Located at a strategic crossroads in South Asia, Pakistan boasts a large, youthful population, yet millions remain without access to basic financial services. As the country’s fintech landscape rapidly transitions toward digitalization, this financial gap offers significant growth and innovation opportunities.
FinVolution aims to drive digital financial inclusion in Pakistan with its Daira platform. Earlier this year, the company secured a Non-Banking Financial Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP), establishing a foundation for compliant operations in the country.
Tiezheng Li, CEO of FinVolution Group, highlighted that the launch of Daira in Pakistan is a key milestone in the company’s global expansion strategy. He noted that FinVolution had successfully built leading brands in various APAC markets through its advanced technology and localization strategies and expressed confidence in replicating this success in Pakistan. He also affirmed that the company would continue exploring new markets to further enhance its global footprint.
Xiaodong Sun, Senior Vice President of FinVolution, emphasized Pakistan’s vast market potential and the company’s experience in overseas growth, expressing confidence in Daira’s success. He also stressed the importance of understanding the unique needs of local users and engaging with communities to create tailored financial solutions, aiming to provide safer, more efficient, and inclusive digital financial services for individuals and small businesses in Pakistan.
Potential for growth and Innovation in Pakistan
Further, Pakistan’s fintech sector is currently at a crucial turning point, with vast potential for growth and innovation. New developments in this space could revolutionize the country’s financial landscape, making services more accessible, efficient, and inclusive.
Additionally, over the past decade, the digital financial services sector in Pakistan has seen rapid growth. With high-bandwidth penetration (3G/4G) now surpassing 43% and mobile penetration exceeding 77%, Pakistan has become a thriving hub for fintech innovation. Moreover, with 64% of the population under 30 years old, Pakistani fintech companies are playing a vital role in reshaping the financial technology landscape, leveraging technology to usher in a new era of digital financial services.
