KARACHI: The top official of a leading Pakistani fintech told a summit in Dubai on Friday financial platforms offered by companies like his could boost remittances to the country, making these transfers more affordable and remotely accessible while making the platforms pivotal for millions of local households.

JazzCash, a mobile wallet and branchless banking service provided by a major telecom operator in Pakistan, was originally launched as “MobiCash” in 2012 before it was rebranded four years later.

Earlier this week, it announced a partnership with the United Arab Emirates-based financial service provider, du Pay, for smooth cross-border payments, saying the collaboration, powered by Western Union, would allow Pakistani nationals to send money directly to JazzCash mobile wallets.

According to a statement issued by the company, the JazzCash head, Murtaza Ali, spoke about the financial inclusion provided by fintech organizations while discussing their impact on the country’s economic landscape.

“Detached from traditional limitations like bank branches and agent networks, digital remittances can reach even remote, low-income households, empowering them to participate in the formal financial system,” he told the participants of the Dubai summit.

The Gulf nation hosts a vast Pakistani expatriate community and holds the distinction of being the second-largest contributor of remittances to Pakistan after Saudi Arabia, with $548 million transferred to the South Asian country in March.

Ali also revealed that women constituted 30 percent of JazzCash customers, 17 percent of lending users, 23,000 merchants and 6,000 agents.

“These encouraging numbers reflect the company’s ongoing commitment to enhancing female participation in its services,” he added.

The statement informed he also praised Pakistan’s central bank, telecom authority and financial regulatory agency for their collaborative approach that propelled digital and financial inclusion across the country.

“With a large unbanked population and a cash-dependent SME [small and medium enterprise] sector, we anticipate exponential growth,” it quoted Ali as saying. “Our roadmap involves leveraging data for risk assessment, venturing into Insurtech, and further integrating financial services into everyday transactions.”

LONDON: According to figures released Friday, the former member of the Fab Four is the first British musician to be worth 1 billion pounds ($1.27 billion).
The annual Sunday Times Rich List calculated that the wealth of the 81-year-old musician and his wife, Nancy Shevell, had grown by 50 million pounds since last year thanks to McCartney’s 2023 Got Back tour, the rising value of his back catalogue and Beyonce’s cover of The Beatles’ “Blackbird” on her “Cowboy Carter” album.
A “final” Beatles song, “Now and Then,” was also released in November and topped music charts in the US, the UK and other countries. Surviving Beatles McCartney and Ringo Starr completed a demo track recorded in 1977 by the late John Lennon, adding in guitar by George Harrison, who died in 2001.
The newspaper estimated 50 million pounds of the couple’s wealth is due to Shevell, daughter of the late US trucking tycoon Mike Shevell.
McCartney ranked 165th overall on the newspaper’s respected and widely perused list of the UK’s 350 richest people. Top spot went to Gopi Hinduja and his family, who own the banking, media and entertainment conglomerate Hinduja Group and are worth an estimated 37 billion pounds.
Other entertainment figures on the list include “Harry Potter” author J.K. Rowling, whose fortune is estimated at 945 million pounds, and singer Elton John, estimated to be worth 470 million pounds.
King Charles III ranked 258th with an estimated wealth of 610 million pounds. The king’s fortune includes the large inherited private estates of Sandringham in England and Balmoral in Scotland. The total does not include items that are held in trust by the monarch for the nation, such as the Crown Jewels.