ACCA (The Association of Chartered Certified Accountants) and Cheezmall signed an MoU to promote e-business in Pakistan.
Cheezmall was founded and is operated by a group of market gurus from e-business giants Alibaba and Fortune 500. With its headquarters in Shanghai- China, Cheezmall (Private) Limited has now launched its operations in Pakistan.
According to the company, Pakistan’s consumption expenditure has reached 79pc of its GDP, demonstrating Pakistani society’s potential to spend.
“e-Business in Pakistan is growing at a very fast pace, with 50% of the population less than 24 years of age and with over 100 million mobile phone users and government’s proactive initiatives for digital payment platforms. It is a key recipe of growth for e-business. E-commerce in Pakistan is expected to grow from $60 million to over $1 billion by 2020 which is a very positive indicator.” – CEO Cheezmall, Aurangzeb Khan.
“This change shall require an altogether different governance and control environment, without which this growth would not be sustainable for the companies and the industry as a whole.” Aurangzeb Khan added.
“Our finance professionals have to support this new business environment and work toward learning its dynamic mechanism and prepare themselves accordingly. ACCA would like to get engaged more profoundly and help students, affiliate and members to get proper insight of this industry segment. There is not only a change in process involved here but also in the mindset.” – Sajjeed Aslam, Head of ACCA Pakistan.
Board of Directors of Cheezmall, Mr. Li Chenglong, Mr. Haohuang and Mr Wang Qu are positive about the MoU with ACCA as this partnership shall help generate general awareness of e-business and its dynamics in Pakistan.
This agreement will work towards supporting the eco-system for development of finance talent, work on relevant legislation and policies, devise governance framework for e-business environment and raise awareness around finance and audit matters related to e-business environment.
ACCA can help by providing the human capital needed to steer it as the e-commerce industry is poised to make a strong tech-based addition to the financial services sector.