KARACHI: Abhi, a Pakistani fintech that provides innovative finance solutions to businesses and their employees, has been selected as one of the Future 100 companies of the United Arab Emirates (UAE), the startup said on Thursday.
Future100, an initiative launched by the UAE’s economy ministry in partnership with its minister of state for government development and future, spotlights the top 100 startups contributing to the nation’s readiness for the future and competitiveness of the UAE’s economic sector.
Abhi started its operations in the UAE in 2022, enabling salaried employees to draw a percentage of their accrued salary before their next payroll through the startup’s mobile app or via SMS.
In September this year, the world’s leading multinational payment card services provider, Visa Inc., partnered with Abhi, along with YellowPepper, a mobile banking services company, to introduce account-to-account payments in the UAE.
“We are incredibly honored to be selected as the Future 100 company in the UAE,” Omair Ansari, Abhi co-founder and CEO, said in a statement. “This achievement underscores our commitment to promoting financial wellness in the region.”
The Future 100 Awards ceremony, held last week, was attended by Abdulla Bin Touq Al Marri, the UAE’s minister of economy, and Ohood bint Khalifa Al Roumi, the country’s minister of state for government development and the future.
“It’s vital to emphasize the vibrant potential and the incredibly supportive environment the UAE has provided us,” Ansari said. “We remain dedicated to financially empowering businesses and individuals.”
Abhi says its embedded finance platform provides instant credit access, aiding businesses, employees, and vendors to bridge payment gaps. Having partnered with over 450 companies, Abhi, which is licensed by both Abu Dhabi General Market and Dubai International Financial Center, says it drives economic growth.
In 2023, it became the first fintech enterprise in the MENAP (Middle East, North Africa, and Pakistan) region to be recognized as a Technology Pioneer by the World Economic Forum, according to the Future 100 website.
Pakistani startups emerged on the global funding radar in 2021, raising around $375 million in a funding rush that was more than the overall funds raised in the previous six years.
Pakistan’s startup cumulative funding for 2023 stood at $34 million during the nine months of the current year 2023 (CY23), a mere 10 percent of the total funds raised in 2022, according to Alpha Beta Core (ABC), a startup funding advisory firm.
Pakistani fintech startup ‘Abhi’ selected among UAE’s Future 100 companies
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Pakistani fintech startup ‘Abhi’ selected among UAE’s Future 100 companies
- Future100 is an initiative by UAE that spotlights top 100 startups contributing to the nation’s readiness for future
- Abhi provides earned wage access, a feature that allows employees to draw part of their salary before their payday
Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol
- Official statement says the haul was made during an anti-narcotics operation conducted by PNS Yamama
- Seizure comes after a record haul of nearly $972 million was reported in the North Arabian Sea in October
KARACHI: Pakistan Navy said on Sunday a patrol vessel operating in the Arabian Sea had seized 1,500 kg of narcotics, the latest interdiction under a regional maritime security deployment aimed at curbing illicit activity along key shipping routes.
The operation took place under the Regional Maritime Security Patrol (RMSP), a Pakistan-led initiative that deploys naval assets across the Arabian Sea and adjoining waters to deter smuggling, piracy and other non-traditional security threats.
The framework combines independent patrols with coordination involving regional and international partners.
“Pakistan Navy Ship Yamama, while deployed on Regional Maritime Security Patrol in the Arabian Sea, successfully conducted an anti-narcotics operation, leading to the seizure of 1,500 kilograms of hashish valued at approximately 3 million US dollars,” the Navy said.
The interdiction, it added, underscored the force’s “unwavering commitment to combating illicit activities and ensuring security in the maritime domain.”
Pakistan Navy said it routinely undertakes RMSP missions to safeguard national maritime interests through “robust vigilance and effective presence at sea,” and continues to play a proactive role in collaborative maritime-security efforts with other regional navies.
The seizure comes amid heightened counter-narcotics activity at sea.
In October, a Pakistani vessel seized a haul worth nearly $972 million in what authorities described as one of the largest drug seizures ever reported in the North Arabian Sea.
Last month, Pakistan Navy units operating under a Saudi Arabia-led multinational task force seized about 2,000 kg of methamphetamine, valued at roughly $130 million, highlighting the role of regional cooperation in disrupting trafficking networks.
