KARACHI: Officials of the Pakistan Software Houses Association (P@SHA) on Thursday expressed “profound apprehensions” about Pakistan’s national budget announced a day earlier, saying the IT Industry’s proposals had been “completely overlooked” and demanding amendments to the finance bill.
Pakistan’s IT sector continued its growth momentum in April this year, marking another all-time high record of $310 million in inflows. Central bank data shows the country achieved 62 percent year-on-year growth in the sector. During the 10 months of the current fiscal year (10MFY24), IT exports clocked in at $2.59 billion, up by 21 percent annual basis as compared to $2.14 billion recorded in 10MFY23.
Pakistani IT exports are expected to rise to above $3.5 billion after the caretaker government allowed a retention limit from 35 percent to 50 percent in the Exporters’ Specialized Foreign Currency Accounts.
Against this background, Ali Ihsan, senior vice chairman of P@SHA, said the government had signed the “death warrant” of the IT industry with the new budget.
“The government should have been aware that the last savior of Pakistan’s economy is the IT industry,” Ihsan said, “be it exports, current account management, employment generation or foreign direct investment.”
Muhammad Zohaib Khan, the chairman of P@SHA, said the IT industry was already facing a dearth of skilled and highly-skilled workforce:
“The government should have given a special package to the human resource pool to enable IT companies to continue with the momentum of double-digit growth in IT exports.”
He said higher income taxes on the salaried class included in the budget would “further fuel the brain drain of the skilled workforce from the IT industry of Pakistan,” adding that an allocation of Rs79 billion ($282.8 million) was primarily for the government’s own projects and IT parks while the industry as a whole and IT companies had been neglected.
“The situation was already alarming vis-à-vis taxes and human resource availability and P@SHA has, time and again, duly presented the facts and relevant proposals to the government,” Khan added.
On taxation measures, the P@SHA chief emphasized that the burden on IT companies was further compounded by the failure to address the challenges posed by the remote worker tax regime.
“Ironically, instead of removing the anomalies in current tax laws, additional taxes have been levied on imports of equipment and GST on hardware has been counterproductively enhanced from 5 percent to 10 percent,” Khan said.
He said the budget “directly” contradicted the Ministry of IT and Telecom’s claims of supporting the industry for investments and exports, demanding “necessary amendments” in the finance bill to ensure that Pakistan’s IT sector continued on its “spectacular growth trajectory.”
Pakistan’s top IT body says government signed ‘death warrant’ of industry with budget 2024-25
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Pakistan’s top IT body says government signed ‘death warrant’ of industry with budget 2024-25
- Pakistan’s IT sector continued growth momentum in April marking another all-time high of $310 million inflows
- Chairman of P@SHA says IT industry was already facing a dearth of skilled and highly-skilled workforce
Pakistan’s Bank Alfalah acquires nearly 10 percent stake in UAE fintech Jingle Pay
- Jingle Pay plans to launch its digital banking services in Pakistan in the first quarter of 2025 as a branchless banking mobile app
- Only 60 percent of Pakistan’s 137 million adult population, or 83 million adults, have a bank account, according to central bank estimates
ISLAMABAD: Bank Alfalah, a leading Pakistani commercial bank, on Monday announced it had acquired 9.9 percent equity stake in Dubai-based fintech firm Jingle Pay, underscoring the bank’s commitment to driving digital transformation and fostering financial inclusion in Pakistan and across other markets.
With over 1,000 branches across 200 cities and an international presence in the United Arab Emirates, Bahrain, and Afghanistan, Bank Alfalah offers various products and services to private-sector institutions and governments, and has established itself as a premier digital bank.
Jingle Pay, on the other hand, has redefined the fintech space with its proprietary AI-powered tech stack already processing over 2 million transactions and facilitating over $1 billion in international money transfers in 2024, saving customers over $6 million in fees. It was recently awarded the top global fintech for remittances into Pakistan.
Bank Alfalah said its equity investment and appointment to Jingle Pay’s board signal a robust partnership aimed at driving growth and innovation, and the collaboration leverages its extensive infrastructure to amplify Jingle Pay’s impact on cross-border payments and digital banking, advancing its ambitious vision for the Middle East and North Africa and Afghanistan and Pakistan (MENAP) region.
“This acquisition is a milestone in our journey to lead the digital banking revolution,” said Farooq A. Khan, Bank Alfalah’s group head for corporate, investment banking and international business.
“By combining Jingle Pay’s innovative platform with Bank Alfalah’s resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users.”
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, according to central bank estimates.
Jingle Pay plans to launch its digital banking services in Pakistan in the first quarter of 2025 as a branchless banking mobile app targeting to bring seamless and inclusive financial services to the country’s unbanked population.
The partnership aims to create synergies in cross-border payments strengthened by shareholder MoneyGram.
“Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance,” Jingle Pay Chief Executive Officer Amir Fardghassemi was quoted as saying by Bank Alfalah.
“Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
Pakistan to launch indigenous satellite to predict disasters, monitor resources on Jan. 17
- Electro-Optical (EO-1) satellite can provide timely updates on floods, landslides and earthquakes, says state media
- Satellite can also support conservation strategies by monitoring minerals, oil and gas fields, and glacier recession
ISLAMABAD: Pakistan’s national space agency announced on Monday that it would launch the country’s first indigenous Electro-Optical (EO-1) satellite on Jan. 17, state-run media reported, to help enhance monitoring of natural disasters and manage natural resources efficiently.
The EO-1 satellite will be launched from China’s Jiuquan Satellite Launch Center, the state-run Associated Press of Pakistan (APP) reported. It added that its launch represents the Space and Upper Atmosphere Research Commission’s (SUPARCO) dedication and expertise in advancing Pakistan’s technological capabilities in space science.
The state media said the satellite will enhance the country’s ability to monitor and manage natural resources, predict and respond to natural disasters, support food security and drive economic growth through informed decision-making and sustainable development.
“The EO-1 satellite offers substantial benefits across various sectors in Pakistan,” APP said. “In agriculture, it will enable precision farming by monitoring crops, assessing irrigation needs, predicting yields and supporting food security initiatives.”
The report said that in urban development, the satellite can help in tracking infrastructure growth, managing urban sprawl and aiding city and regional planning efforts.
“In environmental monitoring and disaster management, it will provide timely updates on floods, landslides, earthquakes, deforestation, and land erosion,” it added.
The EO-1 satellite will also support extraction and conservation strategies for natural resources, such as the monitoring of minerals, oil and gas fields, glacier recession and water resources.
“The launch of the EO-1 satellite marks a momentous milestone in Pakistan’s space journey,” APP said.
Pakistan has taken strides in its space research program in the past few months. In November 2024, SUPARCO announced its rover will join China’s Chang’E 8 mission to explore the moon’s surface in 2028.
In May 2024, Pakistan launched its first lunar satellite aboard China’s Chang’e-6 probe, which was tasked with landing on the far side of the moon that perpetually faces away from the Earth. China was the first country to make such an ambitious attempt.
Academy award winner Sharmeen Obaid-Chinoy launches YouTube film series on hate speech
- ‘Facets of Hate Speech’ includes five films that will be released between Jan.13-17
- Sharmeen has won two Oscars for films on acid violence survivors, honor killings
ISLAMABAD: Two-time Academy Award winner Sharmeen Obaid-Chinoy’s SOC Films has announced the launch of its latest campaign, “Facets of Hate Speech,” a YouTube series of five films that aim to spark a “new dialogue” around hate speech in Pakistan, with the first movie releasing today, Monday.
The films feature activists, experts, and officials commenting on issues like cyber harassment, the backlash against Pakistan’s women’s rights movement and blasphemy laws, among other issues.
“This campaign is a crucial step in confronting the grave threat of hate speech which has deeply woven itself into the fabric of Pakistani society— an alarming reality that challenges the future we envision for our country,” Obaid-Chinoy said in a statement.
“Hate speech fuels intolerance, discrimination, and violence. It silences dissent, undermines human rights, and jeopardizes the very foundation of a just and equitable society. Through this series, we aim to give voice to the victims of hate speech, amplify the voices of those working tirelessly to combat it, and inspire action for a more inclusive, and tolerant Pakistan.”
The first film in the series, releasing on Jan. 13, will delve into the rise of cyber harassment in Pakistan, focusing on its “devastating impact” on women and the urgent need for stronger legal protections and increased online safety measures.
Another film will examine the backlash faced by the Aurat March, a powerful women’s rights movement in Pakistan. The film will be released on Jan. 14.
A third film will shed light on the “perilous landscape” surrounding blasphemy laws in Pakistan, focusing on the tragic case of Rashid Rehman, a lawyer murdered for defending an individual accused of blasphemy.
“It explores the immense personal, legal, and societal challenges faced by defense lawyers in such sensitive cases and highlights the urgent need for reforms to protect human rights defenders,” the SOC press release said, saying the film would be out on Jan. 15.
The last two films, releasing on Jan. 16 and 17 respectively, will focus on hate speech directed at the country’s transgender community and the “disturbing phenomenon of mob violence” in Pakistan.
“It delves into the tragic case of Priyantha Kumara, a Sri Lankan factory manager who was brutally lynched by a mob in Sialkot, and explore the root causes of this horrific incident, including the role of hate speech in inciting violence,” SOC said about the last film in the series.
Obaid-Chinoy is best known for winning an Oscar, Pakistan’s first, for her 2012 documentary ‘Saving Face,’ which focused on survivors of acid violence. In 2016, ‘A Girl in the River: The Price of Forgiveness,’ won Obaid-Chinoy a second Oscar for Best Documentary, Short Subject , at the 88th Academy Awards.
In April 2023, Disney officially announced during the Star Wars Celebration convention that Obaid-Chinoy would direct the next film in the series, set 15 years after the events of The Rise of Skywalker, and with Daisy Ridley back as Rey.
PM Sharif orders probe as bomb blast in southwestern Pakistan kills 1
- Incident follows Jan. 4 blast near Turbat city that killed five paramilitary soldiers, injured over two dozen others
- Mineral-rich Balochistan province, which shares borders with Iran and Afghanistan, has faced insurgency for decades
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Monday ordered authorities to investigate a roadside bomb blast in the country’s southwestern Turbat city that killed one person, vowing to bring the culprits to book and continue the state’s war against militants.
The incident follows the Jan. 4 blast near Turbat when at least five paramilitary soldiers were killed and over two dozen others injured after a vehicle-borne improvised explosive device targeted a bus carrying security personnel.
Monday’s roadside bomb blast in Turbat killed one person, state broadcaster Radio Pakistan reported. No group has so far claimed responsibility for the incident.
“Prime Minister Shehbaz Sharif condemns the roadside bomb blast in Turbat,” a statement from Sharif’s office said. “The prime minister has directed the incident be investigated.”
Sharif said those responsible for the blast should be immediately identified and punished.
“We will continue the war against terrorism until Pakistan is cleansed of it,” Sharif said. “Those who carry out such terrorist activities are enemies of the development of Balochistan.”
Balochistan, a mineral-rich province sharing borders with Iran and Afghanistan, has faced an insurgency for decades, which has intensified in recent years. The Baloch separatists accuse the Pakistani state of exploiting the region’s resources without adequately benefiting its population.
However, Pakistani governments deny the allegations, saying they have launched several development projects to promote prosperity and improve the lives of residents in the province.
The Balochistan Liberation Army (BLA), with a strong presence in Balochistan, has emerged as a major threat to the state, carrying out deadly attacks, including suicide bombings, to target Pakistani security forces.
According to provincial administration data, Balochistan witnessed a dramatic surge in militant violence in 2024, resulting in about 300 deaths in over 550 attacks.
Pakistani fintech operator partners with UAE group to provide financial solutions in Emirates
- Partnership to help customers in United Arab Emirates access earned wages prior to scheduled payroll date
- Move “significant step” in providing flexible financial solutions to unbanked individuals, says Pakistani fintech
KARACHI: An emerging fintech operator in the Middle East and Pakistan, Abhi, announced on Monday it has partnered with UAE’s Al Ansari Financial Services to provide financial solutions to banked and unbanked communities in the UAE.
Abhi is a Pakistani fintech company that provides employers an opportunity to withdraw their earned salary any day through its Earned Wage Access (EWA) facility and other products. Founded in 2021, Abhi has been serving customers in Pakistan, UAE and Bangladesh through its credit-bridging products.
Al Ansari Financial Services is a UAE-based financial services ecosystem that enables the mobility of money locally and globally. For almost 60 years, the group says it has enabled tourists, residents and businesses to transfer and exchange money and conduct payments effectively.
“In a move set to reshape the financial landscape, Al Ansari Financial Services one of the leading integrated financial services groups in the UAE announces its strategic partnership with Abhi Middle East Limited, the region’s largest embedded finance platform backed by Hub71 and Abu Dhabi Investment Office (ADIO), to broaden the spectrum of financial solutions available to consumers, ensuring a seamless service experience across the board,” Abhi said in a statement.
The alliance will provide EWA and Send Now, Pay Later (SNPL) services to complement Al Ansari Financial Services’ existing portfolio from the second quarter of this year, Abhi said. The alliance will help address the varied needs of both unbanked and underbanked communities in the UAE, it added.
The statement said that the solutions would be gradually introduced across multiple platforms to ensure easy and convenient access for customers, allowing for a smooth integration and enhanced user experience of the financial services.
“Abhi, a pioneer in earned wage access and technology-driven financial solutions, will be providing a technology platform and operational framework that will enable Al Ansari Financial Services’ customers to access their earned wages prior to the scheduled payroll date, in addition to allowing the unbanked and underbanked customers to remit funds internationally instantly while deferring payment,” Abhi said.
It said Al Ansari will identify eligible customers for both services.
“This partnership aligns with our ongoing mission to enhance financial accessibility and provide flexible solutions that cater to diverse financial needs,” Mohammad Bitar, group deputy CEO of Al Ansari Financial Services, said in a statement.
Omair Ansari, co-founder and CEO of Abhi Middle East Limited, said the partnership is a “significant step” in providing unbanked individuals with flexible financial solutions.
“Through the introduction of Earned Wage Access and Send Now, Pay Later in the UAE, we aim to address real-world financial challenges, offering tools that empower individuals to take control of their finances,” Ansari said.
