Aitizaz Hassan

Pakistan’s fintech services can boost the gross domestic product (GDP) up to 7% by 2025, create 4 million new jobs, and bring $263 billion investment, according to the National Incubation Center (NIC) data.

This will create a need for young innovators to bring in solutions that will revolutionize the market space and lead to mass adoption of digital financial services.  In last calendar year, the fintech market of Pakistan raised $17 million, while in first two quarters of 2022, it raised $27.7 million, already 62.9% higher in just six months.

The NIC Pakistan, the first of its kind and largest incubation center, is hosting “fintech hackathon” in collaboration with Allied Bank Limited (ABL), one of the largest banks in Pakistan. Young coders, UI/ UX experts or problem-solvers with a passion for fintech can join the NIC Hackathon and avail chance to get a shot at $2 million in prize money. 

According to official documents of the NIC, a key factor behind the growth of the fintech market is the large investment of banks and businesses in technology-based solutions. In addition, infrastructure-based technologies and application program interfaces (APIs) are reshaping the future of the financial services industry and supporting the growth of the global fintech market.

The purpose of fintech hackathon event is to find practical innovative ideas, prototypes and solutions to challenges in the fintech space. Through this hackathon, the NIC and ABL aim to find innovative ideas that can transform fintech, not just in Pakistan, but across the globe.

According to Pervaiz Abbasi, Project Director of the NIC Pakistan, the incubation center is a hub for inspiration and innovation with regular bootcamps, workshops, conferences, leadership talks and hackathons.

“The NIC has given a platform to differently-abled, marginalized communities and women, with 21% of our startups’ being female led, a percentage that betters those of international incubators around the world (average 17%). The NIC is also one of the few workplaces in Pakistan with a daycare center to support women entrepreneurs,” Pervez Abbasi said.

The project director said the NIC strongly believes in creating an inclusive culture by empowering marginalized communities in any way they can. With a lift-installed and a completely differently-abled friendly building, we open our doors for founders who face any physical, visual or hearing impairment.

The fintech hackathon program will present solutions about cash deposits, withdrawals, reward and incentive programs, banking cards, easy cash and dispensing.

The NIC Pakistan is aiming to give people access to financial services across the country. In this regard, trainings in rural banks will be offered. The SMS, WhatsApp and voice-notes will be enabled in banking. Senior citizen facilitation, women banking and fundamentally new ideas will connect the unconnected.

Credit : Independent News Pakistan-WealthPk