Category: Business

Karachi (Muhammad Yasir)

K-Electric has taken another innovative step towards moving to a paperless ecosystem, by introducing digital stamps for customer bills. This will allow customers to maintain digital proof of payment of KE bills, with the record accessible from KE Live App, Website, and WhatsApp Self Service Portal.

This step furthers KE’s environmentally friendly ‘Hara Qadam’ initiative and a vision to give customers a seamless and improved digitally connected experience. Paid bills for any month will display a green stamp on the top left corner indicating that all dues are cleared. In case a customer is clearing their dues in installments, a blue stamp will be shown on the top left corner indicating that current payments have been received. These stamps will be automatically updated on the bill within 24 hours of respective payments. Prior records of up to 6 months will be accessible from KE’s digital channels as well. Beside this, these digitally stamped bills will be acceptable by other stakeholder as well where the customer needs to show proof of payment for any financial transactions.

Elaborating on the initiative, Spokesperson KE and Director Communications Imran Rana stated, “We understand that conventionally, customers would keep stamped copies of their bills in files to maintain records. However, today, with over 1 million digitally connected subscribers, we are seeing the trend shift significantly and Alternate Delivery Channels account for an estimated 62% of our total payments. Our innovative step is a way to facilitate this transition, while also contributing positively towards the environment by encouraging paperless systems.”

Since privatization, KE has committed to use technology to improve customer service. Investments in the network are enabling the provision of safe, reliable, secure and uninterrupted power to a growing customer base across 7 geographies. The company also remains available to support customer queries 24/7 through its touch points including social media, KE Live App, WhatsApp Self Service Portal (03480000118), and call center 118.

USAID and The Coca-Cola Company Sign MOU to Support Flood-Affected Communities in Pakistan.

Pakistan (Muhammad Yasir) The United States Agency for International Development (USAID) hosted the “Building Back Better Conference” at the Serena Hotel Islamabad to bring together representatives from different private and public organizations to discuss ways in which the US-Pakistani diaspora and the private sector can be engaged for post-flood recovery, rehabilitation, and reconstruction.

During the event an MOU was signed between The Coca-Cola Company and USAID to create a humanitarian and social development impact in Pakistan by addressing the immediate, short, and long-term needs of the flood-affected population and social development causes in Pakistan.

Under the MOU, USAID will collaborate with The Company on flood response activities and use its convening power to create an enabling environment to address operational challenges. Additionally, USAID will facilitate contacts through its network of relationships with the local business and diaspora of Pakistani nationals abroad for identifying possible partnership opportunities.

The Company, in turn, will collaborate with USAID in flood-affected areas following a hybrid approach of creating a social and commercial impact. Additionally, The Company will initiate community-based rural development initiatives in and around flood-affected areas and drive clean drinking water initiatives.

Speaking at the event, US Ambassador to Pakistan, Donald Blome, said, “The diaspora and the private sector are uniquely positioned to help with flood recovery.”

Fahad Ashraf, Vice-President of Coca-Cola Pakistan and Afghanistan, added that, “The most agile and sustainable way the private sector can kick-start economic recovery is by investing in economic supply chains that target communities from disaster-hit regions. Through this partnership, we aim to improve human impact and economic development, whist expanding our commercial and humanitarian footprint.

Last year, The Coca-Cola Foundation, the global philanthropic arm of The Company, provided a grant of USD 250,000 to CARE International which supported immediate relief efforts with essential supplies. Through the National Disaster Authority (NDMA), Coca‑Cola Içecek Pakistan also provided 120,000 liters of clean drinking water.

 

Pakistan (Muhammad Yasir)

L’Oréal Pakistan has taken a significant step towards empowering women in Pakistan with the launch of L’Oréal Professionnel Institute of Pakistan [LPIP]. The institute, which was officially launched in Karachi, aims to unlock the potential of aspiring hair-stylists in Pakistan and provide them with affordable, certified training opportunities to achieve financial independence. Consul General of France for Karachi, Monsieur Alexis Chahtahtinsky, was the guest of honor at the event.

L’Oréal Pakistan has partnered with CIRCLE, a women-led not-for-profit tech startup, to identify underprivileged women who have the passion but lack resources and direction to pursue their career in hairdressing. The first batch of 12 aspiring hair-stylists has been shortlisted, with six students receiving 100% scholarships, fully funded by L’Oréal Pakistan in partnership with CIRCLE.

The launch event, held in Movenpick Hotel Karachi, highlighted the need for such initiatives in Pakistan’s economic and social ecosystem. It celebrated the L’Oréal Professionnel Institute of Pakistan [LPIP] vision and mission and recognized the team’s commitment to the cause, which led to L’Oréal Pakistan being awarded the Global GEEIS-SDGs Trophy for Gender Equality by the Arborus Endowment Fund for the platform, “LPRO Empowering The Salon Community” at the Europa Experience in Paris.

The event featured an introduction to the L’Oréal Professionnel Institute of Pakistan where The Country Managing Director of L’Oréal Pakistan, Qawi Naseer, also addressed the audience, along with General Manager Professional Products Division at L’Oréal Pakistan, Hassan Murad Khan, CIRCLE Founder Sadaffe Abid, stylist, and long-term L’Oréal Partner Nabila Maqsood, followed by a keynote address by Consul General of France for Karachi, Monsieur Alexis Chahtahtinsky. The event also featured a presentation on State Bank of Pakistan’s various initiatives for women by Ms. Faiqa Naseem, Deputy Director at Agricultural Credit and Financial Inclusion Department, State Bank of Pakistan. Various partner salons, along with the 12 students from the first batch, were also in attendance.

Consul General of France for Karachi, Monsieur Alexis Chahtahtinsky said, “It is heartening to see a global beauty leader, such as L’Oréal, make efforts to empower women in Pakistan through initiatives such as L’Oréal Professionnel Institute of Pakistan. This is a great example of how businesses can contribute to society while creating opportunities for people to achieve their potential.”

Speaking at the event, Qawi Naseer, Country Managing Director of L’Oréal Pakistan, said, “At L’Oréal Pakistan, we are committed to empowering women to become financially independent and play a meaningful role in the economy. We firmly believe that this is crucial to building a sustainable future that values diversity and promotes equality. Through our L’Oréal Professionnel Institute of Pakistan [LPIP] initiative, we are taking concrete steps to turn this vision into reality by providing women with a platform to pursue their goals and achieve financial autonomy.”

CIRCLE founder and CEO Sadaffe Abid said, “I am excited to deepen CIRCLE’s partnership with LOREAL Pakistan for the common goal of women’s economic empowerment. When women grow, families thrive. Businesses must invest in women and girls. This impactful programme will deliver dividends and create Pakistani role models in beauty and tech.”

Long-term L’Oréal Partner and iconic stylist Nabila Maqsood shared her inspiring journey and commented on the program, “Almost 35 years ago, I kickstarted my career journey by enrolling at a reputed Institute in London. I arranged the fee for it by selling off the Jewelry I received for my dowry. L’Oréal Pakistan is providing a platform for ambitious women through the launch of L’Oréal Professionnel Institute of Pakistan. If you dream of becoming a top stylist like me, then this is the platform for you.”

Faiqa Naseem, Deputy Director at Agricultural Credit and Financial Inclusion Department, State Bank of Pakistan, said, “Empowering women financially is not just a moral obligation, but an economic imperative. When women are financially independent, they can contribute to their families and communities, driving economic growth and improving social outcomes. The State Bank of Pakistan is committed to promoting financial inclusion and gender equality, and we support initiatives like L’Oréal Professionnel Institute of Pakistan [LPIP] that help women fulfil their passions.”

L’Oréal Professionnel Institute of Pakistan will offer six months of a focused curriculum that covers hairdressing and inculcates business acumen, along with on-ground practical training through internships. In addition to this, the company will also be facilitating job placements for all successful graduates and providing them with an opportunity to be recruited by Salon Expert salons.

 

 

 

realme makes a ground breaking entry with its eye-catching design at an attractive price.

Lahore (Muhammad Yasir)

realme, the world’s fastest-growing smartphone brand, has introduced its next budget king – realme C33 in Pakistan. Raising the bar for its segment, realme C33 has a stylish Boundless Sea Design and a next-level 50MP camera resolution. The device is available in three different colours, Night sea, Aqua Blue, and Sandy Gold.

realme C33 has a unique design that distinguishes it from other smartphones in the market. The phone features a 6.5-inch HD+ display with a waterdrop-style notch, that houses the front-facing camera. It comes with a 5000 mah battery. The back of the phone has a glossy finish, that gives it a premium look and feel. The rear camera module is vertically placed and makes it stand apart from its competitors.

The C33 features a USB Type-C port, a 3.5mm headphone jack, and a single speaker. The phone’s fast-side fingerprint scanner is user-friendly and is placed stylishly, making it easy to unlock the device with a simple touch.

realme C33’s Sandy Gold colour has a subtle metallic finish that gives the phone an elegant and premium look. The Sandy Gold variant offers an eye-catching festive beach vibe. At the same time, the colour is not too flashy, making it perfect for those who prefer a regal look. This makes the sandy Gold colour a great option.

The realme C33 in Sandy Gold colour evokes the feeling of being at the beach. The colour itself resembles sand on the shore, while the design of the phone, with its curved edges and smooth finish, is reminiscent of waves of the ocean.

When you hold the realme C33 in your hand, it’s easy to imagine yourself standing on the beach with the sun shining down on you. You can feel the warmth of the sand beneath your feet and the coolness of the water as it washes over your toes. It’s a feeling of relaxation and calmness that comes with being near the water. This colour also blends perfectly with the glossy finish of the phone’s back panel, creating a perfect combination of elegance and style. This colour option is a welcome addition to the realme C33 lineup, which already has two other amazing colour options to choose from.

realme has once again set itself apart from the competition with the introduction of the C33 into its list of budget-friendly phones. Their innovative phone designs have set a new benchmark for the industry.  

Pakistan (Muhammad Yasir)

Bank ABC, one of MENA’s leading international banks, has signed agreements with Temenos and NdcTech to replace its core banking systems for its retail, corporate and wholesale businesses and power its subsidiary, ila Bank, the MENA region’s fast growing digital mobile-only bank, with Temenos’ core banking platform on the Cloud.

With this transformation project, to be implemented by NdcTech (a Systems Limited Company), Bank ABC will replace its legacy core banking systems for its network of operations serving customers in twenty-five markets from fifteen countries worldwide with a single instance of the Temenos platform. NdcTech will also be providing end-to-end managed services to enable Bank ABC to run its operations seamlessly on the cloud.

Consolidating multiple back-end systems on the Temenos platform in the Cloud will enable Bank ABC to drive scalable efficiency, with a single dashboard and complete 360- degree customer view across business lines and geographies. The first phase of the project is the implementation of Temenos retail core banking solution and origination on Infinity for ila Bank. This will replace current systems for the digital mobile-only offering in Bahrain and provide the agile core for planned greenfield expansion. Subsequently, Bank ABC will leverage Temenos’ cloud-native solutions and its open and API-first architecture for easy extensibility and open banking integration to enhance the experience and the services delivered to its customers.

The project will see the gradual transformation of the Group-wide core banking infrastructure, enabling Bank ABC to benefit from Temenos’ broad set of banking functionality and lower operational cost across its retail and wholesale banking operations. NdcTech will provide its country model bank accelerators combined with a wealth of knowledge and experience to drive value as part of Bank ABC’s transformation journey. Banks are increasingly realizing the benefits of the cloud to remain agile and meet the demands of a constantly evolving industry, and NdcTech’s end-to-end Managed Service on the cloud will fulfill that promise.

During the signing ceremony, Sael Al Waary, Acting Group CEO, Bank ABC, commented: ““Today, marks a momentous milestone in our journey to build our bank of the future. Consolidating our banking systems on a single platform will give us a robust foundation to accelerate growth and create significant value for our stakeholders. Temenos offers an ideal Cloud-native solution with the breadth of banking functionality needed to support all spectrums of our wholesale and retail businesses. I am confident that this next-generation core banking system will drive further operational efficiencies for the Group, enabling us to become even more responsive and adaptive to our clients’ ever-evolving needs.”

Ismail Mokhtar, Group Chief Operating Officer, Bank ABC added: “Achieving operational agility is crucial for the future success of Bank ABC. We are continuously exploring leading-edge technologies to enable our ambitious expansion and digital transformation aspirations. Temenos’ platform will enable us to efficiently scale our services. In addition, hosting our core banking system on the Cloud will significantly increase our levels of security and resilience. We look forward to working with Temenos and NdcTech teams during the implementation phase and reaping the benefits of this investment.”

William Moroney, Managing Director – Middle East & Africa, Temenos, said: “We are delighted to have been selected by Bank ABC to transform its core banking systems and power the MENA region’s fast growing digital mobile-only ila Bank on a single platform in the Cloud. Temenos gives customers freedom to implement on the public Cloud of their choice and is the trusted platform for thousands of banks worldwide. Our proven expertise taking banks live on the Cloud, including many in the Middle East region, gave Bank ABC full confidence in Temenos to successfully deliver this complex project with NdcTech.”

Ammara Masood, CEO and President, NdcTech, said: “We are pleased to be putting our combined strengths to work, allowing Bank ABC to innovate faster using Cloud capabilities to grow their business while meeting sustainability commitments. What sets NdcTech apart is our accelerators, hands-on experience within global markets and how we keep the end-user experience in mind while driving digital transformations. NdcTech services and country model on the Cloud platform paves the way for banks to deliver mission-driven products and services that delight their customers.”

The accountancy profession has a vital role in meeting the green finance challenge says new report from ACCA.

Professional accountants must help drive the migration to sustainable economies and businesses by becoming experts in green finance, according to the latest report from ACCA ‘Green finance skills: the guide’.

Lahore (Muhammad Yasir)  At a time when access to cheaper capital is more vital than ever to an organisation’s long-term survival, access to green finance can be a lifeline to businesses. However recent research by ACCA (the Association of Chartered Certified Accountants) and the Institute of Management Accountants (IMA) revealed that business say they’re underinformed on climate finance opportunities and climate risk management. 59% of the respondents to the Global Economic Conditions Survey Q2 2022 said they are not considering using green finance products – an opportunity that must be addressed.

 

With lenders increasingly offering attractive ‘green rates’ to organisations able to meet sustainability requirements, green finance is cheap capital that can keep businesses in business. Professional accountants’ ability to understand the green finance options needed for the transition to net-zero is key to equipping organisations with this expertise. Having the skills to consider non-financial as well as financial business drivers will also leave the profession well placed to lead in training staff and developing the talent needed for enabling transformation and embedding sustainability.

Report author, ACCA senior subject manager – sustainability, Emmeline Skelton said: ‘Green finance is part of the fundamental narrative of ACCA’s research programme on net zero transition and the role of the accountancy profession.

In a world where key stakeholders are demanding more from companies and their net zero objectives, green finance is fast becoming the hot topic for the finance profession as it explores financing options. The profession needs upskilling, especially in volatile times, where access to capital including green finance is crucial for an organisation’s long-term survival.’

John Lelliott OBE FCCA, Non-executive Director of the Environment Agency and ACCA Sustainability Global Forum Chair said: ‘The accountancy and finance profession’s knowledge and skills in evolving market trends, stakeholder requirements and regulatory changes, will be key to transform organisations to operate in a net zero economy.’

Assad Hameed Khan, head of ACCA Pakistan, said that the timing of this research is apt considering the uncertain economic landscape in Pakistan. Green finance is an engine of competitive advantage for organisations to drive value creation by embracing sustainability into all activities. Long-term nature of sustainability continues to be at the intersection of social equity, economic viability and environmental protection.

Because finance and investment professionals have such a critical role to play in helping organisations adapt to build a more sustainable future, ACCA has taken practical steps to upskill its members. In particular, ACCA has worked together with CFA Institute to jointly launch a Climate Finance course designed by experts from both bodies.

The full report can be accessed at www.accaglobal.com/greenfinanceskills

ABHI Joins Hands with Master Group to Provide AbhiSalary (Earned Wage Access) to their Employees.

Pakistan (Muhammad Yasir)  ABHI, an embedded fintech company, has signed an agreement with Master Group of Industries, operating in bedding, textile, automotive, chemical, furniture, and renewable energy industries. AbhiSalary will enable Master Group’s employees to access their earned wages ahead of their scheduled payday, empowering them with greater financial flexibility and control.

AbhiSalary allows employees to access a portion of their earned wages before payday within 30 seconds, giving them the ability to manage their finances more effectively. By partnering with Master Group, ABHI will be able to expand its reach and provide financial wellness to a wider range of employees across the country and financially empower Pakistan.

“We are thrilled to partner with Master Group and provide their employees with AbhiSalary,” said Mohammad Zaidi, Director of Business Development & Sales at ABHI. “The financial wellness benefit is designed to help employees access their salaries flexibly and reduce their reliance on expensive payday loans and other forms of short-term credit. By partnering with Master Group, we can help even more employees take control of their finances, achieve their financial goals.”

Instituted in 1963, Master Group is a leading manufacturer of bedding, textiles, chemicals, automotive, engineering, and power solutions, with a strong reputation for employee wellness. The partnership with ABHI is part of Master Group’s commitment to supporting its employees and providing them with the tools and resources they need to succeed.

“ABHI is part of Master Group’s commitment to supporting its employees and providing them with AbhiSalary to be happier at work,” said Mr Abubakar Alvi, General Manager HR at Master Group. “We believe that providing our employees with greater financial flexibility and control is an important part of our commitment to their overall well-being, and we are confident that AbhiSalary will help us achieve that goal.”

Pakistan’s TPL Corp CEO meets with Finland Ambassador, Paving the Way for Stronger Industrial Relations.

Pakistan (Muhammad Yasir)

TPL Corp CEO Mr Ali Jameel met with Finland’s Ambassador to Pakistan to strengthen business relations between the two countries. The meeting, which took place at Avari Towers Karachi, is a significant step towards driving industries in Pakistan. With a dedicated contact person of Finland Pakistan Business Council (FPBC) at the Karachi headquarters, TPL Corp, a leading conglomerate in Pakistan with diverse interests in technology, insurance, fund management and real estate, is committed and well-positioned to support Finnish companies looking to establish their presence here.

FPBC was established in 1985, backed by major locally operating banks and industries, and has played a critical role in strengthening relations between the two countries.

The meeting between Mr Jameel and the Finland Ambassador, Mr Hannu Ripatti, along with FPBC Chairman Mr Willie Eerola, symbolizes the next phase of the industrial revolution driven by FPBC, Finland and Pakistan. The two countries have enjoyed strong diplomatic and economic ties for over seven decades, and there is tremendous potential to strengthen these relations further.

”Finland had a non-resident Ambassador to Pakistan until last year. The re-opening of the resident Embassy of Finland in Islamabad last September is a clear sign of the rising interest and importance of Pakistan in Finland. The possibility for Finnish companies to make contacts and get information from the FPBC’s dedicated contact person in the economic hub of Karachi is again a new step up on the ladder of developing our two countries’ economic relations. It is also a clear boost for our companies looking for new partners and markets in our two countries,” H.E. Mr Hannu Ripatti, Ambassador of Finland to Pakistan, said.

“During the last few years, the interest among Finnish companies in Pakistan has increased significantly, and we have been hosting several delegations to Pakistan. The Momentum for growing Finland-Pakistan trade and investment is right now, and Finnish companies would be able to make the required technology and knowledge transfer to really happen in Pakistan”, Mr Wille Eerola, Chairman of FPBC, stated.

In July 2022, Finnfund, a leading development financier and impact investor in Finland, acquired a 17.59% shareholding in TPL Insurance Limited, enabling the company to introduce innovative and tech-driven insurance products in Pakistan.

“International collaborations like these can play an instrumental role in bringing in foreign exchange to the country, which is a critical need for the Pakistani economy currently”, Mr Ali Jameel said.

Mastercard to partner with Digitt+ to promote financial inclusion in Pakistan’s agricultural sector.

 New collaboration will bring Mastercard Community Pass to Pakistan

Pakistan (Muhammad Yasir) Aktkar Fuiou Technologies (AFT) has signed an agreement with Mastercard marking its commitment to participate in the Mastercard Community Pass Program.  Digitt+, Pakistan’s first regulated agri-fintech company, powered by AFT, intends to connect untapped agricultural markets with digital payment solutions and become the first entity to launch Mastercard Commerce Pass in Pakistan.

Mastercard’s Commerce Pass is an offline, stored-value account product that enables consumers and micro, small, and medium-sized enterprises (MSMEs) to store, receive, and spend funds digitally, providing security and transparency to merchants and consumers alike. This digital payment solution reduces the risks of storing and moving cash.

Half of Pakistan’s workforce is employed in agriculture, however, insufficient infrastructure in agricultural communities hinders financial services and other organizations from serving these individuals. Pakistan is also home to 8% of the world’s unbanked adults. Commerce Pass will help bring these individuals into the formal economy by providing a record of transactions to facilitate access to credit and other financial services. This digital payment solution will also help support financial resilience for the 63% of Pakistanis who live in rural areas and are otherwise dependent upon informal lending channels.

 Commerce Pass is just one of the services offered under Mastercard’s Community Pass portfolio, which is a shared and interoperable digital technology platform designed to address the infrastructure challenges in digitizing rural communities, such as unreliable connectivity, low smartphone ownership, and lack of consistent identification or credentials. With a broad suite of easy-to-use digital technologies and tools, Community Pass seeks to enable safe, simple, smart and commercially sustainable solutions, increase access to critical services and create greater efficiency and effectiveness in service delivery, for populations living in remote and marginalized communities, in order to build a more inclusive and sustainable digital economy for all.

Ngozi Megwa, Senior Vice President, Digital Partners & Enablers, Eastern Europe, Middle East and Africa, Mastercard, said: “Partnerships are key to driving a more inclusive, more equitable future for all. Mastercard has a rich history of supporting the dynamic Pakistan market through private public collaborations, and will continue to work with industry leaders like Digitt+ to foster sustainable growth that benefits people across all segments.”

Ricardo Pareja, Senior Vice President, Head of Sales and Market Development, Mastercard, added: “Community Pass includes a broad range of solutions that solve for critical needs and provides people with better access to essential financial services. By bringing our technology, Commerce Pass, together with Digitt+’s extensive footprint in the agricultural sector, we can bring new customers into the formal economy across the agricultural supply chain.”

Digitt+ is the country’s first fintech player currently in its pilot phase focused on the agriculture sector to pass the stringent regulatory approval process that qualifies it to operate as an electronic money institution (EMI).  

Ahmed Ali Saleemi, CEO, Digitt+, said: “Digitt+ is on a mission to digitize payments in Pakistan. We are targeting the country’s largest untapped segment – agriculture – and believe that access to Mastercard’s Commerce Pass will have a significant positive impact on the lives and livelihoods of rural communities. Streamlining the payment process can enable farmers to boost crop yields, which will lead to strengthening food security and increasing the contribution of the agriculture sector to the national GDP, which currently stands at 25%. Our partnership with Mastercard places us in a unique position to scale this segment based on our shared vision and legacy.”

Pakistan (Muhammad Yasir)

Zong 4G, Pakistan’s leading telecommunications provider, is proud to announce that it has successfully reached anothermajor milestone in its long-term partnership withPunjab Skills Development Fund (PSDF). This partnership has enabled Zong 4G to provide e-learning opportunities to 10,000 students through a customised course called “How to e-lance.”

10,000 promising and underprivileged students in Pakistan have been given access to e-education opportunities thanks to this game-changing collaboration between Zong 4G and PSDF. PSDF is a non-profit organisation that helps people and organisations improve their employability by offering skills training and support. The “How to e-lance” course gave students and recent graduates the tools they needed to launch successful freelance careerson reputable websites like Fiverr and Upwork.

The official spokesperson of Zong 4G said, “We are proud to have achieved this milestone with our partnerPSDF. Digital learning is a vital part of our mission to use technology to empower people and communities. 10,000 deserving students in Pakistan now have access to critical knowledge that can support them in launching their freelance careers. This, in our opinion, will contribute to the development of a more sustainable and inclusive digital economy.”

Head of Marketing and Communications at PSDF, Akbar Hussain explained,“The freelancing economy is thriving globally and it was imperative that we offer Pakistani youth the chance to develop their skillsets so they can benefit from this and access income-generating opportunities”.

Zong 4G is dedicated to giving Pakistani students access to e-learning opportunities and assisting in the growth of the nation’s digital economy and PSDF with its expertise in skill development was the idealpartner to support Zong 4G in realizing this objective.