Daily Times

A leading Chinese financial technology company and pioneer in China’s online consumer finance industry has formally launched Daira, its new fintech platform in Pakistan.

This launch marks a significant milestone in providing localized and secure digital fintech services tailored to the Pakistani market, Gwadar Pro reported on Friday.

The reports says, situated at a pivotal crossroads in South Asia, Pakistan has a large and youthful population, yet millions still lack access to basic financial services. As the country’s fintech market rapidly digitalizes, this gap presents significant opportunities for growth and innovation.

The Chinese company…FinVolution, aims to drive digital financial inclusion in Pakistan through its new platform, Daira. Earlier this year, the company obtained a Non-Banking Financial Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP), laying the groundwork for compliant operations in the country. Tiezheng Li, CEO of FinVolution Group, stated, “The launch of Daira in Pakistan is a key milestone in our global expansion. We have successfully established leading brands in several APAC markets through our advanced technology and localization strategies, and we believe we can replicate this success in Pakistan.

Moving forward, we will continue to pursue new opportunities in other markets to further strengthen our global presence.” Xiaodong Sun, Senior Vice President of FinVolution, added, “With Pakistan’s vast market potential and our proven experience in overseas expansion, we are confident in the success of Daira.

We are committed to understanding the unique needs of local users and actively engaging with the community to develop tailored financial solutions. Our goal is to provide safer, more efficient, and inclusive digital financial services that empower individuals and small enterprises in Pakistan.” Pakistan’s fintech sector is at a critical juncture, with immense prospects for expansion and innovation.

The innovations in this space have the potential to transform the country’s financial landscape by making services more accessible, efficient, and inclusive. Over the past decade, Pakistan’s digital financial services sector has been on an accelerated upward trajectory.

As high-bandwidth penetration (3G/4G) surges past 43% and mobile penetration exceeds an impressive 77%, it’s no surprise that Pakistan has become a hotspot for cutting-edge fintech innovation. With 64% of the population under 30 years old, Pakistani fintechs are playing a crucial role in reshaping the financial technology landscape. They are leveraging technology to usher in a new era of digital financial services, the report added.