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3 fintechs to operate in Pakistan

Three fintechs are entering Pakistan intending to capitalize on the rapidly growing financial sector of the country. FonePay, Monet and TPL Rupya will set up shop in Pakistan to exploit the country’s financial market. The State Bank of Pakistan has confirmed the development stating this comes in the wake of a rise in the business-to-consumer eCommerce (e-B2C). The 3 fintechs are expected to enable people to make online transactions to anyone available on any mobile wallet account. According to McKinsey & Co, fintechs are expected to add about 4 million jobs, 93 million bank accounts, $36 billion annually to the gross national product (GNP), and $7 billion to Pakistan government’s net revenue by 2025.

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