Tag: FInTech

  • Govt issues warning to be cautious with Indian tech products 

    Govt issues warning to be cautious with Indian tech products 

    The government has warned information technology (IT) and financial institutions, including regulators, to avoid using artificial intelligence (AI) and information and communication technology (ICT) products from India. They say these products could pose a serious threat to Pakistan’s critical information systems. 

    According to Geo News, this warning came through a cybersecurity advisory shared with federal and provincial ministries and regulators. The advisory noted that AI and ICT products from India are used worldwide, especially in the financial industry, to help businesses grow. 

    However, it pointed out that some Pakistani fintech companies and banks are working with Indian firms that offer IT, cybersecurity, and AI solutions. The government is concerned for two main reasons: 

    Indian products could have hidden “backdoors” or malicious software that collects data, including personal information. 

    There might be direct access to Pakistan’s critical systems by Indian entities, allowing them to monitor and control these systems. 

    Read more:

    The government has asked all ministries and regulators to make sure their affiliated organisations and licensees understand the risks of using Indian products. Instead, they suggest consulting with the Pakistan Software House Association (P@SHA) to find affordable alternatives from local tech companies. 

    Two years ago, a US company called Exodus Intelligence claimed that India used its software vulnerabilities to spy on Pakistan and China. 

  • VISA, NayaPay Partner to revolutionise digital payment system in Pakistan

    VISA, NayaPay Partner to revolutionise digital payment system in Pakistan

    NayaPay, an Electronic Money Institution (EMI), has collaborated with Visa, a leading global payment solution. Now they have access to Visa’s growing partner and global payments network, technology, and resources to accelerate innovation in digital payments in Pakistan.

    NayaPay will enable users to open electronic (E)-Money accounts within a few minutes and make hassle-free digital payments to each other and to businesses.

    NayaPay consumers and merchants can use their NayaPay Visa debit card to perform online and in-store transactions with millions of retailers worldwide as well as withdraw cash conveniently at any ATM location.

    NayaPay customers can also scan Visa merchant QR codes to make payments directly through their app.

    NayaPay will also facilitate cross-border money transfers for freelancers and other Pakistan-based businesses working with international clients, and households receiving remittances from their families abroad.

    Users will be able to accept funds instantly and directly into their NayaPay wallets from over a billion Visa cards across the globe.

    Danish Lakhani, CEO NayaPay, said: “We are delighted to have found a partner in Visa that shares our goals of making financial services simpler, more convenient and accessible to Pakistani users – the needs of whom have been overlooked for far too long. Over the past few months, we have been integrating Visa’s offerings to reinforce our issuing and acquiring capabilities and to deliver on our promise of becoming a part of citizens’ daily lives.”

    “We are committed to helping fintech achieve their potential – enabling big ideas to flourish and supporting them through the reach, scale, and security of the Visa network,” said Kamil Khan, Country Manager, Pakistan, Visa.

    “By joining Visa’s Fintech Fast Track program, exciting fintech like NayaPay gain unprecedented access to Visa experts, technology, and resources,” said Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa.