Intelligenes, a Pakistani financial solutions company, has joined hands with UAE’s Monami Group to cofound Monami Tech. Monami Tech — has immediately — partnered with Novatti, an Australian firm, to offer its products and services in Pakistan.
Intelligenes said that deal will bring foreign investment to Pakistan but didn’t say anything on the value of the deal.
With Novatti’s state-of-the-art fintech products that enable Monami Tech to provide digital wallets, remittances systems, and promote overall financial inclusion, the partnership is hoping to transform Pakistan’s financial services landscape.
With a financial investment from the Monami Group, technical and market expertise of Intelligenes, and Novatti’s proven technology, Monami Tech is in a unique position to drive the region’s market to international consumer fintech standards.
“When it comes to financial services, the Pakistani market presently relies on solutions that are mostly built on old technology and less secure architectures, are expensive to deploy and maintain, and lack the prevalent industry features and support,” said Najam us Saqib, CEO Intelligenes.
“The reason why we at Intelligenes have teamed up with international key players in the digital wallets, payments, and financial services arena is that we want to bring better, more advanced and cost-effective solutions to the Pakistani market so banks can truly encompass a digital strategy,” he added.
“Recent World Bank stats rank Pakistan as the lowest in the region in terms of banked population. While only about 15% of adults have bank accounts in Pakistan, women’s financial inclusion stands at a mere 5%. We want that to change and bring solutions that help bank the unbanked and our goal is to take these solutions outside of Pakistan to other developing MENA markets as quickly as possible,” said Ammar Afif, CEO of Monami Group.
He added that with a huge portion of the population yet to be banked, Pakistan presents a very lucrative opportunity for foreign investors to capitalize on its untapped financial market potential. According to him, Monami Tech could also stir a revolution in the local fintech sector, pushing the indigenous market players to innovate solutions that can compete on a global level.
This partnership is a major development in regards to attracting foreign investment in the country and giving financial institutions an easier interaction layer with customers. With a vision of greater financial inclusion in the country and transformation of its financial services landscape, Intelligenes hopes that the partnership also contributes to the industry digitization goals outlined in the Government of Pakistan’s Vision 2025.