ISLAMABAD: A digital payment app called Foree that is set to be rolled out in Pakistan in May this year will help boost the global cashless economy, create tens of thousands of jobs in Pakistan and facilitate overseas workers, especially in the Middle East, remit payments back home, Pakistani business mogul and chairman of the board of Foree has said.
The Pakistan government has recently launched a number of digital payment initiatives in a bid to boost financial inclusion and government revenue in a country where only a fraction of economic transactions occur on the books. The government says it also wants to incentivize private companies who want to help it shift away from a cash-based economy.
Several private-sector digital cash transfer systems that do not require a bank account, such as Jazzcash operated by telecommunications company Jazz, and Easypaisa operated by telecommunications company Telenor Pakistan, are already available in Pakistan but the Foree app is unique: it allows users to aggregate all their bank accounts and cards into a single app and carry out seamless domestic transactions at marginal cost. Users do not have to move money between different accounts using online banking and the service is unlike wallets, which only allow limited transaction facilities.
“Foree will be the first online payment system in Pakistan,” Murtaza Hashwani, deputy-chairman and CEO of Hashoo Group, and now the chairman of the board for Foree, told Arab News in an exclusive interview on Wednesday.
“Our ambition is global. This is going to be rolled out regionally in the Middle East and then we would like to take this globally,” he said, adding that around nine million Pakistanis abroad could help make Foree (which is the Urdu language word for ‘immediately’) a globally downloaded app.
Hashwani said the digital payment solution, regulated by the State Bank of Pakistan, would help overseas Pakistanis remit cash back home directly through the app, without the involvement of an agent or bank, and at minimum charge.
“Remittances will be one of the biggest areas we’re focusing on. For Pakistani diaspora living outside, remittances have always been a challenge,” he added, saying the app would help individuals and businesses regularize cash payments.
The app will also help boost e-commerce in the country and allow people to shop online from international brands and companies through real-time payments.
The project had been set up with a seed investment, Hashwani said, and future expansion would be undertaken by working with other global companies and venture capitalists willing to invest in Pakistan. Hashwani’s family conglomerate, Hashoo Group, is already a major player in the hospitality and oil and gas sectors.
Foree’s management estimates the payment solution will help create at least 100,000 jobs in Pakistan alone in the next two years and create points of sales [POS] not only in cities, but also in far-flung areas of the country as people won’t rely only on cash to make purchases.
“Foree will create POS… more and more people will be able to transact without any cash even in remote villages,” Hashwani said. “This is going to take out the COD [cash on delivery], and start digitizing the economy much more … This is going to start creating more jobs because more and more people will be able to take money without actually transacting into cash.”
Talking about the process to implement the initiative, Hashwani said it took a long time to get a license from the State Bank of Pakistan and integrate the app with banks to ensure its smooth functioning, adding that the State Bank had been “extremely supportive.”
As a first step, the company is working with Meezan Bank, which has at least one million customers, to launch the app in Pakistan in May.
About privacy and data protection of Foree users, Hashwani said all of the company’s servers were in Pakistan as part of a requirement to get licensed with the central bank.
“Everything is housed here, so security is enabled in that way and not compromised at all,” he said. “We believe in simple, fast and secure digital payments for everyone, and we are going to ensure it too through stringent checks.”
Pakistani businessman to launch payment app ‘Foree,’ will boost Middle East remittances
https://arab.news/9srut
Pakistani businessman to launch payment app ‘Foree,’ will boost Middle East remittances
- Foree, Urdu word for ‘immediately’, is an app that allows users to aggregate all bank accounts and cards into a single app
- Murtaza Hashwani, CEO of Pakistani conglomerate Hashoo Group, is one of the seed investors and chairman of the Foree board
Pakistan bans ex-PM Khan’s sister from meeting him for allegedly violating prison rules
- Pakistan information minister accuses Khanum of discussing political matters with brother, instigating masses against state
- Uzma Khanum met her brother, ex-PM Khan, on Tuesday in Adiala Jail where he remains incarcerated on slew of charges
ISLAMABAD: Pakistan’s Information Minister Attaullah Tarar announced on Thursday that the government will not allow former prime minister Imran Khan’s sister to meet him anymore, accusing her of violating prison rules by indulging in political discussions during her visits.
Khan’s sisters, Uzma Khanum and Aleema Khanum, met him at the Adiala Prison on Tuesday after being allowed by the authorities to do so. The former prime minister’s Pakistan Tehreek-e-Insaf (PTI) party and family members accused authorities of illegally denying them permission to visit the incarcerated leader in jail.
Khan’s sisters had spoken to local and international media outlets last month, voicing concern over his safety as rumors of his death started doing the rounds on social media. However, Khanum quashed the rumors on Tuesday when she said her brother was “in good health” after meeting him.
Speaking to reporters at a news conference, Tarar accused Khanum and the former premier’s other sisters of attempting to create a “law and order situation” outside Adiala Prison in Rawalpindi. He alleged Khanum had partaken in political discussions with her brother, which was in violation of prison rules.
“As per the rules, there is no room for political discussions, and it has been reported that political talk did take place, hence Uzma Khanum’s meetings have been banned from today,” Tarar said.
The minister said Khan’s meetings with his sisters took place in the presence of the jail superintendent, alleging that discussions revolved around instigating the masses and on political matters.
“Based on these violations, under any circumstances, the rules and code of conduct do not allow meetings to take place,” the minister said. “You were given a chance. Whoever violated [the rules] their meetings have been banned.”
This is what one gets for peacefully protesting. No criticism of the govt or The Army chief otherwise we can’t meet imran khan
Khan’s aide, Syed Zulfiqar Bukhari, criticized the information minister’s announcement.
“This is what one gets for peacefully protesting,” Bukhari said in a text message shared with media. “No criticism of the govt or the army chief otherwise we can’t meet Imran Khan.”
Khan, who has been jailed on a slew of charges since August 2023, denies any wrongdoing and says cases against him are politically motivated to keep him and his party away from power. Pakistan’s government rejects the PTI’s claims he is being denied basic human rights in prison.
Ousted from the prime minister’s office via a parliamentary vote in April 2022, Khan and his party have long campaigned against the military and government. He has accused the generals of ousting him together with his rivals. Khan’s opponents deny this, while the military says it does not meddle in politics.
