Innovation Hub Award: Karachi-based fintech co wins Rs20m grant

KARACHI: A fintech company based in 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.

The co-founder of Swich, Shah Aun Hussain said, “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 oer 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, 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.”

Copyright Business Recorder, 2023