISTAN exhibition will last till 26^th December 2022 and is expected to attract more than 500,000 trade visitors, providing them an ideal opportunity to get acquainted with innovative and state-of-the-art technologies.

On this occasion, Mr. M. Kamran Khan Tessori stated that “FAKT Exhibitions (Pvt.) Ltd. has taken a wonderful initiative by organizing the SOLAR PAKISTAN Exhibition,which will provide an opportunity for the renewable energy industry to showcase their state-of-the-art technology, equipment and services. He further added that exhibitions like SOLAR PAKISTAN have played a pivotal role in strengthening our industries, providing business, and employment opportunities, and uplifting the economy of Pakistan. He concluded by saying that this is the right time for our country to go solar and reduce its reliance on the expensive source of electricity generation”.

General Manager Pakistan Mr. Victor appreciated the E-Commerce for organizing Industry oriented Exhibition he further said “The exhibition played a vital role in bridging the gap between the end user and the industry. It’s a good omen in the looming Import crisis the country is going through and provides an opportunity to give first-hand experience to end product users to experience the products. Zonergy is determined to offer viable solutions to end the Energy crisis in the country and always believes in providing experience-based products to its customers and welcomes client feedback to offer the best competitive solar solutions. We are willing to cooperate with the Government in working towards sustainable energy solutions by building Clean Energy complete ecosystem. We want to help the Pakistan Government in the extension of the Quaid-e-Azam Solar Power plant to its full 900MW capacity to bring down the Cost of Electricity and put an end to the looming energy crisis”.

The exhibition is followed by a high-level conference to highlight the happenings, innovations and potential of the renewable energy industry. The conference had the presence of Mr. Tauseef H. Farooqi – Chairman NEPRA and was attended by both industry experts and academia, serving as a platform to bridge the gap between academia and industry.   

 

Karachi (Muhammad Yasir) The grand launch event of the latest book ‘Gambit on the Devil’s Chessboard’, written by Imran H. Khan was held at a local hotel here in Karachi on Saturday.

The chief guest at the event was Senator Mian Raza Rabbani, Former Chairman, Senate of Pakistan.

Imran H. Khan has always been drawn to the world of storytelling. He is a seasoned professional who has delved into the deep realms of creativity and penned down a riveting fictional novel. His extensive experience establishing his own biotechnology company gave him a unique perspective on the deadly friction between the haves and have nots of the corporate world. This explosive and all too real unfolding scenario of clashing head-on with the powerful and even murderous elite, is the backdrop of his latest novel.

A number of notable personalities attended the event as speakers which included Senator (R) Javed Jabbar, Ameena Saiyid, Muhammad Ali Siddiqi, Professor Huma Baqai and Professor Kaleem Raza Khan.

In his speech, Senator Raza Rabbani highlighted how Pakistan’s most prominent novelists in the past decade have one thing in common, and that is they’re all out of Pakistan. He shed light on how we no longer have the coffee culture that induced and instigated new ideas. “I believe, under the present circumstances, this novel is a breath of fresh air. Imran H. Khan has written an amazingly fast-paced novel. He may have penned a fictional novel, but I would call it fictional reality with the way he has drawn parallels with the real world.”

Imran H. Khan expressed his deep gratitude to the organizers and the participants of the event. He shed light on his journey of writing the novel and said, “The backdrop of the book and the reason why I wrote this novel is to bring to light the drastic imbalance of power and wealth is something we need to be worried about.” He further said, “It has indeed journey of learning to get to this point. I want to thank the organizers, my mentor for helping me in this journey.”

Professor Abid Azhar speaking at the event said, “I have read this book multiple times now. Being closely associated with Imran H. Khan; recognizing his passion and drive, I can see how this book has become a reality. This book is a culmination of his relentless thirst for learning. I congratulate Imran on the successful launch of his amazing book and would encourage all of you to read it.”

Mr. Kaleem Raza Khan, one of the honorable speakers at the event shared his thoughts and commended Imran H. Khan’s style of writing. His excellent use of metaphors transports one into a world on its own; as if you’re watching a movie.

Professor Huma Baqai stated, “Fact is stronger than fiction; and when fiction is written with facts in mind, it creates something like no other. Imran H. Khan’s novel will truly resonate with you as he bases every aspect of his novel with the real world.”

Amongst the speakers was Muhammad Ali Siddiqi, Resident Editor Dawn and a renowned writer. He said, “A successful writer is one who can create an ambiance for the reader. That is exactly what the writer has done.

Amina Saiyid OBE said she started off the book with thoughts that she’d complete it in 10 days. She said she completed it in 3 days straight. “The book is not only fast-paced and action packed, it is so grounded in reality that it resonates with the reader.”

Senator Javed Jabbar in his speech said, “Each speaker has truly done justice to the book. What a pleasure it was to read. One of the reasons why I found it riveting was how it is so fast-paced. Yet it is very clear and precise with the flip of every page. It reminded me of our beloved Pakistan and how we can lack the intellectual freedom and the right environment to have writers like Imran H. Khan come to light.”

Lahore (Muhammad Yasir) Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District (CBD Punjab), has paid a creative tribute to the founder of Pakistan, Quaid E Azam Muhammad Ali Jinnah on his 146th birth anniversary by installing a portrait of Quaid E Azam 50 ft above the ground level. The portrait is installed at the CBD Punjab project site in Lahore. CEO of PCBDDA, Mr. Imran Amin has said that “We are working hard to make Pakistan a welfare and economic state as per Quaid’s vision. This is a small token of homage to the efforts of Quaid E Azam for this nation. We will keep our flag weaving high”. This portrait also reflects the commitment of CBD Punjab to bringing Pakistan to the highest level of development and will make Pakistan a great economic welfare state.

Karachi (Muhammad Yasir)  The State Bank of Pakistan has formally granted approval to pilot launch Pakistan’s first agriculture focused Fintech, Digitt+, its Electronic Money Institution (EMI). Digitt+ is powered by Akhtar Fuiou Technologies (AFT). The purpose of this agri-fintech app is to digitize the agricultural ecosystem, offer financial inclusion to farmers and unbanked people through its technology, partnership, relationship with agri-businesses and FMCGs in Pakistan. Digitt+ has partnered with FuiouPay, a leading international payment solutions provider, to provide market-based alternative to the traditional banking system. FuiouPay offers holistic enabling solutions through their seventy five intellectual property licenses and several patented software. “We look forward to providing financial technology solutions to the farmers of Pakistan who will be able to open bank accounts and gain access to credit and modern digital financial services such as bill payments, e-commerce, investments, and money transfers. The approval from State Bank of Pakistan is an important milestone in that direction. This effort has the potential to solve food security issues, enhance crop yields, and improve human welfare in Pakistan, directly impacting thousands of farmers and merchants”, said Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ while talking about the potential of the venture. Pakistan has been an agriculture powerhouse for decades. Agriculture employs almost half of the country’s workforce and contributes about 25% to GDP. Despite its size and prominence, the sector does not have commensurate access to financial services from the banking system. “we are using technology to develop innovative digital financial products focusing on micro services to build a comprehensive platform that will enable the delivery of these solutions to a wide range of users, not only for the retail Agri market but for the corporate sector as well, through the provision of specialized business tools.” added Ahmed Saleemi, CEO of Digitt+, giving further insight on how the company would unlock the potential of the Agri economy.