KARACHI: Fintech Galaxy, a firm based in the United Arab Emirates (UAE), is evaluating the option of expanding its outreach to Pakistan due to the size of the market, confirmed one of its top officials during an interview with Arab News earlier this week.
The company is the first central bank-regulated open finance platform offering cloud-based innovation, crowdsourcing, an open application programming interface sandbox, and an artificial intelligence-powered global fintech marketplace.
“We’re looking at both the GCC [Gulf Cooperation Council] and MENA [Middle East and North Africa] area and then also evaluating Pakistan as well as a market, given its size and population,” Michael Hartmann, chief business officer of Fintech Galaxy, told Arab News on Thursday.
“We’re on the mission of trying to kind of move the needle on financial inclusion and we do that by initially engaging with the financial institutions around innovation, but we do want to make sure that innovation in those financial services is coming from Fintechs,” he said on the sidelines of “The Future Summit” in Karachi.
Hartmann maintained the foundation for fintech ecosystem had already been laid in Pakistan, though the political climate of the country was a big hurdle.
While Fintech Galaxy plans to make business inroads in Pakistan, Saudi entrepreneurs and financial technology service providers said the information technology players in the South Asian country should explore and benefit from technological transformation taking place in the Middle East.
“There are a lot of fintechs and startups being done by local Saudis,” Dr. Rehan Al Taji, project head at Gabriel Jobs in Saudi Arabia, told Arab News, adding: “There we have a gap [due to a lack of] technical [experts].”
He maintained that Saudi tech startups were trying to cut down their cost and build better optimized products by approaching Pakistan, India and Bangladesh.
“Pakistani IT experts should approach these [Saudi] entrepreneurs because they are in need of developers and freelancers,” he added.
Al Taji agreed there was a huge IT potential in Pakistan which could be exported to the kingdom and other Gulf countries.
Under Vision 2030, extensive digital transformation has been taking place in Saudi Arabia. In 2022, fintech emerged as the most funded industry in the kingdom where the overall startup ecosystem witnessed record funding of nearly $1 billion.
Fintech experts said there was a great demand for Pakistani software developers and IT consultants in Saudi Arabia and other Middle Eastern countries undergoing digital transformation.