Eight Pakistani firms showcase innovations at 24 Fintech 2024 exhibition in Riyadh

Ahmad Farooq, Ambassador of Pakistan to Saudi Arabia, attends 24 Fintech 2024 exhibition in Riyadh on September 5, 2024. (Photo courtesy: Pakistan Embassy)
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Updated 06 September 2024
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Eight Pakistani firms showcase innovations at 24 Fintech 2024 exhibition in Riyadh

  • Event helped to “promote and position Pakistani fintech companies globally,” Pakistan embassy in Riyadh says
  • Exhibition attracted 36,959 thousand attendees, more than 300 brands and over 350 investors at three-day event

ISLAMABAD: Eight leading fintech companies from Pakistan participated this week in the three-day 24 Fintech 2024 exhibition held in Riyadh where they “showcased their innovations and engaged with global industry leaders,” Islamabad’s embassy in Riyadh said in a statement on Thursday.
Several Pakistani fintech players have entered the scene in recent years, with a focus on digital payments, mobile wallets and e-commerce. The key players include payment platforms like JazzCash, Easypaisa, and PayPak, digital lending platforms like Finja and Tez Financial Services, and e-commerce platforms like Daraz and Shopsy. The State Bank of Pakistan has also launched initiatives to promote fintech, including a digital payments framework called RAAST.
However, with only 21 percent of Pakistan’s adult population included in the formal financial sector, fintechs face numerous challenges to realize their potential. With a limited talent supply and the population’s trust in cash, fintechs are struggling to offer innovative solutions to capture the unserved market and have limited sources of investments.
“The 24 Fintech 2024 exhibition held from 3-5 September 2024, celebrated the best in fintech and provided key opportunities for [Paksitani] companies to expand their reach and enhance their knowledge,” the Pakistan Embassy in Riyadh said on Thursday. 




Ahmad Farooq, Ambassador of Pakistan to Saudi Arabia, attends 24 Fintech 2024 exhibition in Riyadh on September 5, 2024. (Photo courtesy: Pakistan Embassy)

“Among the highlights was the participation of eight leading fintech companies from Pakistan, who showcased their innovations and engaged with global industry leaders.”
The exhibition also helped to “promote and position Pakistani fintech companies globally,” the statement added, without specifying which Pakistani firms participated in the event. 
Hosted by Saudi Arabia’s Financial Sector Development Program (FSDP), the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Insurance Authority (IA), the exhibition and summit enjoyed a three-day run at the Riyadh Front Exhibition and Conference Center from Sept. 3-5, attracting 36,959 thousand attendees, more than 300 brands, and over 350 investors.




Ahmad Farooq, Ambassador of Pakistan to Saudi Arabia, attends 24 Fintech 2024 exhibition in Riyadh on September 5, 2024. (Photo courtesy: Pakistan Embassy)

 


Pakistani security forces kill four militants in North Waziristan operation

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Pakistani security forces kill four militants in North Waziristan operation

  • The intelligence-based operation was carried out against TTP militants in the Spinwam area
  • Pakistan’s army chief said this week security forces will continue targeted operations against TTP

KARACHI: Pakistani security forces killed four militants in an intelligence-based operation in North Waziristan’s Spinwam area, the military’s media wing, Inter-Services Public Relations (ISPR), said on Wednesday.

The operation comes amid a surge in militant violence in the northwestern Khyber Pakhtunkhwa (KP) province, which Pakistani authorities attribute to cross-border attacks by the proscribed Tehreek-e-Taliban Pakistan (TTP) from neighboring Afghanistan.

Officials have also accused the Afghan Taliban administration of facilitating these attacks, a claim Kabul has denied.

Pakistan’s army chief, General Asim Munir, told political stakeholders in KP this week that security forces were not planning a full-scale operation against the TTP but would continue targeted intelligence-based actions to counter the banned militant faction.

“On night 14/15 January 2025, Security Forces conducted an intelligence-based operation in general area Spinwam, North Waziristan District on reported presence of khwarij [TTP militants],” the ISPR said in a statement.

“During conduct of the operation, own troops effectively engaged khwarij’s location, and after intense exchange of fire, four khwarij were sent to hell,” it added.

Weapons and ammunition were recovered from the militants, who the ISPR said had been actively involved in numerous violent attacks on security forces and targeted killings of civilians.
Prime Minister Shehbaz Sharif commended the security forces for their efforts.

“The nation is proud of the fearless youth in our security forces,” Sharif said in a statement issued by the Prime Minister’s Office. “We remain determined to thwart the evil designs of the enemies of humanity and will continue to work toward eradicating terrorism from the country.”

The ISPR emphasized the operation underscored Pakistan’s commitment to eliminating militancy, adding security forces were determined to “wipe out the menace of terrorism from the country.”


Pakistan’s Imran Khan defiant even as longer sentence looms

Updated 35 min 47 sec ago
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Pakistan’s Imran Khan defiant even as longer sentence looms

  • The former prime minister can get 14-year prison term this month in the Al Qadir Trust graft case
  • Analysts believe the security establishment is using the sentence as a bargaining chip with Khan

ISLAMABAD: Imran Khan, Pakistan’s most popular politician, is facing a 14-year prison term this month in a case his party says is being used to pressure him into silence.
The former prime minister, long a source of frustration for the powerful military, has been in custody since August 2023 and faces a slew of legal cases he says are politically motivated.
A looming verdict for graft linked to a welfare foundation he set up with his wife, the Al-Qadir Trust, is the longest-running of those cases, with a verdict postponed on Monday for a third time.
“The Al-Qadir Trust case, like previous cases, is being dragged on only to pressure me,” Khan said this month in one of his frequent statements railing against authorities and posted on social media by his team.
“But I demand its immediate resolution.”
Analysts say the military establishment is using the sentence as a bargaining chip with Khan, whose popularity undermines a shaky coalition government that kept his party from power in elections last year.
“The establishment’s deal is he comes out and stays quiet, stays decent, until the next election,” said Ayesha Siddiqa, a London-based author and analyst on Pakistan’s military.
Analysts say the military are Pakistan’s kingmakers, although the generals deny interfering in politics.
Khan said he had once been offered a three-year exile abroad and was also “indirectly approached” recently about the possibility of house arrest at his sprawling home on the outskirts of the capital.
“We can assume from the delays that this is a politically motivated judgment. It is a Damocles sword over him,” Khan’s legal adviser Faisal Fareed Chaudhry told AFP.
“The case has lost its credibility,” he said, adding that Khan will not accept any deal to stay silent.
Khan has been convicted and sentenced four times in other cases. Two cases have been overturned by the Supreme Court, while judges have suspended the sentences from the other two.
The specialist anti-graft “accountability court” is set to announce the verdict and sentence in the welfare foundation case on Friday, two days after government envoys are scheduled to meet leaders from Khan’s Pakistan Tehreek-e-Insaf (PTI) party to ease tensions.
The PTI has previously sworn to refuse talks with a government its leaders claim is illegitimate, alleging the coalition seized power by rigging February 2024 polls.
They say they will only take part if political prisoners are released and an independent inquiry is launched into allegations of a heavy-handed response by authorities to PTI protests.
Otherwise, Khan has threatened to pull his party from the negotiations and continue with a campaign of civil disobedience that has frequently brought Islamabad to a standstill.
The most recent protests flared around November 26, when the PTI allege at least 10 of their activists were shot dead. The government says five security force members were killed in the chaos.
“The government would like to appear legitimate, and for that they need PTI to sit down in talks with them,” said Asma Faiz, associate professor of political science at Lahore University of Management Sciences.
“Ideally, they would be looking to offer some relief to Imran Khan and his party to appease the domestic and international criticism,” she told AFP.
For now, it appears to be a stalemate, said Michael Kugelman, South Asia Institute director at The Wilson Center in Washington.
“The army might be willing to give Khan a deal that gets him out of jail, but Khan wouldn’t accept the likely conditions of his freedom,” he told AFP.
“Another problem is I can’t imagine the government agreeing to an investigation of November 26. But PTI won’t budge on that demand.”
A stint in exile is common in the trajectory of political leaders in Pakistan who fall out of favor with the military and find themselves before the courts, only to return to power later.
Three-time prime minister Nawaz Sharif served only a fraction of a sentence for corruption, spending several years in London before returning to Pakistan in late 2023.
Former and current president Asif Ali Zardari moved to Dubai after his party was rebuked by the generals.
Both men are now considered the chief architects of the ruling coalition.
But exile might not fit with the carefully worked image of Khan, whose political rise was based on the promise of replacing decades of entrenched dynastic politics.
“I will live and die in Pakistan,” Khan said in a statement shared by his lawyers. “I will fight for my country’s freedom until my last breath, and I expect my nation to do the same.”


Government approves revised deals with 14 independent power producers to reduce electricity costs

Updated 48 min ago
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Government approves revised deals with 14 independent power producers to reduce electricity costs

  • Revised contracts will save the government about $5 billion over their duration, benefiting consumers
  • Revised agreements will also include a $126 million cut in the profits reaped by these IPPs in the past

ISLAMABAD: Pakistan’s federal cabinet on Tuesday approved a plan to renegotiate agreements with 14 independent power producers (IPPs), a move aimed at lowering electricity costs and addressing the country’s mounting circular debt crisis, according to a government statement.

The issue of IPPs, dating back to agreements signed in the 1990s and 2000s, gained prominence recently amid soaring inflation and public discontent over high electricity prices.

At the core of the problem are capacity charges, or payments made to IPPs regardless of electricity consumption, which have exacerbated Pakistan’s circular debt, now exceeding Rs2.4 trillion ($8.6 billion), as per the energy minister Sardar Awais Ahmad Laghari.

“These revised agreements, finalized after negotiations with 14 IPPs, propose a reduction of Rs802 billion ($2.9 billion) in costs and profits, including a Rs35 billion ($126 million) cut in past excess profits,” the statement said, adding the revised contracts will save the government Rs1.4 trillion ($5 billion) over their duration, translating into annual savings of Rs137 billion ($493.2 million) for consumers.

The renegotiated deals include 10 IPPs established under the 2002 policy and four under the 1994 policy, with one 1994 agreement terminated altogether.

The government’s renegotiation efforts, also influenced by International Monetary Fund reform recommendations, seek to reduce tariffs and capacity payments to ease fiscal pressure.

Prime Minister Shehbaz Sharif was also quoted in the statement as describing the revised agreements as significant achievement.

“These settlements will not only save the national exchequer but also help eliminate circular debt and reduce electricity prices,” he said.


Muslim World League supports UNICEF on children’s needs in Pakistan, Chad, Afghanistan

Updated 15 January 2025
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Muslim World League supports UNICEF on children’s needs in Pakistan, Chad, Afghanistan

  • $1.5 million agreement will enhance education and skill-building programs in Chad and Pakistan 
  • In Afghanistan, agreement will help to improve, increase coverage of maternal, newborn, childcare services 

ISLAMABAD: UNICEF and The Muslim World League (MWL) have signed a $1.5 million agreement to enhance education and skill-building programs in Chad and Pakistan and to improve maternal, newborn and childcare services in Afghanistan, the UN agency said in a statement this week.

The agreement was signed by UNICEF Representative to Pakistan, Abdullah A. Fadil, on behalf of UNICEF’s Executive Director, Catherine Russell, and MWL’s General Manager of Strategic Partnerships, Dr. Shaima Alluqmani, on the sidelines of a global conference on Muslim World League Initiative hosted by Pakistan in Islamabad last week. 

‘The climate crisis and digital divide are critical challenges faced by children in Pakistan every day. Providing vulnerable children and youth, especially girls, with the education and skills they need will empower them to reach their full potential and help Pakistan prosper,” Fadil said.

“We look forward to working with the Muslim World League to help ensure that no girl is left behind.”

The agreement will support the “Green Skills Training Programme for Non-Formal Education Students” in Pakistan to equip adolescents — especially girls — with essential green skills and digital skills. The program will enhance their employability and empower them to contribute to a sustainable future, the statement said. 

In Chad, the “Renovation of Qur'anic Schools in Lac” program aims to improve access to education and learning environment in religious schools. This program includes teacher training, the construction of 12 classrooms, and the provision of clean water to 500 students in two schools.

As for Afghanistan, the “Improving Quality of Care for Maternal, Newborn and Childcare Health Services (MNCH)” program was designed to increase access to and utilization of high-quality MNCH services across the country through strengthening health facilities, equipping them with necessary supplies, and improving clinical practices. This program seeks to reduce maternal and newborn mortality and morbidity by ensuring better care and coverage.

Dr. Shaima Al-Luqmani, Director General of Strategic Partnerships at the Muslim World League, said the MWL was keen for such agreements to represent an important pillar of the MWL’s initiative, “Girls’ Education in Muslim Communities: Challenges and Opportunities,” through tangible projects that positively impact the future of millions of girls and women in Muslim societies.

Al-Luqmani added that the initiatives and partnerships established by the MWL with various governmental and non-governmental regional and international organizations “have emphasized inclusivity in their programs, whether in the field of girls’ education and its related services and institutions, or in raising awareness and correcting misconceptions and misinterpretations that cast doubt on the undisputed legitimate right of girls to receive education.”

Muslim World League and UNICEF had partnered for over 14 years, delivering impactful results for children and reaching the most vulnerable with humanitarian supplies and services in education, health, social protection, water and sanitation hygiene ‘WASH’. 


‘All options exhausted,’ army chief tells political leaders on militant attacks from Afghanistan

Updated 15 January 2025
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‘All options exhausted,’ army chief tells political leaders on militant attacks from Afghanistan

  • General Asim Munir explained the situation this week after politicians in Peshawar called for negotiations with Kabul
  • All parties unanimously expressed support for targeted actions against TTP militants, as per meeting participants

KARACHI: Pakistan’s army chief, General Asim Munir, told political leaders in Peshawar this week the country had “exhausted all options” to persuade Afghanistan to curb cross-border militant attacks, expressing regret the administration in Kabul had failed to restrain armed factions, a participant of the meeting said on Tuesday.

General Munir visited Peshawar on Monday, where he received a briefing on the current security situation and ongoing counter-terrorism operations in Khyber Pakhtunkhwa (KP), which borders Afghanistan.

Pakistan has struggled to contain escalating militant violence in KP since a fragile truce between the Tehreek-e-Taliban Pakistan (TTP) and the government collapsed in November 2022. Officials in Islamabad say the TTP leadership is based in Afghanistan from where its attacks on Pakistani civilians and security forces are “facilitated” by the Afghan authorities, an allegation denied by Kabul.

During his visit to Peshawar, the army chief engaged with leaders from various political parties, including Chief Minister Ali Amin Gandapur. During the meeting, political representatives expressed “vivid clarity on unflinching support” for the armed forces and law enforcement agencies in the nation’s fight against extremist violence and agreed on the need for a unified front against militant networks, according to the Inter-Services Public Relations (ISPR), the military’s media wing.

“We have exhausted all our options,” Aftab Sherpao, a former federal minister who heads the Qaumi Watan Party and attended the meeting, told Arab News over the phone, quoting the army chief.

Sherpao said the top Pakistani general issued the comment while responding to political leaders advocating for talks and avoiding confrontation with the Afghan Taliban administration.

“He [the army chief] also said some foreign countries were also engaged in talks to persuade the Taliban in Kabul, but terrorist attacks still continue against Pakistan,” Sherpao added.

Professor Muhammad Ibrahim, another participant and leader of the Jamaat-e-Islami (JI) Party, corroborated the information, saying that almost all political parties agreed that negotiations with Kabul should continue.

“Almost all political parties emphasized the need for negotiations with Afghanistan, arguing that war is not the solution,” he said.

“The army chief said the negotiations were still going on, but no positive outcome had emerged so far,” Ibrahim continued. “In response we stressed that a positive outcome will eventually come, and talks should continue.”

The JI leader also quoted the army chief as saying the military was not planning a full-scale operation against the TTP but was carrying targeted intelligence-based actions.

Brig. Mehmood Shah, an expert on Pakistan-Afghanistan affairs, criticized the Afghan Taliban for failing to honor the 2020 Doha Agreement, which ended the Afghan war on the condition that Kabul would prevent its soil from being used by militants against other countries.

“The world knows that in the Doha Agreement, the US explicitly stated that Afghanistan must not allow its territory to be used against its neighbors,” he said. “The US is not Afghanistan’s neighbor, so why was it so insistent?”

Shah said the international community knew Afghanistan had been allowing its land to be used against its neighbors.

He noted that Pakistan, a nuclear-capable country with an air force, had shown restraint despite its capabilities.

“Pakistan has been in dialogue with Afghanistan, but Afghanistan is unwilling to act against the TTP,” Shah continued. “If Pakistan then carries out operations inside Afghanistan, Kabul should not complain.”

According to Pakistan’s state broadcaster, PTV News, the army chief informed the meeting that the primary points of contention between Pakistan and Afghanistan were the presence of the banned TTP on Afghan soil and cross-border attacks.