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
https://arab.news/5ckfe
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 urges UN Security Council to sanction separatist BLA group after recent attacks
- Separatist BLA launched attacks in multiple Balochistan cities last week, killing over 50 as per official figures
- Pakistan envoy says since Taliban assumed control of Afghanistan, BLA, other militant groups have a “new lease of life“
ISLAMABAD: Pakistan’s UN Ambassador Iftikhar Ahmed this week urged the Security Council to impose sanctions against the separatist Baloch Liberation Army (BLA) militant group and designate it as a “terrorist” group, after its recent coordinated attacks in southwestern Balochistan province.
Pakistan’s military said on Thursday it has concluded security operations in Balochistan against separatists that was launched since Jan. 29, killing 216 militants. The military launched counteroffensive operations in Balochistan after the BLA said it launched coordinated attacks in several parts of the province last Friday and Saturday.
The attacks killed 36 civilians and 22 law enforcement and security forces personnel, Pakistan’s military said. Pakistan’s government has accused India of being involved in the attacks, charges that New Delhi has dismissed.
“We hope the Council will act swiftly to designate BLA under the 1267 sanctions regime acceding to the listing request that is currently under consideration,” Iftikhar said on Wednesday during a UNSC briefing on the topic ‘Threats to International Peace and Security caused by Terrorist Acts.’
The 1267 sanctions regime is a UNSC program that seeks to impose sanctions on individuals and entities associated with “terrorism.”
The regime seeks to impose travel bans, freeze assets and impose an arms embargo on individuals and groups primarily associated with Al-Qaeda or the Taliban.
Ahmad said that after the Taliban takeover of Afghanistan in 2021, “externally sponsored and foreign-funded proxy terrorist groups” such as the Tehreek-e-Taliban Pakistan and the BLA have got a “new lease of life.”
“Operating with virtual impunity from Afghan soil and with the active support of our eastern neighbor, these groups are responsible for heinous terrorist attacks inside Pakistan,” he said.
The Pakistani envoy said it has become imperative to prevent billions of dollars of sophisticated weapons and equipment, which were left behind by foreign forces in Afghanistan, “from falling into the hands of terrorists.”
“There must be accountability of external destabilizing actors who support, finance and arm these groups, including their proxies in Afghanistan,” Ahmad said in a veiled reference to India.
Pakistan’s largest and poorest province, mineral-rich Balochistan borders Iran and Afghanistan and is home to China’s investment in the Gwadar deep-water port and other projects.
Balochistan has been the site of a decades-long insurgency led by ethnic Baloch separatists seeking greater autonomy and a larger share of its natural resources.
They accuse the state of denying locals a fair share of the province’s mineral wealth, charges that are denied by the Pakistani government.
