Fostering Innovation

Karandaaz Pakistan is spurring innovation and entrepreneurship – helping to create the right ecosystem for disruptive financial technology solutions that can enhance financial inclusion in the country. Fostering innovation neatly encapsulates our three themes: innovation, women entrepreneurship, and youth. Karandaaz Pakistan intends to hold various challenges to nurture a culture of innovation.

Innovation Challenge Fund

Karandaaz Pakistan has launched Innovation Challenge Fund (ICF) as an instrument to provide support for innovative products to potential partners. The overall objective of Karandaaz Pakistan’s ICF is to invite entities to solve complex problems using innovative yet practicable solutions and fund such innovative ideas. Each round of the Innovation Challenge Fund sources proposals to develop products, services, business models or other private sector led solutions for challenges in the field of women and youth participation in the economy, financial inclusion, and access to finance for SMEs.

The first round of Karandaaz Pakistan’s Innovation Challenge Fund focused on improving the current mechanism of foreign remittances from Pakistani workers working in different parts of the world. After a rigorous selection process, Telenor Microfinance Bank, Bank Alfalah and Paysys (Consortium) and Samba Bank and GFS (Consortium) secured funding for their proposals.

The second round of Karandaaz Pakistan’s Innovation Challenge Fund, for which currently the shortlisted candidates are being evaluated, focuses on supporting women entrepreneurs by partnering with incubators and accelerators across Pakistan.

 

Innovation Challenge Fund

In Round 2 of the Innovation Challenge Fund, Karandaaz Pakistan invited incubators and accelerators to create a programme designed to provide technical and financial support to female entrepreneurs. After a competitive bidding process, Invest2Innovate and a consortium between LUMS and BUITEMS were selected as finalists to run and design this programme.

Currently, Karandaaz, is engaging women-led and managed businesses, across all sectors, operating anywhere in Pakistan to apply to these programmes through our partner organizations; LUMS, BUITEMS and Invest2Innovate. Shortlisted businesses will receive tailored training and mentorship support. Upon graduating, the businesses will have a chance to pitch to a panel of judges selected from the industry. Karandaaz, in partnership with the accelerator/incubator may take an equity stake in the successful businesses, and invest up to USD 150,000 to support their growth.

Innovation Challenge Fund

FinTech Disrupt Challenge

FINTECH DISRUPT CHALLENGE

Karandaaz Pakistan has launched FinTech Disrupt Challenge (FDC) to work with young technology driven start-ups to introduce innovative products and services in areas of payments, financing, insurance, savings and investment, infrastructure, and cross-process support for financial technology sector. The winning ideas are provided grants for implementation by Karandaaz Pakistan. FDC not only financially supports such ventures but also fosters a culture of innovation and entrepreneurship – creating valuable linkages between innovators and financial eco-system.

Karandaaz Pakistan held the first round of FDC in 2016 in collaboration with the Lahore University of Management Sciences Center for Entrepreneurship. Three FinTech start-ups emerged as winners of FDC 2016, including Ricult Pakistan Pvt. Ltd., Paysys Labs Pvt. Ltd., and PublishEx Solutions Pvt. Ltd.

In the second round of FDC in 2017, Karandaaz has awarded grants to four more successful ideas. The grants from Karandaaz will help the start-ups materialize their innovative ideas and improve Pakistan’s financial services sector. The winners for FDC 2017 are CreditFix, Agri-Gate, UniKrew Solution, and Invoice Wakala.

 

 

FINTECH DISRUPT CHALLENGE

Karandaaz Pakistan, in partnership with IBA AMAN Centre for Entrepreneurial Development announced the second round of FinTech Disrupt Challenge in 2017. Through FDC 2017 Karandaaz Pakistan invited the most innovative ideas from all over Pakistan working in the financial technology space. In this second round of FDC, Karandaaz has awarded grants to four more successful ideas. The grants from Karandaaz will help the start-ups materialize their innovative ideas and improve Pakistan’s financial services sector. The winners for FDC 2017 are CreditFix, Agri-Gate, UniKrew Solution, and Invoice Wakala.

Karandaaz through its Karandaaz Digital unit is running FinTech Disrupt Challenge since last year to provide capital support for implementing innovative ideas that will enable more Pakistanis get access to financial services.