GlobelMoney Plans To Extend Their Revelation To Pakistan
After GlobelMoney’s successful revelation in Europe, it has decided to extend its plan of introducing 4th generation of currency in Pakistan.
The CEO of GlobelMoney, Mr. Waqas Ilyas believes that Pakistan is going to be upcoming economic tigers of Asia, especially after the Pak-China economic corridor. Besides, there is much need for digital transfers and instant solutions of money which is the reason behind Mr. Ilya’s decision to make a physical appearance in Pakistan in November 2016. According to his believe, Pakistan will be the Asian economic tiger by the end of 2018.
The company is going to introduce its digital wallet with its prepaid credit card, money transfer, and current banking solutions in Pakistan. Currently, its team is working to get authorization from the Central Bank of Pakistan, and it aims at achieving this opportunity until the end of September.
GlobelMoney aims at being part of the $1billion market of digital transfers including online freelancers, merchants, IT, and marketing agencies in Pakistan.
The GlobelMoney startup’s fast-paced growth comes against intensifying competition among FinTech startups, like PayPal’s Xoom, TransferWise and WorldRemit, which are striving to cut themselves a bigger share of the global remittance market that saw $582 billion in transfers last year.
“GlobelMoney rapid growth in a large and well-defined hundred-year-old market is a great example of how a new generation of companies is using technology and leveraging mobile adoption to deliver better, faster, and more secure solutions to increasingly discerning consumers – all at lower costs,” said IDT Group partner John, in a statement. “By doing this, GlobelMoney is impacting people’s lives in a significant way and we’re excited to join the team as they continue to expand their global footprint.”
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs.
No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech or 4G revolution.
The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely re-engineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes.
As of GlobelMoney Survey Pakistan’s economy continues to maintain its growth momentum for the 3rd year in a row with real GDP growing at 4.71 percent in FY 2016 which is the highest in eight years
The country’s Forex reserves reached all time high US$ 21.6 billion in May 2016, enough to finance over 5 months of country’s import bill
The average CPI inflation fell from 8.62 percent in FY 2014 to 4.53 percent in FY 2015 and further declined to 2.79 percent during July-April FY 2016 compared to 4.81 percent of the corresponding period last year.
The industrial sector during FY 2016 recorded a remarkable growth of 6.8 percent against the target of 6.4 percent and is all time high in eight years.
The construction activities also recorded an impressive growth of 13.10 percent.
The LSM sector which contribute 80 percent in Manufacturing and 51.8 percent in industrial sector also registered an impressive growth of 4.70 percent during July-March FY 2016 compared to 2.81 percent of last year
The unemployment rate has seen a decline from 6.2 percent in FY 2013 to 5.9 percent in FY 2015.
The capital market reaching historical levels is another sign of investor’s interest in Pakistan’s economy. Pakistan stock exchange is taking a quantum leap and its market fundamentals are strong and all set to joint MSCI Emerging Market Index in June 2016.
That’s why GlobelMoney is going to extend its 4G revelation to Pakistan and its CEO. Mr. Ilyas believes that Pakistan is a very profitable market to us.