KARANDAAZ PAKISTAN promotes access to finance for small businesses through a commercially directed investment platform, and financial inclusion for individuals by employing technology enabled digital solutions. The Company has financial and institutional support from leading international development finance institutions; principally the United Kingdom Department for International Development (UKAid) and the Bill & Melinda Gates Foundation. The Consultative Group to Assist the Poor (CGAP), a member of the World Bank Group, has managed the start-up phase of the Company and will continue to provide technical support.
Karandaaz Pakistan in collaboration with Lums Center for Entrepreneurship (LCE) announced Fintech Disrupt Challenge 2016 in October. This is the first such initiative in Pakistan to identify and collaborate with innovative local technology startups to create a rich and inclusive ecosystem to support financial services industry.
The competition aims to support young technology driven Fintech start-ups to propose and introduce innovative products and services in support for Fintech. The objective is to not only financially support such ventures but also foster a culture of innovation and entrepreneurship and create linkages between innovators and the financial eco system.
63 applications were received in 3 weeks and 28 start-ups were shortlisted after careful screening. These startups will make elevator pitches, from which approximately 10 finalists will have 8-10 minutes to convince a panel of judges on November 27, 2016 at the Fintech Disrupt Challenge. Chosen winners will receive funding up to PKR 10 Million which will be tied to implementation and impact related milestones.
“The financial services industry is innovating and going through unprecedented change,” said Samar Hasan, Head of Communication, Karandaaz Pakistan.
The country’s pioneer non-profit organization, Karandaaz Pakistan leads the way in fostering financial inclusion through SME and digital finance in the increasingly competitive marketplace. For more information follow #FDC2016 or contact Lums Center for Entrepreneurship (LCE).
Source: Karandaaz Pakistan