close
Monday May 20, 2024

Dr Saif for setting up VC fund

By Our Correspondent
September 21, 2023

ISLAMABAD: Federal Minister for IT and Telecom Dr Umer Saif has envisaged setting up a government-backed Venture Capital (VC) Fund of Fund to strengthen the startup and fintech ecosystems.

During his visit to the Securities and Exchange Commission of Pakistan (SECP), Dr Saif showed a keen interest in the SECP’s regulatory sandbox and the cutting-edge business models being considered, such as asset fractionalisation.

SECP Chairman Akif Saeed briefed the federal minister about the organisation’s significant efforts in digitalisation, innovation, regulatory support, capacity building, investment facilitation, and policy advocacy. The chairman also informed about the regulatory sandbox programme to facilitate fintech, seamlessly embed technology into conventional financial services, and bring innovation to them.

SECP Commissioner Mujtaba Ahmad Lodhi, Khalida Habib, IGNITE CEO IGNITE Mr Mr. Asim Shahryar Husain and other senior officials were also present.

Specialised Companies Executive Director Khalida Habib briefed the minister on the regulatory requirements for the formation of a government backed VC Fund of Fund and provided detailed insights for effectively establishing a well-structured VC Fund of Fund.

The minister also witnessed the signing of a memorandum of understanding (MoU) between SECP and IGNITE, focusing on awareness sessions, regulatory compliance education, addressing challenges faced by Pakistani startups, fostering fintech innovation, and fostering investment-friendly environments. The MoU was signed by SECP Commissioner Mujtaba Ahmad Lodhi, and Ignite CEO Asim Shahryar Husain.