Owais Zaidi is the guy who initiated this. The act that moved him to this decision of helping hundreds of people was that once a Taxi driver asked him to lend him some money for the repairing of the taxi tyres. The driver said that the loan would cost him Rs. 50 a day as a interest. Owais at the support gave the money as charity but decided to help many.

Owais said,

“The guy looked genuine so I gave him the money, but it really bothered me how the poor are exploited. Based on my experience consulting with banks, I know how straight-jacketed they are in their policies as well as thoughts.”

Owais introduces CreditFix in 2016, ad his aim was to introduce an alternative banking among unbanked customers. The company will launch a pilot programme in August with 50,000 potential customers.

According to the strategies the program of CreditFix intends to use use borrowers’ work histories, mobile top-up records, and utility payments to generate credit scores that will then be visible to lenders who use the marketplace.

Mr. Zaidi said,

“The core goal of CreditFix is to facilitate the underserved and unserved segments of the population in getting access to fair credit, primarily for revenue generating assets.”

Mr. Ziadi was of the view,

“They bring out their experience working in multiple markets, which has helped us redefine our approach to addressing the problem. The initial grant they provided was key to [achieving] sustainability and taking it to the level that it becomes attractive to investors.”

Fintech challenge has given an amount of $100,00 as the fund to CreditFix. More funding will be followed after the beta launch of the program.

Zaidi said,

“The Pakistani market is “a big enough challenge for the time being.” But he hopes that once CreditFix’s platform reaches critical mass there, they’ll be able to expand into other countries.”

This article originally appeared on Forbes

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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.

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;

Romana Abdullah
Asad Azfar
Amaar Ikhlas
Yasser Bashir
Naeem Zamindar
Mohsin Termezy

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.

The post LUMS, Karandaaz Pakistan, Hold FinTech Disrupt Challenge 2016 appeared first on Techlist.

A chance for startups to win rewards of 10 Million Pakistani Rupees!

The young FinTech startups are getting a chance to avail a motivational startup campaign for their career and future. The campaign that has been launched by the name of FinTech Disrupt Challenge 2016 by Karandaaz Pakistan, along with LCE that is LUMS Center for Entrepreneurship.

It’s just not a campaign but it is a chance to win 10 million PKR, not for one person but three potential, enthusiastic and hardworking startups with the beat ideas.

This campaign aims to motivate young startups to explore their talents and present their ideas with a twist. The startups will work more if they are challenged and rewarded.

Young Startups will have to work on their many areas as this challenge is going to test nit just their management of business but it will also focus on their product and services related to costs, insurance, financial statements and many more.

Interested young startups can register themselves till 11 of November 2016.

All the startups can register to compete against each other for the reward and praise even the startups having low financial resources as the financial aid will be provided by the campaign arrangers.

Firstly all the applications would be evaluated and than the best startups would be shortlisted.

On 27 of November, the event names Disrupt Day will be held where the selected participants will demonstrate their idea in front of judges from Karandaaz, LCE and other private sectors who will decide three lucky startups who will be given rewards of 10 million PKR.

So startups don’t give it a second thought and apply for FinTech Disrupt Challenge 2016 and who knows that you would be one having the share in the reward. Startups should apply from here.  We wish all startups a very good luck!

The post Chance To Win $100,000 in FinTech Disrupt Challenge 2016 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.