The catalyst for e-commerce and other internet businesses to prosper in China, India, and Southeast Asia is digital payments and multiplier of economic growth.
Pakistani fintech startup Finja has US$1.5 million series A funding as Swedish investment company Vostok led Pakistan startup ecosystem for charming international investment. Dubai-headquartered Gray Mackenzie Engineering Services likewise took an interest in the round.
ID card data is in Urdu there is a need to develop artificial intelligence to match data typed in English.
Finja with its SimSim wallet is pushing to digital payments in Pakistan. ‘Khulja simsim’, Urdu version of phrase “open sesame,” that opened a cave in Alibaba and the 40 Thieves tale, Finja SimSim not just sim card of a mobile phone also a Chinese tech giant Alibaba named from the tale.
SimSim is to open up a treasure trove in online business in Pakistan. Finja claimed that SimSim has been multiplying its portable wallets consistently to score up 80,000 records since it went carry on a couple of months back. It has timed exchanges worth a sum of US$14 million up until now.
Finja collaborated with Finca Microfinance Bank for regulatory clearance of its wallet. It ran a pilot of the SimSim wallet with the State Bank of Pakistan, which gave thumbs up for its business dispatch this year. It is associated with different banks and charges no exchange expenses to concentrate on scaling up.
Monis Rahman co-founder told that Finja will start monetization and has already piloted 100 loans delivered by its wallet, to assess credit-worthiness by examining transaction data. An e-commerce marketplace, ticketing, mobile top-ups, and bill payments are other products planned around the wallet.
SimSim using Nadra, a biometric citizen identity card issued by Pakistan government to its entire population, containing around 60 % of population of 207 million.
“We had to develop artificial intelligence to match data typed in English with names in Urdu towards several thousand permutations for many names,” explained Rahman.
But investing in the technology to do this is paying off. “Opening an account on SimSim in less than a minute with Nadra identity verification via mobile phone,” said Finja in a statement.
“The snail’s pace with which most banks work with regards to development has been a test, yet our fast execution speed as a fintech startup is an enormous preferred standpoint as we emphasize and dispatch new highlights rapidly,” said Rahman.
“We are happy with execution this largely untapped market with a high barrier to entry,” said David Nangle, a partner at Vostok Emerging Finance. “Financing from international investors is a proof of confidence in potential Pakistani market,” added Rahman.