When the prize of 10 million was announced for the winners of FinTech Disrupt Challenge, 2016 many were enthusiastic. It was organized by Karandaaz Pakistan in collaboration with the LUMS Centre for Entrepreneurship (LCE). Many startups were interested to participate. From 63 applications 28 startups were shortlisted by the judges’ panel that included the popular judge;
After the selection of 28 startups the final day of FinTech Disrupt Challenge was on Sunday. All the participants were enthusiastic and presented their best ideas to judges and audience. Their ideas were about financial transaction system, the promotion of business and the selling of products etc.
At the beginning of the event LCE Executive Director Khurram Zafar addressed and welcomed everyone saying, “Access to seed capital is a major impediment to start-up growth in Pakistan. I hope that others follow suit and are able to financially support young, innovative start-ups so they can grow into large businesses of tomorrow spurring economic and jobs growth.”
On the event Pakistan Microfinance Network Board Chairman Nadeem Hussain also discussed the problems and challenges. He also gave the solutions for the financial problems. This all was discussed in the talk that was titled as ‘Unbundling Commercial Banks’. The other discussion was delivered by Qasif Shahid the CEO and founder of Finja in which he highlighted the potential of technology and the value created by such technologies. This was named as ‘Design Mechanics for Setting up FinTech Operations in Pakistan.’
Then next day Karandaaz & LCE announced 23 Startups as the Winners of FinTech Disrupt Challenge.