MinTech intends to invest in micro finance sector in Pakistan
Chinese leading financial technology firm MinTech is intends to invest in Pakistan for providing solutions to microfinance sector in the Pakistan.
Co-founder and chief executive officer of MinTech Mickey Li said during his first trip to Pakistan that the company intends to start business in Pakistan as soon as possible as it is the right time to invest in Pakistan”.
He further said that the country has immense investment potential and has been on the top of the list of MinTech because of the size of the market (6th most populous country), a large middle class and the potential demand for microfinance loans as about one million people in Pakistan have credit cards beside sufficient mobile phone penetration”.
Mickey Li was leading a delegation at an introductory meeting with the Project Director of the Project Management Unit of Board of Investment (BOI) Asim Ayub.
Asim Ayub appreciated the intent of MinTech to invest in Pakistan and assured all-out support to the delegation within the mandate of the BOI.
He said that BOI is undertaking rigorous efforts to facilitate ease of doing business reforms in the country”.
He further said “Pakistan recently jumped 28 points on the doing business index according to the recent Doing Business Report 2020 of the World Bank”.
The rapid mobile phone penetration in Pakistan has made it viable to channel technological investment in big data and artificial intelligence in the microfinance industry and facilitate individual entrepreneurs and small and medium enterprises to do business in Pakistan.
He told that Pakistan and China have a future together, and there is immense potential for people to people linkages.
He informed that the second stage of China-Pakistan Economic Corridor is about industrial cooperation and socioeconomic development between the two countries. The time to take Pakistan forward on the path of technological advancement is now.