Pakistans IT industry that has been overtaken, only recently, by the boom in the telecommunications sector. Pakistans financial services technology industry is also quite diversified – both in terms of the geographical-market footprint, and the coverage of various sub-sectors – and has shown considerable resilience in the wake of the recent global financial crisis, whose impact has been particularly severe and prolonged on the developed financial markets in the United States and Europe.
From a market thrust standpoint, for instance, the financial services technology companies have been varied, and can be divided into three distinct streams:
• Focused towards the developed world, especially the European Union (EU) and the United States (US)
• Focused towards rest of the world, especially the Asia-Pacific (AP) region
• Focused towards the emerging markets and developing countries in the Middle East and North Africa (MENA), including, Pakistans domestic market at home
In each of these markets, Pakistani IT companies face and respond to a different set of drivers, challenges, and opportunities commensurate with the level of maturity, regulatory needs, demands of the endconsumer, and growth prospects.