A Karachi-Based Fintech Company Swich Wins 20 million Grant for Digital Payments Revolution

A Karachi-Based Fintech Company Swich Wins 20 million Grant for Digital Payments Revolution


A Karachi-Based Fintech Company Swich Wins 20 million Grant for Digital Payments Revolution
 
A fintech company based out of Karachi, Swich, has won the Pakistan Innovation Hub Award that led to a grant of PKR 20 million, under the Ministry of Planning.


Presenting its innovative idea at the Pakistan Innovation Hub, Swich showcased its solution aimed at creating a digital Pakistan, fostering financial inclusion, and addressing critical macroeconomic challenges within the nation.

The proposal received an overwhelmingly positive response, leading to Swich’s selection as the highest grant winner.

This notable accomplishment signifies Swich’s unwavering commitment to revolutionizing digital payments in Pakistan, while also highlighting the government’s profound trust in the company’s vision.

Expanding on the news, the co-founder of Swich, Shah Aun Hussain, briefed, “Swich is the first application in Pakistan that is providing major financial services empowering the retailer under a single application; we have 1,000+ retailers already registered with monthly transaction processed value above PKR 1 Billion which serves as product market fit.

As the next step, we will use the support of relevant stakeholders to enhance and scale this platform across Pakistan. Our win at Pakistan Innovation Hub is not the cheque size but rather the fact that the government believes that Swich can make a difference in Pakistan, giving us validation to digitize Pakistan’s economy through the retail segment.”

Speaking at the event, Federal Minister for Planning, Development & Special Initiatives, Mr. Ahsen Iqbal said, “Pakistan Innovation Hub is a platform for all entrepreneurs to showcase their ideas and take government support in terms of grants to use as seed money to add value to the country.

This initiative will bring some very promising companies of the future to the limelight, in turn empowering a prosperous Pakistan, in line with Prime Minister’s vision 2025.”
 FasalPay and Kissan Gudam collaborate to help improve the profitability of the farmers

FasalPay and Kissan Gudam collaborate to help improve the profitability of the farmers

 FasalPay and Kissan Gudam collaborate to help improve the profitability of the farmers



Lahore: In line with the vision of helping farmers increase their profitability, FasalPay, a leading agri-fintech platform and Kissan Gudam, the providers of advanced agri-storage technology have joined forces to maximize post-harvest value for the farmers. This collaboration aims to provide farmers with a comprehensive solution that encompasses crop storage, agri-inputs, and affordable agri-financing. 

Farmers in Pakistan are prone to distress sale of commodities immediately after harvest during the supply glut when prices are lower as they have to repay their loans to the banks or informal financiers and to buy inputs for the next crop without wasting any time. Absence of feasible warehousing solutions means they can only store the commodities in traditional sub-optimal conditions resulting in weight loss and quality degradation, so they prefer to sell ASAP. Aggregators/middlemen exploit this situation and store commodities in large quantities as it is almost 100% certain that prices start increasing a few weeks later and bring about 20-50% appreciation in 3 to 6 months’ time.

Now farmers can securely store their crops in Kissan Gudam's state-of-the-art hermetic storage facilities. Simultaneously, they can leverage FasalPay's end-to-end agri-services which include affordable credit, provision of agri-inputs, expert advice, and fair sale of produce. This integrated approach enables farmers to reduce cost of farming and fetch better prices of produce leading to higher profits.

Habib Saqib, Founder and Head of Business at FasalPay said, “We are thrilled to join hands with Kissan Gudam to offer farmers a holistic solution. This partnership enables us to offer our portfolio of services to farmers who cannot access formal credit because of farming on leased lands, or don’t want to get their lands mortgaged by the banks. By putting their commodity as a collateral, they not only get quicker access to affordable credit but also benefit from higher earnings by avoiding distress sales.”

Farhan Tahir, Co-Founder and CEO of Kissan Gudam said, “We are committed to increase farmer’s income by revolutionizing crop storage, minimizing post-harvest losses and mitigating food security challenges faced by our country. Farmers cannot only store their commodities safely but also have access to a wide range of off takers to sell digitally. We are delighted to partner with FasalPay who shares our vision and are committed to uplift Pakistan’s agri ecosystem.”

China Unicom Beijing and Huawei Present Achievements of 5G Capital Innovation Project in 2023

China Unicom Beijing and Huawei Present Achievements of 5G Capital Innovation Project in 2023

China Unicom Beijing and Huawei Present Achievements of 5G Capital Innovation Project in 2023

At the Mobile World Congress (MWC) Shanghai 2023, China Unicom Beijing and Huawei showcased the achievements of their 5G Capital innovation project in the first half of 2023 at China Unicom's exhibition booth, following the fourth anniversary of the commercial rollout of 5G. Through the project, the partners have enhanced the reach, deep coverage, and experience of 5G networks, and proposed a definition for smart network operations. This definition, together with the previously-released user-experience-based criteria, forms a complete set of 5G network evaluation criteria, which will serve as a valuable reference for global operators when engaging in high-quality 5G planning, construction, maintenance, and optimization.

China Unicom Beijing and Huawei Present Achievements of 5G Capital Innovation Project in 2023


Combining Static and Dynamic Elements to Enable Smart Networks and Network Operations


China Unicom Beijing and Huawei have been innovating and upgrading 5G networks to deliver better products and services to users. They verified 5G gigabit experience in hotspots in 2020, and tested the actual user experience across Beijing based on four categories of network evaluation criteria in 2021, with both achieving their desired results. In 2022, they deployed the world's largest 5G 200 MHz high-bandwidth urban network. For this year, they have been focusing on achieving smart operations based on the existing powerful network and service data in order to fully utilize the capabilities of the network and unleash its potential, thereby delivering premium user experience.

Smart operations, as China Unicom Beijing defines, require the combination of four static elements (most diverse dimensions, finest evaluation granularity, most comprehensive indicators, and optimal algorithm) and four dynamic elements (agile insight, smart algorithm, dynamic network, and flexible operations) to make networks intelligent. For example, for complex 3D scenarios such as buildings, stadiums, and residential areas, the minimum granularity of network evaluation is changed from cells to beams to gain accurate insights into 5G 3D coverage based on big data and smart algorithms. In addition, intelligent planning matches real-world network problems with engineering solutions to provide the most cost-effective planning solution. With the four dynamic elements, networks are capable of self-healing, self-optimization, and real-time response. Networks in operation can dynamically identify base station faults, accurately identify fault causes, and automatically adjust network parameters based on surrounding base stations and radio environments. In this way, the impact of faults on user experience is minimized, while the operations efficiency is maximized.

Yang Lifan, Deputy General Manager of China Unicom Beijing, said, "We put an AI brain into advanced networks to identify and solve every network pain point. We also maximize network efficiency using smart algorithms, achieve self-healing and self-optimization through dynamic networks, and improve user experience through flexible operations."

Consolidating All-Scenario 1 Gbps and Building 10 Gbps Capability into 5G Networks to Meet All Service Requirements


After four years of development, 5G networks are now in a stage of overcoming the challenges in achieving deep coverage in scenarios like residential areas, where last-100-meter coverage is required for providing premium experience and consolidating all-scenario 1 Gbps. Meanwhile, 5G network capabilities need to be upgraded to meet all service requirements, including upcoming new services, such as naked-eye 3D, New Calling, cloud phones, and 8K HD multi-channel live streaming.

China Unicom Beijing used Huawei's innovative solutions, including MetaAAU, EasyMacro, and Distributed Residential Solution (DRS), to build China's most powerful ubiquitous gigabit network in Beijing. This network increases 5G traffic by 50% and greatly improves 5G experience in residential areas. China Unicom Beijing also deployed Huawei's 5G high-band products, becoming the first to deploy such products in contiguous hotspots. Based on the extremely large antenna array (ELAA) technology, Huawei's 5G high-band products allow for live streaming using four 8K HD cameras at the same time, supporting a peak uplink rate of 2 Gbps. This makes China Unicom Beijing the first to be ready for the commercial use of the 10 Gbps capability.

Ritchie Peng, President of Huawei's 5G Product Line, said, "Since its launch four years ago, the 5G Capital project has helped us innovate and commercialize 5G technologies. As we gain a deeper understanding of product scenarios and key technology selection, we're able to provide optimal solutions for global operators. In addition to Massive MIMO, Huawei introduced a new technology — ELAA — in 2021. ELAA expands mid- and high-band coverage, helping us achieve deep coverage with C-band and put 5G high-band products into commercial use. I'm pleased to see that ELAA has enabled deep coverage in residential areas and continuous high-band coverage in hotspots. We will continue to innovate and help China Unicom Beijing build a quality network that is excellent in terms of speed and in every other aspect."

MWC Shanghai 2023 runs from June 28 to June 30 in Shanghai, China. Huawei will showcase its products and solutions at stands E10 and E50 in Hall N1 of Shanghai New International Expo Centre (SNIEC). Together with global operators, industry professionals, and opinion leaders, we dive into topics such as speeding up 5G prosperity, striding towards the 5.5G era, and intelligent digital transformation. 5.5G creates new business value in areas like connecting people, Internet of Things (IoT), and Internet of Vehicles (IoV), supporting countless industries as they move towards an intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwcs2023.

Kia Motors (Lucky Motors Corporation Limited) has revised prices for several of its car variants, which will be effective from July 05, 2023. The company increased the price of Picanto AT's to Rs3.825 million while the Stonic EX+ costs Rs6.05 million. In Sportage lineup, the Alpha variant is now available at Rs7.3 million and the FWD variant is now priced at Rs8.19 million. The AWD variant of the Sportage is available at Rs8.82 million, increasing from Rs8.57 million, and the Black Edition is priced at Rs 9.30 million as compared to Rs9.05 million earlier in Sorento models, the 2.4L FWD variant costs 10.80 while the 3.5L FWD variant costs 11.79 million whereas in Picanto MT, Stonic EX, and the Carnival Executive variants remain unchanged at Rs3.35 million, 535000 and 16750000 respectively



Meta Remains Committed To Support Digital Empowerment Of Pakistani Women Entrepreneurs

Meta Remains Committed To Support Digital Empowerment Of Pakistani Women Entrepreneurs

Meta Remains Committed To Support Digital Empowerment Of Pakistani Women Entrepreneurs



Meta has joined hands with the State Bank of Pakistan (SBP), the National Institute of Banking & Finance (NIBAF), and Demo, to launch the second phase of their flagship SheMeansBusiness program in Pakistan. Together, they aim to digitally empower 500 women entrepreneurs and other high-value small businesses through training and access to resources as well as networking opportunities.

The launching ceremony “The Digital Bridge: Advancing Financial Inclusion for Pakistan” was held in Karachi this week. It was attended by officials of the Ministry of Commerce, Women Chambers of Commerce and Industry, and other prominent members of the telecommunication, banking, and business community.


Sima Kamil, Deputy Governor, SBP who attended the launch, said, “Small businesses play a crucial role to boost the country’s economy. We are pleased to support Meta’s initiative to empower more women entrepreneurs and small businesses and help them scale their businesses in Pakistan. We hope that the knowledge they gain will also help them tap into export markets.”

Beth Ann Lim, Meta’s Director of Policy Programs, said “At Meta, we are committed to supporting the economic growth of Pakistan by empowering small business owners, especially women entrepreneurs, by upskilling them in the digital space and helping them develop their revenue generation streams. We thank SBP, NIBAF and Demo, for the collaboration, and look forward to working together towards our collective goal of unlocking the potential of women-owned businesses and creating a more equitable society.”

Demo will select the new participants of the program from Pakistan’s export-oriented chambers as well as the pool of small business owners that participated in the first phase of the SheMeansBusiness curriculum in Pakistan. They will be equipped with tools and techniques needed to succeed in the competitive online landscape and scale their businesses.


A total of 100 participants will receive advanced training on export advertising from Dial Zero, Meta’s associated sales partner in the country. Meta will provide ad credits on Facebook to help them bolster their presence by reaching target customers locally and globally. At the end of this phase of the program, Demo will prepare a handbook of case studies on how the businesses leveraged the power of social media to access new markets outside of Pakistan.

Appreciating the initiative, Mr. Riaz Chunara, Managing Director of NIBAF, said, “It’s important to make sure that small businesses are well-equipped with tools and techniques to leverage the digital space so they can advertise more effectively and expand their customer pool. It not only helps them increase their reach in Pakistan, but gives them the push they need to go beyond.”

In 2018, Meta launched its SheMeansBusiness initiative in Pakistan. So far, more than 30,000 women across 51 cities of Pakistan including AJK and GB have received training.

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