Startup funding landscape in Pakistan has experienced a challenging year, witnessing a significant downturn with investments plummeting to $75.6 million in 2023, as revealed by Data Darbar. This marks a substantial 77.2 percent year-on-year (YoY) decline compared to the same period last year. The data further indicates that a notable portion of the funds, totaling…
In a concerning development, hackers have successfully infiltrated FBR’s sales tax system, manipulating sales tax returns of legitimate taxpayers to claim false sales/purchases and illicitly obtain tax credits and refunds amounting to billions. The Federal Tax Ombudsman (FTO) has taken swift action, directing the FBR to address the issue and take stringent measures against the…
Pakistan Stock Exchange’s KSE-100 Index Records Impressive 55% Gain in 2023 In a significant turn of events, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index delivered a remarkable gain of 55 percent in 2023, according to a comprehensive report by Topline Securities. This substantial increase, inclusive of dividends, marks the highest surge in the index…
To enhance customer satisfaction and streamline grievance redressal processes, the State Bank of Pakistan (SBP) has reintroduced its dedicated portal, Sunwai, to promptly address issues and complaints from bank customers. The bilingual portal, designed to facilitate ease of use for the general public, enables individuals to file complaints against Banks, Microfinance Banks (MFBs), and Development…
Largely negative about their ongoing prospects, the country’s business owners have started gaining confidence, and their expectations for a better future have risen 42% from the previous quarter, shows a latest survey. “Relatively fewer business owners are pessimistic about future conditions and the direction of the country compared to Quarter 2,” according to a Gallup…
JazzCash, a pioneering force in the fintech sector, is proud to announce its strategic collaboration with Mastercard, positioning itself as the first mobile wallet in Pakistan to bring tap-and-pay functionality and wallet tokenisation through Mastercard. The announcement made headwinds at Mastercard’s MENA East Business Forum, where JazzCash was recognised as “Mastercard’s First Digital Front-End Partner”,…
SmartNet Private Limited, the distinguished technology arm of Capital Smart City and a key entity within the esteemed HRL Group of Companies, is delighted to announce the formalization of a groundbreaking Fiber Lease Agreement in consortium with esteemed partners One Network and Cybernet. This strategic collaboration marks a significant milestone, empowering SmartNet to seamlessly deliver…
Explore the dynamic landscape of Pakistan’s microfinance sector in 2023, marked by shifts in major banks, acquisitions, mergers, and strategic exits. Delve into the sector’s resilience, challenges, and the entrance of new players, providing valuable insights into the future trajectory of microfinance in the country. The microfinance sector in Pakistan underwent significant transformations in 2023,…
Pakistan’s cash economy faces a substantial downturn, with documented currency in circulation (CiC) plummeting to Rs. 8.7 trillion, reflecting a noteworthy drop of Rs. 475 billion in informal cash transactions and business dealings since its peak on June 30, 2023. The shift is evident in the CiC as a percentage of the overall money supply…
In a remarkable turn of events, Pakistan’s witnessed a notable performance in its assets classes throughout 2023, reshaping the financial landscape for investors. Leading the charge was the benchmark KSE 100 Index, providing an impressive gain of 53% from January 01, 2023, till December 22, 2023, with four trading sessions yet to unfold. This exceptional…
