When two veterans join hands, the product assures quality. Such is the case with SimSim, Pakistan’s Free Mobile Wallet App. The product is the result of collaboration between Finja Pvt Ltd and FINCA Micro finance Bank. The former is a banking startup concerned with payment space in Pakistan, while the latter is a multinational microfinance bank, with its wings in 21 countries.

SimSim is a mobile based application that allows transactions and thus can be termed as a move away from the paper currency in Pakistan. The Wallet relies upon NADRA’s integration and machine learning. The mobile numbers act as Account numbers. Activating in a scarcely developed region, astonishingly, the Wallet would be connected to Banks as well as the ATMs. The transactions are free for now, while the future remains uncertain.

SimSim has received regulatory approval from the State Bank of Pakistan on Friday, 12th May, 2017, under the Branch-less Banking Regulation framework formulated by SBP. Prior to this however he had to go through the ‘Beta Pilot Period’, where I recorded transaction of over 600 million.

It’s thus all good to go. You too can be a part! Just download the application from App Store or Play Store and set up your own wallet, don’t forget to add money though!

The Founders gave high hopes for their innovative plan. CEO of FINCA Microfinance was quoted saying,

“SimSim’s pioneering instant mobile account will go a long way in boosting financial inclusion in the country and digitizing the economy”.

FINJA Pvt. Ltd CEO, Qasif Shahid, and tech veteran, Monis Rahman, too attested to the ease the innovation would bring.

But despite whatever they say, the reality lies in the streets of Lahore, on the beaches of Karachi, on the bare lands of KPK and Balochistan. Can such an innovation survive in a region where half of the population is uneducated? Can it survive in a country where people are alien to banks? Can it survive with all odds against it? I don’t think so! Let time prove me wrong.

The post State Bank Approves “SimSim”, Pakistan’s First Free Mobile Wallet App appeared first on Techlist.

Finja is a Pakistani FinTech Startup aimed at introducing financial services in an attempt to promote Behavioral Change and increase financial Inclusion. It has recently come up with its Finja’s Digital Salami to save people from the Insult, if someone faces handing over the Salami to either the Bride or the Groom in weddings.

With the Digital Salami System, founded by Tech Veterans and Banking Industry, all one has to do is just scan QR code on wedding card, with your mobile and pay from your mobile in no time-ridding yourself from all the hideous envelops obviously.

Yes! It eliminates the need of envelopes and cash.

The only question that would determine its success is how the people take it! Whether they would like to get enlightened with this idea or to keep with the Envelop System? Time shall Answer.

The post Finja Introduces Digital Salami to Replace Traditional Salami’s Envelopes on Weddings appeared first on Techlist.

Pakistani financial technology (FinTech) Startup, Finja has raises $1 Million in seed funding from well known Swedish investment firm Vostok Emerging Finance. Finja will continue its operations as private beta. They are preparing for the launch of a customer-facing mobile wallet in collaboration with Finca Microfinance Bank.

Qasif Shahid co-founder and CEO of Finja said, the cost for cash transactions is very high and its wastes lot of money and time resources. He also said to other news sources, “We intend to create a product which will play a lead role in changing payment behavior and how people handle and manage money digitally”.

Digital Mobile Wallet – Finja

One of Finja’s executive thinks, Pakistan is already moving forward in digital world, 3G/4G enables smartphone subscribers and Finja will provide digital financial services to the country’s 200 million under-banked population. Commercial launch of Finja’s wallet will be announced soon this year.

Another co-founder of Finja, Monis Rehman was also excited to comment on this news, he said; this is game changer news for Fintech industry and Pakistan will enter into new digital payments era. This is initial seed funding, they will keep moving, it is just a beginning of the journey.

The post Pakistan FinTech Startup Finja Raises $1Million in Seed Funding appeared first on Techlist.