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Pakistan’s fintech Oraan raises $3m

Pakistan’s fintech Oraan has raised $3 million in the largest seed funding closed by a local women-led startup, announced the company on Monday. The financing round was co-led by Zayn Capital and Wavemaker Partners, with participation from Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, Plug and Play, and notable angels like Claire Diaz-Ortiz, a former partner at Magma Partners, who has also come on board as an advisor to…

Pakistani microfinance pioneer wins Asia’s ‘Nobel Prize’

A microfinance pioneer from Pakistan — who developed an interest-free microfinance programme — was among Tuesday’s winners of Asia’s equivalent to the Nobel Prize. Muhammad Amjad Saqib, 64, won the Ramon Magsaysay Award for his “first-of-its-kind” interest- and collateral-free microfinance programme that catalysed scores of poor households. Nearly two decades after its launch, Akhuwat — founded by Dr Saqib — has grown into the nation’s largest microfinance institution, distributing the…

Daraz Scoops Top Honors in E-mall and CSR Categories at Retail Asia Awards 2021

Pakistani e-commerce giant, Daraz, has won big at the Retail Asia Awards 2021, bagging awards in ‘E-Mall of the Year’ and ‘CSR Initiative of the Year’ categories. The Retail Asia Awards 2021 honors the innovations and accomplishments of enterprises in the past 24 months. Daraz received the ‘E-mall of the Year’ award for its focus on developing a premium and secure channel, DarazMall, for high-quality products and services. Since its inception…

IT Exports Increase 47pc to $1.9bln in 11 Months

KARACHI: Pakistan’s information technology exports increased 47 percent to $1.9 billion during 11 months of the current fiscal year of 2020/21, the central bank data showed on Friday. IT exports rose 59 percent year-on-year to $200 million in May. The exports were $126 million in the same month of last year. Telecommunications, computer and information services are the important items of services exports. The State Bank of Pakistan’s (SBP) data…

Amazon adds Pakistan to the Approved Selling Countries List

Sellers get excited! Buyers, don’t warm your credit cards up just yet! Pakistan has finally bagged a position in the Amazon approved selling countries. Although it might take 12 – 24 hours for the process to be finalized, up and running. Accounts can be made using Pakistani details. Standing ovation to the efforts of the people behind this incredible achievement, Aisha Moriani (Joint Secretary, Ministry of Commerce), Omer Gajial (Ex…

Pakistan to Produce Energy from Waste

The concept of utilising waste to generate energy might soon be introduced in Pakistan and the ministries concerned would be educated about the technology, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo. In a meeting with a delegation of Pakistan Plastic Manufacturers Association on Tuesday, he said Chinese innovation and introduction of waste recycling was gaining traction in Pakistan. “Pakistan’s exports are concentrated in only…

Auto Sector Projected to Grow In 2021, 2022

KARACHI: Despite the negative impacts of the Covid-19 lockdown on Pakistan’s economy, experts see light at the end of the tunnel for the automobile industry. “Industry analysts have painted a positive outlook for the auto industry in the upcoming years, predicting around 17% rise in demand for cars in 2021 and 24% in 2022,” stated an OLX report on vehicle category. In comparison to FY20, the volumes are estimated to…

Skywell Automobile to Invest $50 Million in Pakistan to Launch Electric Vehicles

In a session with the local media, the Federal Minister Science & Technology, Fawad Chaudhry announced that Skywell Automobile will be bringing in an investment of 50 million dollars to launch electric buses in Pakistan. The aforementioned investment is planned for the first phase. The next phase shall see the beginning of the local manufacturing of electric buses in Pakistan. The Minister informed that these buses will begin rolling on…