Seeding Innovation – A Framework for Rooting Fintechs in Pakistan
A Framework for Rooting Fintechs in Pakistan
With 85 percent of Pakistan’s population excluded from the formal financial system, financial inclusion is a dominant issue in the country. Given that high costs and increasing requirements of the banking infrastructure prevents the dissemination of financial services beyond a small portion of the population, Financial Technology Organisations (FinTechs) are increasingly bridging this disconnect between the formal financial system with the unbanked through technology and innovation. FinTechs are therefore expected to play a major role in displacing cash, digitizing payments and documenting the economy, in the near future.
This study commissioned by Karandaaz Pakistan and conducted by FinSurgents devises a framework for FinTech ecosystem development and prepares a roadmap for investment into FinTech verticals or segments (e.g. payments, lending, insurance, etc.) in Pakistan. The research provides insight into the challenges faced by the participants of the local FinTech ecosystem in harnessing the power of FinTechs.
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