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LAHORE, Feb 26 (APP):Pakistan can bring a revolution in online business with the help of Chinese companies already working in the country.
This was stated by Pakistan China Joint Chambers of Commerce & Industry (PCJCCI) President Nazir Hussain at a think-tank session, held here at the PCJCCI Secretariat on Wednesday. He said that 10 legal fintech companies are working in Pakistan. Four of them are Chinese companies including Seed Creed Financial Services, Micro Creed Financial Services Limited and Hammra Financial Services Limited are active in the country.
Nazir Hussain said that those companies could also connect Pakistani fintech industry with WeChat and Alipay. He said that WeChat has already revolutionized online business in China. Users can buy and sell their daily items online through WeChat. He added that there is a dire need to synchronize these brands with the fintech industry of Pakistan and the state-run financial institutions.
PCJCCI Senior Vice President Brig. (Retd.) Mansoor Saeed Sheikh said that any Pakistani fintech company such as UBL Omni, Jazz Cash and EasyPaisa etc. could be developed on the pattern of WeChat. Currently, local fintech companies are moving in the opposite direction of international fintech firms. We need to coordinate and make it a unique and common platform, which is accessible to everyone. Pakistan has a good 4G system and it is also moving towards 5G. Pakistan should make its network capable of new technology, he maintained.
The joint Chamber’s Vice President Zafar Iqbal added that Pakistani youth could be engaged to develop human resources by introducing training courses in collaboration with Chinese trainers for technological transfer. He asserted that according to the data provided by WeChat management to WealthPK, the monthly deals of the firm reached 1.309 billion, registering an increase of 3.7 percent. In January 2022, the WeChat Open Class disclosed to the media that mini-programmes of the company were growing rapidly in overseas business, with the number of monthly deals increasing by 268 percent, and the monthly average number of daily transactions increasing by 897 percent. “In this way we can also train our companies to boast our economy and to facilitate our people,” he remarked.
PCJCCI Secretary General Salahuddin Hanif said that this is the best time to improve the skills of people. People have already latest mobile phones, local machines and latest equipment so they just need to improve their skills.