Karandaaz Pakistan, FinTech sign deal

ISLAMABAD: Karandaaz Pakistan signed grant agreements with the winners of its third ‘FinTech Disrupt Challenge’ at a ceremony in the metropolis.

The annual challenge, run with the support from the Bill & Melinda Gates Foundation, funds start up ideas that use technology to bring financial services to the underserved segments of the economy and create a social impact.

In this round, Karandaaz had invited FinTechs to design and present solutions in nine thematic areas, including payments, interoperability, consumer/retail banking, regtech, insurtech, mobile wallets, loyalty programmes, lending, and savings.

After a close competition between 16 FinTech startups, the three that were selected included Matilda Solutions, Love for Data, and AgriMart.

Matilda Solutions is working on developing a biometric verification authentication suite, which will include fingerprint verification, liveness detection, and facial recognition.

Love for Data is developing a credit scoring algorithm based on data analytics, which will predict fraud detection and credit profile of a consumer.