Category: Business

Pakistan (Muhammad Yasir)

Bazaar, Pakistan’s leading B2B e-commerce platform for 5M+ businesses, launches Bazaar Prime – its exclusive market distribution arm for retail suppliers and manufacturers. 

Bazaar’s B2B platform provides procurement, fulfilment, digital lending, and supply chain products to retailers and manufacturers in Pakistan. Since its inception two years ago, Bazaar has raised over $100m in venture financing and has scaled to become the leading tech enabled distributor in the country with the widest footprint across 50 cities and towns. With its deep technology stack, Bazaar provides hundreds of suppliers direct access to underserved merchants across several categories.

On top of its existing marketplace network, infrastructure and technology stack, Bazaar Prime offers exclusive distribution to brands in designated markets. This provides brands a 24/7 ordering capability instead of booking by agents during work hours, greater coverage in their active cities, access to new markets, real-time data insights, increased cost-efficiency and dedicated resources and operational setup. 

Hamza Jawaid, the co-founder of Bazaar, mentions, “Bazaar Prime is a game-changer for brands seeking to improve their coverage and distribution in the market. By leveraging this partnership, brands can tap into a wealth of resources and tools that enable them to optimise their operations, enhance their customer reach, and ultimately drive business growth.”

Bazaar Prime has already launched strategic partnerships with category leading brands such as Reckitt, Philip Morris, PepsiCo bottlers, Mughal Rice, Tapal, Milkfields, Ana Batla and RealMe.

“Effective communication and improved customer relations are crucial for any business to thrive. By digitising the user experience, Bazaar has increased customer satisfaction and loyalty. Bazaar Prime has been able to improve our coverage in white spaces through increased efficiency, cost saving, improved accuracy and better customer service. As a result, our business has grown by 20% month on month in the 12 months” said Abbas Hussain, Head of E-commerce at Reckitt.

Bazaar is further expanding its network to over 100 cities and towns in Pakistan, allowing cost efficient access to underserved and remote towns. This enables retail brands to strengthen their presence and cater to untapped markets, solving for demand supply inefficiencies. Given how the current distribution landscape has been dominated by legacy distributors, Bazaar’s entry into the space will help brands accelerate their reach across Pakistan, while enabling the company to cement its space in the massive B2B retail economy of the country.

Ahmed Siyadat, Managing Director for Bazaar Retail says “Our speed and agility in setting up a tech enabled exclusive distribution is unmatched. From Mardan to Khairpur, we are present across all of Pakistan and with Bazaar Prime, our partners are able to leverage our expertise to really scale their businesses”.

Mastercard reimagines bespoke travel experiences through strategic partnership with Illusions Online.

Mastercard and Illusions Online are launching a joint travel platform featuring unique hotel offers and value-added perks for consumers across Africa and Middle East.

Pakistan (Muhammad Yasir) Mastercard and Illusions Online, a global leader in enterprise solutions for hospitality industry, have partnered to launch a unique online platform to bring tailored travel offers to Mastercard cardholders.

The new offering from Mastercard and Illusions Online will feature curated and exclusive offers from the best hotel chains around the world with discounts of up to 30%. The offer will also include bespoke travel experiences, such as early check-in, late checkout, room and status upgrades, and F&B credits. Bookings are made seamlessly via the platform, which is due to be launched in the coming months and accessible via priceless.com.

According to recent travel research¹⁾, consumer travel has already surpassed 2019 levels during the same period. Consumer travel has, however, changed post-pandemic with consumers taking shorter trips more frequently which is benefiting domestic and regional travel; consumers choosing kids friendly destinations as a means to reconnect with family and relatives; and remote working policies allowing for blended leisure and business travel or “bleisure travel”.   

“Our partnership with Illusions Online will provide our cardholders with personalized and unique Priceless experiences that will elevate travel experiences to new levels. After two years of suppressed travel, people are eager to explore new horizons with their loved ones, from planned family trips to spontaneous minibreaks. At Mastercard, we are committed to support the continued recovery of the travel sector through technology-led innovative solutions,” said Gaurang Shah, Executive Vice President, Products and Engineering, EEMEA, Mastercard.

Recent surveys show that consumers would rather spend on experiences as opposed to purchasing physical goods. 74% of UAE affluent travelers² want to come back from holiday having learnt something new.   The Mastercard travel platform powered by Illusions Online will become the go-to place for people’s next travel adventure with attractive hotel offers and value-added services.

 “Illusions’ suite of solutions simplistically adapts and responds effectively to the ever-changing market requirements and conditions of the travel industry. Our collaboration with Mastercard will allow its select card holders to get access to the best hotel offers and experience a level of service that will be extremely unique in its offerings. In return, our global hotel partners will get access to a lucrative customer base, as an extension of their direct marketing strategy – all connected and seamlessly booked via Illusions booking engines, iWTX marketplace platform and payments powered by iOL Pay,” said Faisal Memon, Founder & CEO, Illusions Online.

 The new travel platform will enable Mastercard Titanium, Platinum, World, and World Elite cardholders to experience the benefits of the Illusions partnership that will provide them with value-added services and offers gained through its network of the biggest hotel chains worldwide.

 

Pakistan (Muhammad Yasir)

With the story out that some officials had accessed the National Data Base Registration Authority’s database to seek personal information of the family of the Chief of Army Staff General Asim Munir Shah, questions are being raised about other institutions that have access to the same data, and what have they done to flush out elements that were involved in data breach in these organizations. Further investigation into this matter revealed that NADRA provides identity verification services to multiple financial institutions, the Telecommunication industry, Government institutions and Law Enforcement Agencies for their legitimate usage under legally signed contracts. The investigation points out that multiple users of different organizations had accessed the data of Chief of Army Staff General Asim Munir before his appointment as Chief of Army Staff, which seemingly was done with illegitimate motives. Other than NADRA, nine institutions including law enforcement agencies (including some intelligence agencies), Banks and a Housing Authority accessed COAS’s family data during the period in question. When approached, sources in NADRA said that a thorough internal inquiry was initiated when NADRA’s indigenous data analytics system had raised alarm when the data of some prominent public figures was accessed a few months back. This led to a startling revelation that various institutions including law enforcement agencies, Banks and Housing Authority accessed unauthorizedly the personal data of leading politicians and government functionaries. Chairman NADRA Tariq Malik immediately instituted an inquiry to ascertain the facts and find the responsible for the data breaches within NADRA, and as soon as the responsible people were identified they were asked to leave. It is Interesting however that no other organization has come up with an inquiry so far and no responsible individuals have been identified. Meanwhile inside NADRA after these revelations, on an urgent basis a zero-tolerance policy protocol was implemented and further tightening of access to personal data was introduced. Chairman NADRA had forewarned all the employees of the authority with respect to the data protection regime through official communication respectively on 18th November 2022, 19th December 2022 and 3rd February 2023. The employees were duly informed that an Artificial Intelligence-based system had been implemented to protect citizens’ data by monitoring the behavior and working of all employees at workplace. Unauthorized access to citizens’ data is a non-bailable offense under Section 28 of NADRA Ordinance 2000 punishable with imprisonment of 5 years, a fine of 1 million, or both. The auditing software resultantly held to identify more than three thousand employees’ user access which had been reviewed and withdrawn. This helped to initiate inquiries against 377 employees terminating 131 employees who unauthorizedly accessed the citizens’ data. Stern action as per Government Servants (Efficiency & Discipline) Rules 1973 will also be taken against all in this regard. In another significant development to protect the privacy of citizens’ data in the wake of March 2023, NADRA launched the ‘Ijazat Aap ki’ service, an initiative that puts citizens in charge of their own personal data. The cutting-edge service empowered citizens to give their consent before verification of the CNIC, ensuring that their sensitive data is always protected and secure.

Karachi (Muhammad Yasir)

Continuing its annual tradition, Daraz, Pakistan’s leading online marketplace, has partnered with several non-profit organizations to give its users the option to support causes closest to their hearts during Ramadan. The platform aims to make the process of giving back more accessible and convenient for users, providing a seamless digital experience.

Through Daraz Donates, users can easily browse various non-profits and causes, learn more about their work, and donate directly through the Daraz app or website. The non-profits and causes available on the platform include Edhi Foundation, Kidney Center, JDC, Saylani Welfare Trust, Shaukat Khanum Memorial Trust, The Indus Hospital, Pink Ribbon, Pakistan Sweet Home, Dawat-e-Islami, Alkhidmat Foundation, Bint-e-Fatima Foundation, and cover a range of social issues, from education and healthcare to poverty. The platform features multiple payment options, including credit and debit cards, mobile wallets, and bank transfers, making it easy for users to donate from anywhere in the country. The Daraz digital donation platform is now live on the Daraz app and website, and will be available throughout Ramadan.

On April 02, Daraz will also be hosting the first of its kind charity telethon of Pakistan in collaboration with HUM News, which will be bringing together multiple non-profit organizations on one platform including The Citizens Foundation, JDC, Saylani Welfare Trust, Pink Ribbon, and Indus Hospital.

Furthermore, Daraz will also be donating a chunk of its cross-border inventory from its warehouse to charities on a weekly basis.

For non-profits, it is often challenging to reach a wide audience and raise funds, but the Daraz platform provides them with an opportunity to connect with new supporters and make a meaningful impact with their work.

 

Pakistan (Muhammad Yasir)

Huawei released its 2022 Annual Report today. The company reports steady operations throughout 2022, having generated USD92.37 billion in revenue and USD5.12 billion in net profits. Huawei continues to strengthen investment in R&D, with an annual expenditure of USD23.22 billion in 2022, representing 25.1% of the company’s annual revenue and bringing its total R&D expenditure over the past 10 years to more than USD 140.55 billion. “In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei’s operations”, said Eric Xu, Huawei’s Rotating Chairman, at the company’s annual report press conference. “In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers. We also went to great lengths to grow the harvest – generating a steady stream of revenue to sustain our survival and lay the groundwork for future development.” Also present at the event was Sabrina Meng, Huawei’s CFO. She noted, “Despite substantial pressure in 2022, our overall business results were in line with forecast. At the end of 2022, our liability ratio was 58.9% and our net cash balance was USD25.35 billion. In addition, our balance of total assets reached 0.14 trillion USD, largely composed of current assets such as cash, short-term investments, and operating assets. Our financial position remains solid, with strong resilience and flexibility. In 2022, our total R&D spend was USD23.22 billion, representing 25.1% of our total revenue – among the highest in Huawei’s history. In times of pressure, we press on – with confidence.” In 2022, revenue from Huawei’s carrier, enterprise, and consumer businesses was USD40.84 billion, USD19.15 billion, and USD30.84 billion, respectively. Huawei is a strong proponent of growing together with its ecosystem partners, and believes that openness and collaboration lead to shared success. The company has continued to open up its platform capabilities across its HarmonyOS, Kunpeng, Ascend, and cloud portfolio, focusing on improving developer experience as well as enabling and supporting its ecosystem partners on all fronts. Huawei currently works with more than nine million developers and over 40,000 ecosystem partners to fuel ecosystem-based innovation and create greater value for its customers. “2023 will be crucial to Huawei’s sustainable survival and development,” Xu noted. “Plum blossoms tend to grow sweeter from a harsh winter’s freeze. Today, Huawei is like a plum blossom. While it’s true that we have considerable pressure ahead of us, we have what it takes to come out the other end – with opportunities to grow, a resilient business portfolio, a unique competitive edge, the enduring trust of our customers and partners, and the courage to invest heavily in R&D. We are confident in our ability to rise above any challenge that comes our way, laying a solid foundation for sustainable survival and development.” All financial statements in the 2022 Annual Report were independently audited by KPMG, an international Big Four accounting firm.

To download the 2022 Annual Report, please visit https://www.huawei.com/en/annual-report/2022

Note: The 2022 closing exchange rate is US$1.00 = CNY6.9533

Meezan Bank surpasses USD 1.5 billion deposit inflows under Roshan Digital Account, retains industry leadership.

Karachi (Muhammad Yasir) Meezan Bank, Pakistan’s leading Islamic bank has surpassed USD 1.5 billion in deposit inflows under Roshan Digital Account (RDA). RDA was launched by the State Bank of Pakistan in collaboration with various banks across Pakistan with an aim to offer innovative banking solutions to Non-Resident Pakistanis who are interested in accessing banking and investment services in Pakistan.

Since the inception of RDA in September 2020, Meezan Bank has been playing an active role in supporting the initiative, with the ultimate aim of promoting financial inclusion and propelling the country’s overall economic development. With over 88,000 accounts from 144 countries, the Bank’s record deposit inflows reaffirm its position as the top performer in RDA in the industry, sustaining a market share of around twenty-five percent.

Mr. Ijaz Farooq – Group Head Retail Banking, Commercial, SME & Agri Finance, Meezan Bank while commenting on this achievement, said: “As the largest Islamic bank meeting the Shariah-compliant banking needs of Pakistanis residing abroad, Meezan Bank has been steadfast in its support for the RDA initiative and in attracting foreign currency inflows to the country. Today, as we cross the USD 1.5 billion deposit inflows, we express our gratitude to our overseas customers for their continuous patronage and trust in our services.”

Pakistan (Muhammad Yasir)

NEPRA concluded its public hearing on Thursday on KE’s request for an increase of PKR 1.662 per unit on account of Fuel Charges Adjustments (FCA) for February 2023. A similar hearing was also conducted on the request made by Government Distribution Companies (XWDISCOs) for customers in their territories. Following the regulator’s approval, these charges will apply to customer bills for only one month.

FCAs are linked with changes in global fuel prices used for energy generation and passed onto customer bills under the prescribed rules and regulations. February’s FCA request was higher primarily due to an increase in RLNG cost by SSGC and PLL by 12% and 18% respectively as compared to that of December 2022. Similarly, the cost of power purchased from CPPA-G has also increased by 15%, while furnace oil prices decreased by 10%. NEPRA scrutinized KE’s request and will issue a final decision on the amount to be passed on to customers as per its protocol.

NEPRA and the Government of Pakistan have developed the governing policies and regulations which determine the costs recovered from customers in their monthly bills. Individual Distribution Companies cannot influence the process or make unilateral changes.

Federal Government’s Quarterly Adjustment Requests for KE customers to be heard on 3rd April:

NEPRA will also conduct a separate hearing on April 3rd on the Federal Government’s requests to apply Quarterly Adjustments on KE customers. These pertain to the 2nd quarter of FY22 and the first quarter of FY23. Application of these adjustments on KE consumers along with their period of recoverability will be determined by NEPRA followed by a notification from the Government.

In the first request, the Federal Government is seeking NEPRA’s approval to apply PKR 1.55 rupees per unit on all customer categories for units consumed in July, August, and September 2022. The amounts will be recovered in bills for the months of April, May, and June 2023 respectively. In the second request, the Government is seeking approval to apply charges on units consumed in February and March 2023 to be recovered in April and May 2023 in the following manner: PKR 1.48 per unit for residential customers using up to 300 units except lifeline consumers; PKR 3.21 per unit for residential customers using more than 300 units, and PKR 4.45 per unit for all other categories. This is a continuation of the quarterly adjustment ranging from PKR 1.48 to PKR 4.45 per unit currently applicable for another two months.  

foodpanda partners with The Citizens Foundation (TCF) to promote education in Pakistan.

Pakistan (Muhammad Yasir) Pakistan’s leading food and grocery delivery platform, foodpanda, is proud to announce its partnership with The Citizens Foundation (TCF), a non-profit organisation dedicated to promoting education for less privileged children in the country. Through this partnership foodpanda aims to support TCF’s numerous initiatives by raising awareness about their cause and encouraging donations from foodpanda’s customers.

As part of this collaboration, foodpanda will distribute flyers through pandamart containing information as to how donations can be made to TCF. In addition to this, customers will also be able to make direct donations to TCF via the foodpanda app. These initiatives, in addition to creating awareness about TCF’s programs, also  provides customers with an easy and convenient way to support TCF’s mission of providing quality education to the less-privileged children in Pakistan.

“We believe that every child in Pakistan deserves access to quality education, and our partnership with The Citizens Foundation is a testament to our commitment towards this cause,” said Muntaqa Peracha, CEO of foodpanda Pakistan. “We are excited to leverage our technology and reach to create a positive impact in the education sector in Pakistan, and we look forward to working closely with TCF to achieve our common goal.”

Speaking on the partnership, Syed Asaad Ayub Ahmad, President and CEO of The Citizens Foundation said, “We are grateful to have foodpanda’s support in promoting education in Pakistan, and we believe that together, we can make a meaningful difference in the lives of thousands of children. The partnership with foodpanda will help us expand our reach and enable us to provide more children with the opportunity to receive quality education. We thank foodpanda for their generosity and support.”

With this partnership, foodpanda and TCF aim to make a sustained contribution to Pakistan’s education sector by equipping children from under-represented communities with the invaluable gift of a quality education.

The Citizens Foundation (TCF) is a non-profit organisation that has been working towards providing quality education to less privileged children in Pakistan for over 28 years. With more than 1,833 purpose-built schools and an enrolment of 280,000 children nationwide, TCF is one of the largest non-profit organizations in the country.

 

 

 

 

Lahore (Muhammad Yasir) Bank Alfalah, a leading commercial Bank in Pakistan and SAWiE, a digital platform offering smart farm advisory services to smallholder farmers, signed an MoU to promote climate-smart agriculture practices within Pakistan. Under this MoU, SAWiE will leverage its systems to combine geospatial data with machine learning and AI applications to provide sustainable solutions to farmers.

According to the MoU, the two organisations will offer climate farm advisory services for farmers, linking them with external markets and supporting green banking to achieve net zero and access to finance.

This initiative aims to empower farmers by increasing their capacity and competitiveness through various activities, including developing a concept of climate-smart villages, promoting climate-smart agriculture technologies, and developing innovative approaches to serving farmers through regular advisory services and training.

Moreover, Bank Alfalah and SAWiE will encourage soil testing of the bank’s existing and new farmers to develop soil health solutions, which will help save water, improve plant health, and protect the natural environment. By promoting ESG principles, the initiative will also support sustainable agriculture practices, which can help ensure the long-term viability of the sector.

This is a crucial step towards supporting sustainable agriculture practices in Pakistan. By offering climate farm advisory services, linking farmers with external markets, and promoting green banking, this initiative aims to empower farmers and increase their capacity and competitiveness while promoting ESG principles and climate-smart agriculture practices.

According to the Pakistan Economic Survey, agriculture contributes 22.7% to the GDP and employs around 37.4 percent of the labour force. However, the agricultural sector in Pakistan is facing several challenges, including climate change, which adversely affects the country’s farming, Agri-food systems, and supply chains.

According to a report by the United Nations Development Programme (UNDP), Pakistan is one country that is most vulnerable to climate change, with increasing temperatures, water scarcity, and extreme weather events affecting agricultural production. The report states that climate-smart agriculture practices can help mitigate the risks of climate change and improve agricultural productivity and sustainability.

The signing ceremony took place in Lahore in the presence of senior officials from SAWiE and Bank Alfalah, including Engr. Mushtaq A. Gill (Tamgha-e-Imtiaz), CEO of SAWiE, Dr Khalid Mahmood, representative of SAWiE. Meanwhile, from Bank Alfalah, Shaykh Zeeshan Rauf, Head of Small Medium Enterprise(SME) and Commercial Banking Division, Raza ul Aleem, Head SME and Agri, Bank Alfalah and Yahya Hameed Wahla, Agri-Business Head graced the occasion.

Meezan Bank enters into a Strategic Collaboration with PaySa to expand Point of Sale Payment Services.

Karachi (Muhammad Yasir)

Meezan Bank, Pakistan’s leading Islamic bank and PaySa, a fintech startup specializing in digital payments, have partnered to enable Point of Sale (POS) payment services to tap into the country’s booming digital payment ecosystem.  According to this agreement, PaySa will deploy POS terminals and grow the Bank’s merchant and retailer network as an independent sales organization.

In combination with PaySa’s next generation business solutions, the Bank will empower the country’s commerce by not only simplifying payments for merchants but also enabling real-time transactions.

Mr. Shariq Mubeen – Chief Digital Officer, Meezan Bank said, “Fintechs have immense potential in growing the digital acceptance especially with small merchants in Pakistan and Meezan Bank is delighted to collaborate with PaySa in this space. We are confident that this alliance will help us in accelerating the deployment of POS network while also delivering excellent services to all our customers Insha’Allah.”

Mr. Ali Adnan, CFA – CEO & Co-Founder, PaySa said “The strategic partnership between Meezan Bank and PaySa is expected to create synergies that will benefit the whole financial ecosystem of Pakistan. By combining their respective strengths, Meezan Bank and PaySa can offer innovative and seamless digital payment solutions that are fully compliant with Islamic banking principles, expand the digital payment ecosystem in Pakistan, reduce the reliance on cash transactions, and promote financial inclusion in the country.”