According to the company’s official press release, Waada, an online insurance startup based in Karachi, has purchased a rival firm to become the largest insurance-tech startup in Pakistan.

Across an all-stock buyout, the business has acquired MicroEnsure Pakistan, a division of MIC Global with operations in South Asia and Africa. In addition to announcing the completion of a $1.3 million seed round from local angel investors and global venture capital firms, Waada did not disclose the deal’s worth.

Ishaq Kothawala, CEO and founder, stated that Pakistan has the lowest insurance penetration rate in the area at 0.7%. Technology, notably the development of the gig economy for agents and underwriters, can play a significant role in filling that gap. We now have the capacity to drive such innovation from the front thanks to this purchase.

With the use of Waada’s internal platform, anyone in the nation can virtually join up, view training videos, become qualified as a gig agent, and receive policies in just a few minutes—all without ever having to set foot on the company’s property. By lowering administrative expenses along the supply chain, this automation adds value and enables Waada to pay more commissions to agents and cheaper pricing to customers.

“Since insurance is about selling a promise about the future, building the trust necessary to deliver that promise is essential in the distribution process. The establishment of that trust in human interaction is essential to our fundamental nature. As a result, I think agents will always be important in the distribution of insurance.To enable agents to concentrate on selling rather than administration, it is necessary to automate every process, from underwriting to policy issuance, from leads management to commissions & claims,” he continued.

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The online passport fee app in Pakistan was initially made available in key cities, but the good news is that it is now available throughout the country. The newly created online passport fee app is being made available for usage throughout Pakistan after being released in major cities. Following guidelines from Pakistan’s interior ministry, the Directorate General of Immigration and Passports (DIGP) recently released the app for general use.

Rana Sanaullah, Pakistan’s interior minister, today formally made the “passport fee asaan” app available to the general public. According to sources, the software was created and meant to be simple to use for any person in the nation. Regarding this, Rana Sanaullah, the interior minister, inaugurated the app Passport Fee Asaan, according to a tweet from Salman Sufi, the head of the Prime Minister’s (PM) Strategic Reforms. He also disclosed that the app has been made accessible to the general public.

Salman Sufi said that millions of people will be able to pay their taxes using the service without having to wait in line at banks. It is unquestionably one of several excellent facilities that will be introduced in the upcoming months. Both the Apple Store and the Play Store offer the brand-new software. Additionally, through the DGIP’s PayMaster web platform, citizens will be able to pay their passport fees.

Prior to this month’s introduction in Karachi, the online payment option was only accessible for Islamabad, Rawalpindi, and Lahore. However, shortly before its planned introduction in the financial capital, the Ministry has already activated it nationwide. After the charge is successfully paid through the online process, citizens will receive alerts via email and a short messaging service (SMS). At the passport agency, it will be presented as proof. It is important to note that the payment is neither refundable nor transferable once the passport issuance process has started.

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Facebook, which is owned by Meta, has been requested to reopen offices in Pakistan, much like it has in other nations like India. Facebook representatives have vowed to visit Pakistan shortly after being contacted by the Pakistani authorities about the situation.

The invitation was sent out during a meeting between Meta representatives from Romania and Federal Minister for Information Technology (IT) Syed Aminul Haq. For the Ministerial Conference of the International Telecommunication Union, around 186 ministerial delegations assembled in the European country (ITU PP-22). Romania’s capital city of Bucharest hosted the summit.

The IT Minister mentioned during the conference that Pakistan currently has over 40 million Facebook users and anticipates its internet user base to quadruple in the next years. Employees at Meta expressed happiness with Pakistan’s internet development and pointed out that the number of Facebook users in that nation has increased significantly in recent years.

The IT Minister used the chance to request that Facebook establish local offices in Pakistan. Officials from the massive social network company promised that they will soon visit the nation.

It’s important to note that this is not the first time a report of this kind has appeared. Facebook representatives allegedly discussed opening local offices in Pakistan with the director of the Federal Investigation Agency (FIA) earlier this year.

Both parties apparently spoke for more than 3.5 hours, covering a wide range of topics. The Director made it plain that, like other South Asian nations like India, Sri Lanka, and Bangladesh, creating a local office in Pakistan was a prerequisite for Facebook.

Later, the FIA refuted rumours that Facebook intended to set up shop in Pakistan. Later that day, the agency released a press release claiming that all such accusations are unfounded and unconfirmed.

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Apple Inc. announced on Tuesday that starting in select countries in Asia and South America as well as the entire eurozone, prices for apps and in-app purchases on its App Store will increase.

The higher costs, excluding subscriptions that automatically renew, will take effect as of October 5, according to a blog post by Apple. The American software giant often modifies its prices for various locations. Last year, it decreased prices for nations in the eurozone to account for taxes and exchange rates, bringing many apps’ beginning prices down from 1.09 euros to 99 cents.

These beginning pricing now cost 1.19 euros due to the most recent price increase. The yen, the euro, and the majority of developing economy currencies have all suffered this year due to a sharp increase in inflation, interest rates, and oil prices. This year, the euro hit two-decade lows and has been stuck at or near parity with the dollar for several weeks.

The price increases will also affect nations outside the eurozone, including Chile in South America, Sweden and Poland in Europe, Japan, Malaysia, Pakistan, South Korea, and Vietnam in Asia.

According to Apple, the price hike for some nations, such as Vietnam, was brought on by new rules governing the taxation of consumers.  To lessen reliance on its bestselling devices, Apple, which unveiled its newest generation of iPhones earlier this month, has been growing its services business.

In the past few years, Apple’s services division, which includes the App Store, has seen a sharp increase in revenue, which now totals about $20 billion per quarter. In the past few years, Apple’s services division, which includes the App Store, has seen a sharp increase in revenue, which now totals about $20 billion per quarter.

The post Apple to Raise App Store Prices in Some Countries, including Pakistan appeared first on Techlist.

Facebook allegedly building a local office in Pakistan has been disputed by the Federal Investigation Agency (FIA). The FIA spokeswoman claimed in a news release issued late Tuesday that the article is false and was published without the agency’s permission.

Facebook, Meta’s hugely popular social network, wants to open a local office in Pakistan. The company’s representatives are meeting with Humayun Bashir, Director of the Federal Investigation Agency (FIA).

During the 3.5-hour conversation between Facebook representative Michael and FIA Director Bashir, they covered a variety of subjects. The Director made it clear that, like other South Asian nations such as India, Sri Lanka, and Bangladesh, Facebook must establish a local office in Pakistan.

He did say, though, that if a local office is established in Pakistan, they will be able to offer more information. According to the person, Facebook will meet with Pakistani officials to explore opening an office in the nation, with the next meeting scheduled for July.

Science Minister Fawad Chaudhry has earlier pushed tech corporations such as Facebook to open local operations in Pakistan during the PTI’s tenure. This is due to Pakistan’s new cyber guidelines, which compel social media companies to establish permanent offices and adhere to local laws. These regulations went into effect in October 2021.

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In the past, Pakistani startup culture had a shady reputation. People were only familiar with a few successful companies. However, in recent years, the top Pakistani businesses have been introduced. Additionally, the popularity of these businesses grew as they adopted modern technology and increased their use of the internet for marketing.

The top 12 most successful and successful startups in Pakistan in 2022 will be listed and described. If you’re seeking for the best and most successful startups in Pakistan in 2022, stay on this page.

Some Pakistani startups are fast expanding. It is therefore hard to ignore them. They give their consumers the best service possible and use innovative technology for safety and security.

People sometimes wonder and look for which Pakistani startup is on the top list of those with the fastest growth rates. However, there is no need to be concerned because some of the best and most successful startups in 2022 are presently operating in Pakistan, with a faster growth rate, as detailed below.

Tajir

In 2022, Tajir will be Pakistan’s best and most successful startup. It was created by Babar Khan and Ismail Khan. It was then launched in Lahore in 2018. It now ranks among the finest startups in Pakistan.

B2B, marketplace, retail, and e-commerce facilities are all available at Tajir. It is now widely regarded as the top B2B (business to business) mobile application, offering a wide range of services including e-commerce, retail, and marketplace. Tajir has 22 investors and has raised funds in four rounds. It received $18,950,000 in total funding. This startup employs approximately 11 to 50 people.

Dawaai

Dawaai is a famous digital health information platform in Pakistan. It contains a variety of health-related information. It also has an online pharmacy and generic drugs network.

Dawaai was founded in 2013 by Furqan Kidwai, who is the founder of this firm. It can be found in Karachi. It connects a variety of industrial services, including e-commerce, mobile health, the internet, health care, and pharmaceuticals.

This startup currently employs between 101 and 250 people. This firm has received investment from eight investors and has completed six funding rounds to date. The total amount of investment is $9,500,000. Customers can order products for daily well-being, herbal and homoeopathic remedies, sexual wellness, and medical equipment. It has also offered blogs about the products that include uses, side effects, warnings, and other product information.

Airlift

To provide outstanding services, airlift technologies best platform and revolutionary processes. It provides customers with 30-minute delivery of critical household supplies.

Meher Farrukh, Muhammad Owais, Usman Gul, Awaab Khakwany, Zohaib Ali, and Ahmed Ayub formed the Airlift startup in Lahore in March 2019. Its services are currently available in eight cities across Pakistan. It has a total funding amount of $109.2 million.

During the COVID-19 epidemic, airlift services were also available. They provide services to consumers with the help of sophisticated buses. However, the pandemic was fatal to the company. They began again in September 2020, focused on delivery products. The airlift, though, marked a new high for Pakistani companies. In August 2021, it raised $85 million in a series B financing. As a result, airlift surveillance will be required in 2022.

Grocer App

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From July 2021 to April 2022, IT export remittances, which include telephones, computers, and information services, reached an all-time high of $2.198 billion, up 29 percent from $1.7 billion in fiscal 2020-21.

ICT export remittances climbed by 29% to US$249 million in April 2022, according to State Bank of Pakistan data, from US$193 million in April 2021 and US$260 million in March 2022.

Pakistani Prime Minister Shehbaz Sharif stated that the technology sector offers tremendous prospects for investment, and that the government plans to grow IT exports from US$1.5 billion to US$15 billion in the coming years.

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Mr. Zeeshan Ahmed, Country General Manager for Rain Financial Inc., claimed that simply allowing crypto trading in Pakistan could produce at least $100 million in taxes in a year – or Rs. 20 billion.

Mr. Ahmed was referring to a Chainalysis analysis that states Pakistani crypto dealers made $650 million in profits from July 2020 to June 2021, and that if taxed at just 15% (India levies crypto gains at 30%), the government could earn more than $100 million in taxes, or Rs. 20 billion. If you’re curious about the size of this sum, consider that Pakistan’s whole salaried class paid roughly Rs. 151 billion in taxes in 2020-21.

Not to mention that the $650 million in earnings made by Pakistani crypto dealers, or Rs. 20 billion in potential taxes per year, is a modest estimate given that trading is illegal in Pakistan and the Financial Investigation Agency (FIA) has been on the hunt for crypto traders recently.If allowed and legalised, profits (and, eventually, taxes) might be several times higher than what is indicated above.

Rain Financial Inc, which has crypto exchange licences in Bahrain and Turkey, wants to enter the Pakistani market as well, but unlike other exchanges, it will only do so if crypto trading is legalised in Pakistan.

The Rain team has reportedly met with a number of stakeholders, including the State Bank, SECP, Ministry of Finance, FBR, MoITT, and other bodies, for this purpose. According to Ms. Aatiqa Lateef, Rain Financial’s Director of Public Policy (Pakistan), the meetings were fruitful, and she expects positive things to happen around the legalisation of crypto trading in Pakistan.

In case you didn’t know, cryptocurrency trading is illegal in Pakistan. This implies you won’t be able to trade crypto assets on an exchange or even privately with another individual in the nation. While it is illegal to trade crypto on platforms like Binance (another crypto exchange), Pakistanis have been doing so on a regular basis, and if caught, the FIA might put the dealers behind prison.

FIA has reportedly lodged thousands of FIRs against individuals and detained a few sellers in the recent past. Rain Financial is leading the charge to correct this. It hopes to persuade Pakistan’s regulators to legalise cryptocurrency trading, and then enter the Pakistani market to offer its services.

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PayPal, an American corporation that operates a worldwide online payment system to provide online payment solutions, will be brought to Pakistan by the new government.

Prime Minister Shehbaz Sharif will visit the World Economic Forum’s annual conference in Davos, Switzerland, next week, where he will meet global leaders, energy industry CEOs, and trade delegations. He’ll also meet with PayPal personnel and invite them to come to Pakistan to launch their services.

They further stated that the Ministries of Finance and Information Technology and Telecommunication (MoITT) are researching the project, and that officials from at least one of the ministries will attend the conference. PM Sharif requested a report from the MoITT on IT reforms and the reasons why PayPal has not been brought to Pakistan during today’s Cabinet meeting.

Attempts to bring the global online payment giant to Pakistan were undertaken in 2015 and 2019, but it rejected. PayPal’s main concern in entering the Pakistani market is the State Bank of Pakistan’s (SBP) large list of regulatory constraints and the cumbersome three-step approval process.

According to sources, one of these issues is Pakistan’s inclusion on the FATF grey list. Due to FATF requirements, international electronic payment service providers must adhere to tight client regulations and avoid money laundering, or their licences will be revoked by the SBP.

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Pakistan’s IT and telecom business has developed rapidly in recent years, owing to its enormous potential. Prime Minister Shehbaz Sharif has now stated that Pakistan provides tremendous potential for technology investment. In addition, international IT companies would be aided in all aspects of investment and expansion. He stated this when speaking with Mr. Yi Xiang, President of Huawei’s Middle East and Africa Region.

Pakistan’s IT exports would increase from 1.5 billion dollars to 15 billion dollars in the coming year, thanks to rising IT exports. Furthermore, with Huawei’s help, Pakistan will be able to provide training to its youth through a variety of channels, including the establishment of a university.

The Prime Minister also stated that investments in the technology industry would boost employment and improve the capabilities of Pakistani youth. Furthermore, it will aid in women’s empowerment, as the government is working to boost the number of women working in the e-commerce sector by providing them with a conducive environment in which to get trained and acquire financing.

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