MoU signed with ‘FinTech Disrupt Challenge’ winners

Islamabad One of Pakistan’s top financial technology & inclusion players, Karandaaz Pakistan, has signed grant agreements with four winners of the ‘FinTech Disrupt Challenge’ 2017, says a press release.

Aimed at hunting for extraordinary start-up ideas worthy of creating substantial social impact, the second chapter of FDC solicited innovative responses to bottlenecks in Pakistan’s financial services sector.

Karandaaz Pakistan CEO Ali Sarfraz signing grant agreements with the FDC2017 winners here at a local hotel. CreditFix, the FDC ‘17 winner founded by Owais Zaidi, was awarded a grant of $100,000. Three runners-up namely Agri-Gate by Saad Tamman, UniKrew Solution by Naveed Tejani, Syed Taha Ali, and Muhammad Naveed Shareef, and Invoice Wakalah by Muhammad Waseem Sheikh, received $20,000 each in funding.

Through FDC 2017, Karandaaz had invited start-ups in five thematic areas including access to financial services, payments, e-commerce, interoperability, and early stage ideas related to mWallet use cases, education of financial services through technology, customer engagement/experience, microcredit, and digital savings. Banks, government regulators, incubators, and complementary actors from the FinTech industry had assembled together at the event to hear the 23 shortlisted start-ups present their ideas in front of a panel of experts.

“We are confident that the grants we have released today will help these promising startups go to market and change Pakistan’s financial services landscape for the better,” said Ali Sarfraz, CEO, Karandaaz Pakistan. “The FinTech Disrupt Challenge is a remarkable platform through which we give emerging and aspiring fin-tech players of Pakistan an opportunity to materialise their passion of promoting financial inclusion in the country. I wish CreditFix, Invoice Wakalah, UniKrew, and ‘Agrigate’ the very best of luck for the future.”

The FinTech Disrupt Challenge is an extension of Karandaaz Pakistan’s overall ambition of promoting financial inclusion to marginalised segments of the society. The company extends financial and technical support to financial technology startups which showcase substantial potential to create value for the society.