Fintech firm to launch Pakistan’s first financial ‘super app,’ plans expansion to Middle East

Fintech firm to launch Pakistan’s first financial ‘super app,’ plans expansion to Middle East

KARACHI: An Islamabad-based fintech firm is all set to launch Pakistan's first financial super app by the end of the month that will help the country's population open digital accounts and enjoy cross-border payment facility, the company's top official said on Friday. "We are planning to launch Pakistan's first financial super app by the end of June,“ Talal Ahmed Gondal, cofounder and chief executive officer of TAG Innovation, said while talking to Arab News. "Our intention is to target women and youth in the first marketing phase who don't have access to formal bank accounts.“ "In the next stage, TAG plans to launch Pakistan's first digital bank,“ he continued, adding that his organization would operate as an electronic money institution (EMI) for now and offer relevant services to the intended target market. "The app will enable users to open digital accounts within three minutes,“ Gondal explained. "The users will then be able to make peer-to-peer transfers, dispatch money to bank accounts, pay utility bills and recharge their mobile credit. Their phone number will also be their account number.“ The fintech startup has been authorized by the State Bank of Pakistan to operate as an EMI and is launching its pilot