Karachi: Tajikistan-based Alif is looking to tap Pakistan’s fintech space to cater Pakistan’s large ‘unbanked’ population, said Mahmood Shamsher Ali, Country Representative Alif Capital Holdings, during an exclusive interview with The News International.
Alif was established in Tajikistan in 2014 by Abdullo Kurbonov, Firdavs Mirzoev and Zuhursho Rahmatulloev as a microcredit organisation.
The company is also among around 20 companies and startups, which have applied for a licence after the State Bank of Pakistan launched the digital banking framework.
“The central bank’s initiative has gained tremendous interest from players from around the world,” said Ali, billed as the CEO of Alif Digital Bank after the approval of license, adding, “It is rumored that over 20 applications were submitted on the 31st of March, 2022.”
“This makes for interesting times ahead with legacy banks being pushed to reinvent themselves, and the participation of fintechs making for a new ecosystem that should achieve the many objectives of the State Bank of Pakistan.”
Ali has been working alongside the founders of Alif to explore the market, and come up with solutions that could add the most value to the underbanked, and the overlooked SMEs of Pakistan.
According to reports, banks’ access had only been Rs6-7 trillion, while Rs17-18 trillion transactions remain undocumented.
“Alif is also Shariah compliant,” said Ali.
“Alif has immense potential to serve a market such as Pakistan for its stints with...
Read Full Story: https://www.thenews.com.pk/print/952774-fintech-alif-raring-to-enter-pakistan-s-underbanked-market
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