Discussion on China’s fintech model held on IBA’s main campus

KARACHI: China Study Centre COMSATS Islamabad and China Study Centre Institute of Business Administration (IBA) Karachi University Campus, in collaboration with Islamabad Policy Research Institute (IPRI) organized a discussion on “Understanding Fintech Model of China – Evolving Role of Financial Technologies in e-Commerce Industry of Pakistan”, here at IBA Main Campus, University of Karachi.

The two-panel discussion programme was chaired and opened by Vice Chancellor COMSATS, Dr Tabassum Afzal. Dr Afzal said that understanding alternative payment methods and their implementation in a consumer market like Pakistan are huge challenges, but are crucial for Pakistan to be able to stand with global markets. He also said COMSATS was planning to conduct an international FinTech conference in the year 2023 to discuss the evolution of Pakistan’s budding FinTech industry.

The Dean of IBA’s Business School, Dr Abdullah Sheikh, in his welcome note said it is crucial to understand the Fintech model of China owing to the reception and trust that the Chinese society has put in the Fintech market.

In the first forum, moderated by Dr Tahir Mumtaz, Director of the China Study Centre COMSATS Islamabad titled “Understanding the Digital Transformation & FinTech model of China-Lessons for Pakistan” the panelists were Atyab Tahir, Founder & CEO Trayle, Amin Rahman, Chief Digital Officer Faysal Bank Ltd, Nadeem Haroon - Country Head - Union Pay International, Dr Safia Minhaj – Professor, University of Karachi and Faiq Sattar – Co-Founder & CEO, Asaan Ghar Finance Limited.

The industry leaders discussed how the Chinese Fintech market has evolved and integrated into society, with the focus being on micro-utilities to tap into a wider consumer base. Parallels were also drawn on how conventional financial systems in China and Pakistan are different in terms of operability and consumer driven innovation.

In the second forum titled “Are we ready for Financial Technologies Innovation? Present and Future of E-Commerce Industry in Pakistan”, the panel comprised of Syed Faraz Javed – General Manager Digital Financial Services/epay, National Institutional Facilitation Technologies (Pvt) Ltd (NIFT), Saad Niazi – Chief Operating Officer KEENU, Shariq Mubeen – Head of Alternate Channels, Meezan Bank, Fizza Nadeem Siddiqui – Founder Peervest Global Pakistan, Venture Partner – Republic USA, Head of Investment – First Founders USA and Qazi Nauman Mujahid – Director Operations, Digitech Infra Associates. The panel was moderated by Dr Nasir, Head of China Study Centre IBA.

The second forum discussed how Pakistan, as a conducive business environment needs reforms and structural realignment. It was also suggested that Fintech in Pakistan needs to be incentivized and regulatory processes need to be streamlined for a better industrial growth.

Copyright Business Recorder, 2022