Whatever business you are running, whether it is big or small, it is on industrial level or mediocre level, one must be able to tell the worth and accounts of that business. Most people start their businesses without having proper knowledge and consequently, they have to face failures in their business. The increase in digital financial services has reduced the percentage of failures in business for rookies. This increase in digital financial services has luckily introduced Fintech in Pakistan.
More than 40 Financial Technology (Fintech) are Working in Pakistan
Fortunately, in Pakistan, more than 40 Fintechs are operating in the meantime. Fintech company provides updated technologies used by businesses that provide improved financial services. According to reports, there are more than 40 prominent fintech’s operating in Pakistan in the mainstream fields like Payment Services Provider, Wallet Services, Identity Services, Digital Savings, merchant aggregators, and many more.
It is reported that the regulatory support for fintech has improved over the past few years. Also, the usage of digital financial services has been noticeably increased. Internet banking transactions and mobile banking transactions have also been raised.
In Pakistan, there is not much data available for Fintechs that is why it is reported that the venture capital investors and typical angels have been watchful with fintech investments.
Stats say that out of 24 fintech’s, more than 50% of them were undertaken by corporate entities. Around 21% and 12.5% of Fintechs were undertaken by Venture Capitalists (VCs) and Angel Investors respectively.
Investments by VCs, angel investors, and corporate entities with a continuum to increase, and since we know that Fintech is linked with global trends in investments, the majority of the investments will be absorbed by the payment section in the future.
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