KARACHI – June 2, 2016: Pakistan’s top financial solutions company, Intelligenes, has joined forces with UAE’s Monami Group to cofound Monami Tech. Monami Tech has also become a partner of Australian stock exchange listed fintech company, Novatti. The new venture is significant as it brings foreign investment to Pakistan, and becomes the first mover of the most cutting-edge financial services solutions within the country.
With Novatti’s state-of-the-art fintech products that enable Monami Tech to provide digital wallets, remittances systems, and promote overall financial inclusion, the partnership aims to transform Pakistan’s financial services landscape. With a financial investment from the Monami Group, technical and market expertise of Intelligenes, and Novatti’s proven technology, Monami Tech is in a unique position to drive the region’s market to international consumer fintech standards.
“When it comes to financial services, the Pakistani market presently relies on solutions that are mostly built on old technology and less secure architectures, are expensive to deploy and maintain, and lack the prevalent industry features and support,” said Najam us Saqib, CEO Intelligenes. “The reason why we at Intelligenes have teamed up with international key players in the digital wallets, payments, and financial services arena is that we want to bring better, more advanced and cost-effective solutions to the Pakistani market so banks can truly encompass a digital strategy,” he added.
“Recent World Bank stats rank Pakistan as the lowest in the region in terms of banked population. While only about 15% of adults have bank accounts in Pakistan, women’s financial inclusion stands at a mere 5%. We want that to change and bring solutions that help bank the unbanked and our goal is to take these solutions outside of Pakistan to other developing MENA markets as quickly as possible,” said Ammar Afif, CEO of Monami Group. He added that with a huge portion of the population yet to be banked, Pakistan presents a very lucrative opportunity for foreign investors to capitalize on its untapped financial market potential. According to him, Monami Tech couldalso stir a revolution in the local fintech sector, pushing the indigenous market players to innovate solutions that can compete on a global level.
This partnership is a major development in regards to attracting foreign investment in the country and giving financial institutions an easier interaction layer with customers.With a vision of greater financial inclusion in the country and transformation of its financial services landscape, Intelligenes hopes that the partnership also contributes to the industry digitization goals outlined in the Government of Pakistan’s Vision 2025.
About Intelligenes
Intelligenes is a leading Financial Technology Solutions provider with expertise in payments and mobile financial solutions. Established in 2003, Intelligenes is a rapidly growing fintech with customers in Pakistan, UAE and US. The company has worked for Fortune 500 companies and has delivered solutions to nearly 100 mid-and large-sized organizations so far. Intelligenes offers cutting-edge financial solutions. It is the only company in Pakistan that offers complete payments suite of Remittance, Internet Banking, Mobile Banking and Cash Management Solutions. Operating in the industry for over 13 years, Intelligenes has a rich and diverse portfolio of clients belonging to the financial, consumer, healthcare, oil & gas, technology and government sectors. Since 2009, Intelligenes has shifted all its focus towards developing innovative and secure financial solution and has successfully enabled several banks in Pakistan to offer better financial services to their retail and corporate customers.For more information, please visit:http://intelligenes.com/
About Monami Group
Based in Dubai, United Arab Emirates, Monami Group has a portfolio of companies in the payments, financial services and e-commerce segments in GCC, South Asia and Northern Africa.Monami Group’s mission is to accelerate its presence in the region by acquiring companies in the developing countries that have an existing customer base, unique products and strong management teams. Its goal is bring investment, access to technology and international talent and help its portfolio company expand in the MENA region.
In October 2015, Monami Group launched its first company – Monami which is a digital gift card and cross border payments service. Monami is currently active in Pakistan in partnership with 6 Banks, including Bank Alfalah, Habib Bank, JS Bank, and has partnerships with OCS, Innov8 and One Load among others.
About Novatti Group
Novatti (ASX:NOV), an Australian-based company, is an award-wining global software technology and payment services provider, with an emphasis on the development and delivery of high-volume and mission critical systems. Novatti’s reliable and efficient software solutions include Consumer Digital Wallets, Electronic Top-up, Mobile Money, Bill Payments, Remittance Services, Voucher Management Systems and Electronic Voucher Distribution Systems. Novatti’s transaction processing services include TransferBridge, a worldwide remittance network; and Flexepin, an open-loop cash voucher
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