Pakistan’s TAG raises $12M in South Asia’s biggest ever seed
Pakistani fintech startup TAG valued at $100 million has raised $12 million in seed financing. The company in the long run aims to be a one-stop-shop for every financial solution that an individual or an organization might need.
SECP introduces new framework for SPACs
Securities and Exchange Commission of Pakistan has allowed the use of Special Purpose Acquisition Companies for raising funds in Pakistan. SPACs are used for the purpose of acquisitions or mergers with private companies and then taking them public.
Pakistan’s GDP growth projected at 4.2pc: Fitch
Fitch Solutions has predicted Pakistan's GDP to grow by 4.2% in fiscal year 2022 in its latest report, up from 3.9 percent in the FY21. The credit rating agency noted the increase in vaccination rates in the country, while forecasting the burden of imports on growth.
SBP decides to raise the key interest rate
The State Bank of Pakistan's Monetary Policy Committee has decided to increase the policy rate of the country for the next two months by 25 points basis to 7.25 per cent. This according to the statement is in line with the positive economic recovery.
Edtech startup Maqsad raises $2.1m to make education accessible
Pakistani edtech startup 'Maqsad' gets $2.1 million in pre-seed money to help achieve its aim of increasing educational accessibility to the students of Pakistan. It is a one-stop-shop for after-school academic content in the country.
SBP launches its ‘Banking on Equality’ Policy
State Bank of Pakistan (SBP) on Friday has launched a gender mainstreaming policy titled “Banking on Equality”, which aims to reduce the gender gap in financial inclusion and improve women’s access to financial services in the country.
Pakistan’s current account deficit balloons to $1.48bn in August
Pakistan's current account deficit has increased 80pc month-on-month to reach $1.48 billion for the month of August. This was expected as the import bill for the month of August reached the highest ever number of $6.31 billion.
SBP awards EMI license to Finja
Pakistani Fintech Startup Finja has gotten commercial approval for the EMI (Electronic Money Institution) license from the State Bank of Pakistan. The bank was also the first one to receive the approval, in principle, from the SBP in April 2020.
Pakistan’s economy moving towards growth?
Shaukat Tarin held a virtual meeting with the Executive Secretary of UNESCAP, Ms. Armida Salsiah. He talked about the macro-economic challenges faced by Pakistan and underlined fiscal policies being undertaken to place the economy on a growth trajectory.
Rupee bounces back as SBP’s warning to speculators works
Despite the rupee fall, and speculations that it will fall further, Deputy Governor State Bank of Pakistan Dr. Murtaza Saeed had warned the speculators that they will lose, and it seems to have worked. Pakistani currency has seen an uptick against the greenback.
Pakistani Rupee closed at all-time low of 168.94
Pakistani Rupee depreciated 0.5 per cent against the US dollar in one day, closing at an all-time low of 168.94 on Tuesday. According to experts, this is due to the increasing trade deficit fuelled by increasing commodity prices, and concerns for the supply of the US dollar.
BridgeLinx raises $10mn in Pakistan’s largest seed round
Pakistani startup BridgeLinx raises $10 million in what was the country's largest seed round, led by Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital. BridgeLinx is successfully working to end the inefficiencies in the trucking sector.