Discussion on China’s fintech model held at IBA’s main campus – Pakistan

by James · November 13, 2022

KARACHI: China Study Center COMSATS Islamabad and China Study Center Institute of Business Administration (IBA) Karachi University Campus in collaboration with Islamabad Policy Research Institute (IPRI) organized a discussion on “Understanding Fintech Model of China – Evolving Role of Financial Technologies in e – Commerce Industry of Pakistan”, here at IBA Main Campus, University of Karachi.

The two-panel discussion program was chaired and opened by Vice-Chancellor COMSATS, Dr Tabassum Afzal. Dr. Afzal said that understanding alternative payment methods and their implementation in a consumer market like Pakistan are major challenges but are crucial for Pakistan to compete with global markets. He also said that COMSATS planned to conduct an international FinTech conference in the year 2023 to discuss the development of Pakistan’s burgeoning FinTech industry.

The Dean of IBA’s Business School, Dr. Abdullah Sheikh, said in his welcome letter that understanding the Fintech model in China is crucial because of the reception and trust that the Chinese community has placed in the Fintech market.

In the first forum, moderated by Dr Tahir Mumtaz, Director of China Study Center COMSATS Islamabad titled “Understanding the Digital Transformation & FinTech model of China-Lessons for Pakistan” the panelists were Atyab Tahir, Founder & CEO Trayle, Amin Rahman, Chief Digital Officer Faysal Bank Ltd, Nadeem Haroon – Country Head – Union Pay International, Dr Safia Minhaj – Professor, University of Karachi and Faiq Sattar – Co-Founder and Managing Director, Asaan Ghar Finance Limited.

The industry leaders discussed how the Chinese Fintech market has evolved and integrated into society, focusing on micro-tools to tap into a broader consumer base. Parallels were also drawn to how conventional financial systems in China and Pakistan differ in terms of operations and consumer-driven innovation.

In the second forum titled “Are we ready for financial technology innovation? Present and Future of E-Commerce Industry in Pakistan”, the panel consisted of Syed Faraz Javed – General Manager Digital Financial Services/pay, National Institutional Facilitation Technologies (Pvt) Ltd ( NIFT), Saad Niazi – Chief Operating Officer KEENU, Shariq Mubeen – Head of Alternative Channels, Meezan Bank, Fizza Nadeem Siddiqui – Founder Peervest Global Pakistan, Venture Partner – Republic USA, Head of Investment – First Founders USA and Qazi Nauman Mujahid – Director Operations, Digitech Infra Associates The panel was moderated by Dr Nasir, Head of China Study Center IBA.

The second forum discussed how Pakistan, as a favorable business environment, needs reforms and structural adjustment. It was also suggested that Fintech in Pakistan must be incentivized and regulatory processes must be streamlined for better industrial growth.