A non-profit organization, Karandaaz Pakistan works on financial inclusion of individuals and small businesses. Karandaaz Pakistan organized its first ever Fintech Disrupt Challenge 2016 yesterday which concluded successfully. The competition was organized with an aim to motivate budding startups to tackle the financial challenges. The startups were encouraged to showcase products and services primarily relating to the domains of financing, insurance, investments, payments and savings.
As many as 28 startups pitched their products in an elevator pitch style. The startups were given 2 minutes each to present their product. A talented and young startup founder, Miriam Mehdi pitched her startup Galla in front of the judges. Galla was all about organizing smart digital committees. While explaining about her startup, she stated:
“Galla is going to be an application to automate investment generation. The application will be bringing convenience and process to the people. Moreover, people will be able to generate investments by creating running committees through this application”
There was another startup, eZavia, which was all about utilizing WhatsApp, Facebook, Messenger and Skype for the transferring of money from one point to another.
While talking about ‘setting up fintech operations in Pakistan’, the Founder and CEO of Finja Qasif Shahid said:
“Mobile commerce is the next big thing. All the ecommerce in the country is expected to grow exponentially in the next 3 years, at the back of Mobile commerce; It is going to be a billion dollar market. Mobile commerce means that all merchants and buyers will have mobile wallets which will be utilized for all buying and selling. As a result, the shopping experience will be swift and much better than ever”
About 3 winning startups
Fintech Disrupt Challenge competition had 6 judges from various walks of the field. They were Amaar Ikhlaas, Asad Zafar, Mohsin Termezy, Naeem Zamindar, Romana Abdullah and Yasser Bashir. After thorough, lengthy and rigorous session, the panel of judges shortlisted 3 winning startups out of 10 startups who pitched their products for 10 minutes each.
1- Paysys
Paysys offers a vast array of payment types across multiple channels anywhere at any time to its customers. In addition, it also provides reliable and secure technology platforms to banks, telcos and businesses.
2- Publishex
Publishex is focused on making life easier by allowing integration of more than 100 million mobile subscribers to make online payments. All this will be done without requiring a bank account, credit card or having to go to carrier specific mobile wallets.
3- Ricult
This startup is primarily to cater the needs of farmers. Ricult will help farmers in connecting with online buyers to whom they can sell their products at relatively substantial rates. Moreover, it will also allow farmers to take loans which can help them in advancing their farming. Subsequently, it will make them more financially stable.
All the aforementioned startups will receive the grants. Furthermore, they will also get ample amount of backing and mentorship from Karandaaz Pakistan and its network. The competition took place on the lines of internationally acclaimed Disrupt Challenge.
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