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…
In a strategic move poised for significant impact, Kickstart, a prominent co-working space in Pakistan, has successfully secured Rs. 200 million in funding from Vital Group. This substantial investment is earmarked for an extensive expansion of Kickstart’s footprint in central Karachi, marking a transformative phase for the collaborative workspace provider. Founded in 2016 by LUMS…
In a significant development, the Federal Board of Revenue (FBR) issues a stark warning to non-filers of income tax returns, outlining potential consequences such as imminent bank account suspensions and travel bans. Muhammad Asif, Chief of Broadening the Tax Base (BTB), underscores the critical need for non-filers to promptly register at their nearest tax office…
In 2023, Pakistan confronted formidable economic challenges, marked by a sharp slowdown, rising inflation, and a near-default scenario. Despite adversity, glimmers of progress emerged, hinting at a potential path to recovery. The government implemented stringent fiscal reforms, including tax hikes and subsidy cuts, aligning with International Monetary Fund (IMF) conditions. Positive indicators materialized in the…
The latest data from the Pakistan Bureau of Statistics (PBS) indicates that weekly inflation, measured by the Sensitive Price Index (SPI), has extended its streak above 40% for the sixth consecutive week. As of the week ending December 21, 2023, the year-on-year inflation rate reached a staggering 42.60%. The persistent inflation trend is primarily attributed…
JS Investments Limited, Pakistan’s first private sector asset management company, announces the launch of its latest offering – the JS Fixed Term Munafa Fund. Designed to meet the diverse needs of investors, the fund boasts two distinct plans offering attractive fixed returns, providing an avenue for wealth creation with a moderate risk profile: The first…
