Success Stories

Partners Enable FinTechs to Drive Positive Disruption in Digital Payments Through Agile Technology


REDWOOD CITY, Calif., -- January 22, 2020 -- i2c Inc., a leading provider of payments processing and digital banking technology, and CashFlows, a consolidated business payment services provider, today announced a new partnership to benefit payment card issuers across Europe. i2c’s unique and highly integrated platform enables CashFlows to offer their prospects a broader portfolio of innovative products and services.

i2c brings to the partnership a global, highly configurable and reliable platform that provides CashFlows clients with end-to-end programs support. The unique i2c platform will allow CashFlows clients to quickly bring to market virtually any type of digital banking or payments solution whether credit, debit and/or prepaid programs – all from a single platform.  

 “We have a partner-led go-to-market approach with a focus on shaking up incumbent thinking in the industry,” said Jonathan Bennett, Chief Commercial Officer, CashFlows. “i2c shares this approach and a core belief that by combining capability, agility and speed-to-market we can deliver truly differentiated propositions to our joint customers. i2c is a processor that can integrate multiple programs and currencies with marketing programs, reporting capabilities and loyalty programs on a single platform.”

“Our partnership with CashFlows is a great example for companies aiming to bring disruption and new solutions to the market and driving the need for a reliable platform from which to launch any type of program from anywhere,” said Ted Dargan, head of Global Partnerships, Alliances and Initiatives at i2c Inc. “Our partnership serves joint clients who are successfully expanding their programs into new markets today and assures program managers they will have what they need to succeed and grow their business.”


About CashFlows

CashFlows’ payment solutions enable businesses to accept omni-channel payments from all major card schemes and issue innovative prepaid, credit and debit products to their customer base. At the heart of our operation is our cloud-based platform, providing a flexible and scalable foundation for our services. We tailor our offerings to specific sectors and have a partner-led go-to-market approach. At CashFlows, decision-making is quick, development is collaborative and staff are experts in their fields. CashFlows is regulated by the UK Financial Conduct Authority as an electronic money institution, and is a principal member of Visa, Mastercard and other international card schemes.



About i2c Inc.

i2c Inc. drives innovation to the global digital banking and payments industry with a multi-function payments and digital banking platform built for endless possibilities. Advanced “building block” processing technology at its core provides a vast suite of credit, debit and prepaid solutions —all from a single global SaaS platform.  This enables clients to dynamically configure payment solutions with unparalleled flexibility, agility and performance while maintaining highly secure and reliable payments.

Founded in 2001, and headquartered in Silicon Valley, i2c’s next-generation technology helps organizations drive revenue growth, scale and adapt to change while supporting millions of users in more than 200 countries and territories and all time zones. Visit and follow us at @i2cinc.

Media Inquiries:

Jessica Kersey
Vice President, Marketing Communications

i2c Inc.
+1 650.480.5714


Chris Boyes
Head of Marketing
+44 (0)1223 550920


Global presence, uptime and configurability provides reliability and program control for DCR


REDWOOD CITY, Calif. – October 28, 2019 – i2c Inc., a leading provider of digital banking and payments processing technology and infrastructure, today announces its partnership with DCR Strategies Inc. TruCash (DCR | TruCash), a leading FinTech provider and prepaid industry pioneer committed to fast-tracking the development of branded digital payment technology.  Through this partnership, i2c provides global card processing to DCR and its customers, including numerous multi-currency and multi-lingual options.


i2c’s global, single source code platform allows DCR to create unique incentive programs that companies can offer to its employees around the world.  Programs are multi-currency with multi-lingual cardholder servicing tools and can be customized for each client or market.


“DCR has a substantial active customer base with millions of cards issued in 27 countries, and we’re excited to partner with them to help speed their expansion efforts into new regions around the globe,” stated Peg Johnson, Global Head of Client Experience at i2c Inc. “Their global footprint and focus on creating differentiated rewards and loyalty programs align with i2c’s global card processing and digital banking capabilities extremely well, and we look forward to supporting DCR’s global growth.”

Through this partnership, DCR can easily launch new card programs to customers quickly and with great efficiency using i2c’s single, multi-lingual and multi-currency global platform.  i2c’s connections to all the major card networks around the globe allows DCR to seamlessly integrate with issuers in any country where they wish to launch new programs.

“The highly configurable i2c platform is exactly what DCR needs in order to swiftly and efficiently launch unique card programs into new countries and territories around the world,” said Diana Fletcher, President of DCR.  “Uptime and reliability are of extreme importance to us so that our cardholders never experience downtime, and i2c’s proven track record of over 19 years continuous uptime, along with unmatched speed-to-market capabilities, made this partnership an easy decision for us.  We are extremely pleased with the implementation in the first few countries and are looking forward to launching additional programs across the globe that makes transacting effortless for our customers and their lives easier.” 

Media Inquiries:

Nikki Waters
Senior Vice President, Head of Global Marketing

i2c Inc.
+1 650.480.5097
Success Story
Success Story
Success Story

The award serves as an acknowledgement of IPL’s efforts in making Diebold Nixdorf the top-choice of all banks across Pakistan and Afghanistan. Innovative was chosen for this award from more than 70 partners in 43 countries of the MEA region.

Devon Watson, Chief Marketing Officer of Diebold Nixdorf and John Ennis, VP Eurasia, gave out the award to IPL team.

IPL was able to convince some of the leading banks of Pakistan and Afghanistan to procure thousands of DN machines during 2018/19 to become the leading provider of ATMs in Pakistan and Afghanistan. Strong relations with the banking fraternity coupled with largest on-ground service network for an IT company, with presence in 76 cities and installation and maintenance of machines in over 265 cities across Pakistan has made Innovative the vendor of choice for banks and a trusted partner for Diebold Nixdorf.

This award is indeed a matter of pride for our Banking Solutions and Client Services Team as it further endorses their diligence and efforts. 


Diebold Nixdorf, world leader in self-service and automated banking solutions, has honored Innovative Pvt Ltd with “Strategic Win Award” during their Partner’s Summit held recently in Dubai.

FINCA Microfinance Bank has signed up with AutoSoft Dynamics (Pvt.) Limited (AutoSoft) to deploy the AutoBANKER Premium core banking suite. The solution includes a state of the art Core Banking Platform as well as modules for consumer financing, treasury management, fixed assets and MIS reporting. The upgrade will support FINCA Pakistan’s operations across multiple verticals.

The decision to procure AutoSoft’s Core Banking System by FINCA Pakistan for its operations is of crucial importance. It is in line with the bank’s strategic objective to follow a focused digital strategy that includes modernizing its software systems to facilitate its nationwide expansion.

FINCA chose to deploy AutoBANKER Premium - Global Banking System after evaluating eleven banking solutions from local as well as global providers, including Oracle FLEXCUBE through Techlogix, and Temenos T24 through NDC TECH. An independent risk assessment of the short-listed vendors was performed by KPMG prior to selection. AutoSoft’s system was selected based on superior financial and technical evaluations, particularly in its ability to synergize, co-exist and evolve alongside FINCA’s digital platform - SIMSIM. FINCA’s system upgrade onto AutoBANKER from BiLOGiC Systems Inc. hPLUS will provide software enhancements in the form of improved quality, reliability, performance in addition to new features.

Mr. Mudassar Aqil, CEO of FINCA Microfinance Bank commented on this occasion, "FINCA is determined to play its part to increase financial inclusion in Pakistan, leveraging the digital channel that is growing exponentially. This system upgrade will allow FINCA’s operations to become extremely nimble, and will serve as the backbone for complete automation of our branch banking services. As a result, offering tailored products and services to our customers would become easier and speedier as the system integration with the SIMSIM platform will digitize the delivery of microfinance products to our low income entrepreneurs.”

FINCA Bank has been using AutoSoft’s AutoHRM – Human Resource Management System since 2015 for the automation of its HR operations and AutoMWALLET, a complete, powerful, mobile payments and Service Delivery Platform to power its SIMSIM wallet since 2016.

“We are proud to be further strengthening our relationship with FINCA Microfinance Bank by joining hands as their core banking solution partner.” said Sadia Khan, CEO of AutoSoft. She further added, “This win is another example of how we continue to support our customers as their software requirements evolve; allowing them to pay as they grow. Both teams are determined to make this implementation another benchmark for the industry and I have no doubt that the AutoBANKER suite shall support FINCA’s business needs and accelerate their business growth enabling them to make better strategic decisions”



Joe DeRosa Brings Expertise in Customer-Focused Marketing and Sales Growth Strategies

REDWOOD CITY, Calif. – April 16, 2018 – i2c, a global provider of smarter payments and integrated commerce solutions, today announced that it has appointed Joseph DeRosa as executive vice president of Global Sales and Marketing. Reporting directly to i2c’s Chief Executive Officer Amir Wain, Mr. DeRosa is responsible for accelerating revenue growth and overseeing the company’s global marketing, sales, sales operations, and sales enablement functions.

“i2c’s reputation of high availability, flexibility, and quality service has been driving our rapid growth,” said i2c founder and CEO Amir Wain. “We are investing in strengthening our sales and marketing organizations as we continue on our path to $1billion in revenue. Joe’s deep understanding of sales and marketing functions, intense focus on customer success,and track record of delivering high-growth results make him a perfect fit. Joe is an important strategic addition to i2c, and I am proud to have him join the executive team.”

Mr. DeRosa has more than 25 years’ experience building sales and marketing organizations, having achieved record-setting revenue results across multiple industries including Fintech, Financial Services, Insurance, SaaS, and Telecom. Prior to joining i2c, Mr. DeRosa was a principal with Sales Benchmark Index, a management consultancy specializing in sales and marketing. He has led revenue functions for companies including Paychex, Intuit, Merrill Lynch, and Employers Insurance Group. Mr. DeRosa has earned a reputation as a thought leader with intimate knowledge and understanding of the customer and buyer mindset. He is a frequent blogger on marketing, sales, and leadership topics and is the author of The Customer Mindset: Thinking Like Your Customer to Create Remarkable Results

“i2c delivers unique value to our customers’ brand promise, and I am thrilled to be part of a team dedicated to payments innovation and sales and marketing excellence,” commented Mr. DeRosa. “My career has focused on understanding what motivates customers and drives success, and I look forward to applying my passion for customer advocacy at i2c.”

Media Inquiries: 
John Sommerfield 
VP, Corporate Marketing 
+1 (650) 480-5275



i2c's Agile Processing platform will power STACK, a new alternative to traditional banking

TORONTO, Feb. 20, 2018 /CNW/ - STACK today announced its selection of i2c, a global provider of smarter payments and integrated commerce solutions, as its official payments processor to enable secure payments through the STACK app and the STACK Prepaid Mastercard card. i2c's advanced Agile Processing payments platform will enable STACK to build and rapidly scale personalized payments functionality to its members. STACK is a mobile app for fee-free money management, accompanied by a STACK Prepaid Mastercard. Member benefits such as real-time rewards, financial iQ, and curated offers provide a lifestyle-focused approach to financial services.

Leveraging i2c's payments processing platform, STACK gives members the convenience and security to make purchases anywhere Mastercard is accepted, including in-store and online, and will ensure transactions adhere to fraud rules and spending limits.

"STACK is designed to provide smarter solutions to the way we interact with our money," said Miro Pavletic, CEO of STACK. "Our selection of i2c as our payment processor is aligned with our mission to work with partners that provide innovative and efficient solutions so we can deliver a seamless and secure member experience from start to finish."

"Helping our clients create and scale innovative and highly-differentiated payments solutions to their customers worldwide is our core competency," said Amir Wain, i2c's founder and CEO. "STACK is pushing the boundaries of financial innovation, and we look forward to helping them give their members a smarter way to spend, save, and share money, straight from their smartphones."

Accessing i2c's Agile Processing platform via API (application programming interface) integration allows STACK to quickly scale and expand product functionality and roll out feature-rich, secure payments solutions that attract members through superior user experiences and innovative capabilities. STACK will also use i2c's integrated voice response system (IVR) to provide convenient and intuitive self-serve customer service options.

STACK is currently in private beta, scheduled to launch publicly early this year.



February 20, 2018

Today we’re announcing our official partnership with i2c, an Agile Processing platform which will power payment functionality within the STACK app. Our partnership with i2c will facilitate secure payments through the STACK app and the STACK Prepaid Mastercard card, so you can use your STACK app or card anywhere Mastercard is accepted including in-store and online. i2c is as serious about security as we are, so they monitor transactions to make sure they adhere to fraud rules and spending limits which means you can spend your money safely and securely, but no one else can.

We’ve also hooked up to i2c’s integrated voice response system (or IVR for short) so our members will have access to convenient and intuitive self-serve customer service options along with in-app and text support.

When it comes to building our platform, finding the right partners is essential. We look for companies motivated to find a better way who are passionate about helping us build one. As a global provider of smarter payments and integrated commerce solutions, i2c is the perfect fit to help us launch a new way to manage your money.

It’s a big step forward for the STACK app and we’ll be releasing more updates soon as we continue to expand our private beta and move closer to our public launch.



FINCA Microfinance Bank receives regulatory approval from SBP to launch SimSim on AutoSoft’s AutoMWALLET Branchless Banking Solution

The State Bank of Pakistan gave FINCA Microfinance Bank Limited the formal authorization for commercial launch of its SIMSIM wallet, after a successful pilot. The product is powered by AutoSoft Dynamics’ Branchless Banking Solution - AutoMWALLET and, using the company’s speedy implementation methodology, went live in a record 4 months.

FINCA selected AutoSoft’s AutoMWALLET in March 2016. AutoSoft is SAP’s only OEM partner for their Mobility Solution, SAP Mobile Platform Consumer Edition, in Pakistan. With the AutoMWALLET suite, the solution becomes much more powerful facilitating provision of micro-loans, saving deposits, term deposits, remittances, and other banking services all while complying with The State Bank of Pakistan’s regulations.

SIMSIM is growing at a rapid pace thanks to its viral marketing flow and frictionless customer on-boarding process. AutoMWALLET is a complete, powerful, mobile payments and Service Delivery Platform. It offers support for mobile channels including mobile apps, portals, USSD, SMS, 3rd party networks through open APIs and works on any mobile device, on any network, with multi-lingual and multicurrency support.

Mr. Mudassar Aqil, CEO, FINCA Microfinance Bank Limited commented on the occasion: “We wanted to offer an interoperable platform that is telco agnostic and allows for quick and easy integration with any system wishing to work with SIMSIM. It was critical for us to mitigate the risk of implementation delays similar to those faced by other banks due to the complexity of implementing branchless banking software. We were delighted to have completed the successful implementation of AutoMWALLET at the bank in just four months and at a fraction of the cost of other branchless banking solutions. Using AutoSoft’s existing tried and tested banking plug-in’s we look forward to leapfrogging competition and offering innovative financial products including digital lending and micro savings on the mobile wallet. These will truly add value to our customers and allow the bank to implement The State Bank of Pakistan’s vision of financial inclusion.

Ms. Sadia Khan (CEO, AutoSoft) commented on the occasion: “AutoSoft is excited to be working with FINCA for the automation of their branchless banking platform. AutoMWALLET, when used alongside our core banking plug-ins, will allow the bank to offer saving deposits, term deposits, remittances, and other banking services on the wallet, all while complying with The State Bank of Pakistan’s regulations . With the bank’s clear vision enabled by AutoSoft’s technology, I foresee significant growth potential for the bank.”

Step Robotics, an emerging enterprise that offers the first truly automated solar marketplace, has raised funding from LMKT at a market valuation of $2.2 million.

Company didn’t say anything on the amount of funding raised.

Step Robotics is a marketplace for solar service providers and potential customers. It promises to increase the service providers’ sales potential and reduces the cost of a Solar Electrical System.

The company also offers an analysis tool to improve the accuracy and speed of on-site measurement of indigenous solar resources.

Step Robotics offers an app as well as a lens that can capture images to calculate any shading impact on the output of the solar energy system. With a list of service providers and their relative prices, users can make intelligent buying decisions for solar electrical systems.

President Step Robotics, Junaid Qazi, while commenting on the development said, “Step Robotics has created a site analysis tool that is integrated with a solar marketplace. LMKT on the other hand, can use this groundbreaking technology and bring it to mass consumption.”

Junaid, while speaking with ProPakistani, said that shades — of various types — reduce electricity production by around 32 percent. He said that Step Robotics’ analysis tool will help reduce losses like that.

He further added that Step Robotics can also help identify the genuineness of solar panels, all through the app.

Askari Bank Limited Pakistan goes live on AutoSoft’s Islamic Treasury Solution & RTGS STP Utility

AutoSoft Dynamics (Pvt.) Limited is pleased to announce that Askari Bank Limited, Pakistan, a leading bank in the country, has gone live with AutoSoft’s Islamic Treasury Management System – ADAMS Islamic and RTGS STP utility (Real-time Gross Settlement System Straight Through Processing)–AutoRTGS. The bank can now easily manage and control their Islamic treasury operations using ADAMS Islamic as well as process large value funds transfers between banks using the AutoRTGS – RTGS STP Utility.

ADAMS Islamic is fully integrated with ORACLE core-banking system of Askari Bank. ADAMS Islamic system is an automated dealing, money market and securities trading solution that is fully Shariah compliant and is fully equipped to support Askari Bank’s Islamic treasury automation requirements. It provides the bank with a state of the art, multi-portfolio, multi-dealing room environment supported by robust risk management, back office management, statutory and management reporting features.

AutoRTGS is a real-time Straight Through Processing application for processing of large value interbank remittance transactions in real-time as per the policies and procedures set by the State Bank of Pakistan. AutoRTGS utility is integrated with State Bank of Pakistan’s RTGS system and can be integrated with any banking system to easily link the STP utility for processing of remittances and large value funds transfers between banks.

AutoSoft and Askari Bank have enjoyed a long-standing relationship; the bank has been using AutoSoft’s conventional treasury management system since 2002 to support their treasury-trading desk. The bank signed up for ADAMS Islamic and AutoRTGS at the end of September 2016 and within 3 months was pleased to go live with ADAMS Islamic on January 10, 2017. AutoSoft successfully implemented the AutoRTGS system within State Bank of Pakistan’s stipulated deadline of December 31, 2016. State Bank of Pakistan has now finally given Askari Bank the go ahead to go live with real-time posting in State Bank’s RTGS solution.

Ms. Sadia Khan (Chief Executive Officer, AutoSoft) commented on the occasion, “AutoSoft is delighted to have joined hands with Askari Bank for automation of their Islamic treasury operations through our ADAMS Islamic solution as well as successfully provide the bank an integrated link with State Bank’s RTGS system through our AutoRTGS STP utility. The systems will assist Askari Bank in enhancing its operational efficiency and will provide easy management and monitoring of its Islamic investments, similar to what our conventional treasury solution has done for the bank in the past.”

Mr. Nasir Zaidi (Head of Treasury Operations) commented, “As a financial institution, we are committed to continuously making essential investments in order to fulfill our existing and potential customer’s banking needs. AutoSoft’s implementation of ADAMS Islamic and AutoRTGS at Askari Bank has given us the tool and technology to do just that for our customers while, at the same time, conform to the regulations of State Bank of Pakistan."

NetSol Technologies, Inc. is a provider of information technology and enterprise software solutions. The company is owned by Pakistani-based tech giant Najeeb Gahuri.

The Company’s primary source of revenue is the licensing, customization, enhancement and maintenance of its suite of financial applications under the brand name NetSol Financial Suite (NFS) and NFS Ascent for businesses in the global lease and finance industry. The Company’s offerings include its global solution, NFS. The four software applications under NFS have been designed and developed for a setting, and deals with multinational, multi-company, multi-asset, multi-lingual, multi-distributor and multi-manufacturer environments. Each application is used independently to address specific sub-domains of the leasing/financing cycle. NFS and NFS Ascent have various applications, such as loan origination system, contract management system, wholesale finance system and fleet management system. It operates in three regions: North America, Europe and Asia-Pacific.

Company announced the signing of a contract currently valued at more than $100 million, which includes license, maintenance, services and expected customization, with a long-standing customer to implement NFS AscentTM.

The agreement calls for upgrading to NetSol’s NFS Ascent platform, the company’s advanced solution for the auto and equipment finance and leasing industry, from the company’s NFSTM platform in Australia, China, Hong Kong, India, Japan, New Zealand, Singapore, South Korea, Taiwan, Thailand and Malaysia. The contract also includes implementation of NFS Ascent in South Africa, a new market for NetSol. The implementation phase spans a five-year period, with maintenance and support over ten years.

Shares reached a new 52-week high on Monday , Analyst Ratings.Net reports. The company traded as high as $9.50 and last traded at $8.72, with a volume of 2,810,395 shares traded. The stock had previously closed at $6.40.

Netsol has been the topic of a number of research analyst reports. Zacks Investment Research upgraded NetSol Technologies from a “hold” rating to a “buy” rating and set a $6.25 target price on the stock in a report on Wednesday, October 28th. TheStreet upgraded NetSol Technologies from a “sell” rating to a “hold” rating in a report on Friday, October 16th.

The stock’s market cap is $66.07 million.

“This is a transformative agreement for NetSol, representing the largest contract in the company’s history, and a strong endorsement for NFS Ascent from a nearly two-decade-long partnership with our client,” NetSol CEO Najeeb Ghauri said in a statement. “The significant investments we made in our infrastructure and staffing are paying off and building leverage into our business.”


One of the biggest IT companies in Pakistan, NetSol Technologies, has managed to secure a contract worth $2.8 million. It will be offering its services to a UK based gaming and 3D mapping company, eeGeo Inc.

NetSol Company Secretary Boo-Ali Siddiqui said “NetSol Technologies Limited has signed a ‘collaboration agreement’ to provide technology services to eeGeo Inc. – a Delaware corporation.” He was addressing the Pakistan Notification Exchange (PSX) in a notification.

eeGeo Inc is a software company which provides cloud oriented services like its SaaS platform. SaaS originated within games which required huge amounts of data to create real-looking, geo-spatially accurate city-wide renders. eeGeo can create and fast and fun interactive 3D maps for the very same purpose. Siddiqui said “Its specialty is to prepare internal 3D maps of buildings as per customer requirements.”

The contract winner will get shares in the company instead of cash. NetSol’s Secretary added “Under the agreement, NetSol will be issued 4.09 million ‘Series BB Preferred shares’ of eeGeo Inc. for which it is not required to pay any cash up front.” These shares will carry voting rights in general meetings as well.

Under the signed agreement, NetSol will get the shares and will provide outsourcing services to eeGeo at an agreed rate. The payment will be invoiced on a monthly basis.

NetSol’s total investment will be approximately $2.8 million over the next three or four years. The investment will be in terms of the services NetSol provides. The Pakistani IT company believes that eeGeo has potential to grow immensely. Their 3D mapping technology can be the flagship service. It has already got a good number of clients for 3D mapping.


SI Global Solutions has signed an agreement of Rs 1.15 billion with two UK-based firms to set up a facility for the development of projects such as mobile applications, business consultation, and system integration.

The agreement signed by SI Global with SSC Global Ltd and Monolith Risk also includes training of fresh graduates and start-up businesses alike. In this regard, SI Global hired services of global experts for execution of this project who will further contribute to sustainable growth of the IT industry with respect to its potential and foreseeable contribution in the global market.

Noman Said, Chief Executive Officer of SI Global said:

I will ensure that business opportunities are not left untapped through these investments as there is no dearth of talent in Pakistan and this collaboration will help facilitate it."

Expressing his support towards this alliance and the teaming agreement with SI Global, Iain Stewart, Director SCC Global Ltd. said:

I believe this will benefit us and SI Global, and together will allow us to bring our expertise here in Pakistan, thus, delivering an excellent product. I look forward to building a long and prosperous relationship.

SI Global Solutions, an emerging Pakistan’s IT firm, is a System Integrator and Consultancy Company with international and local presence in United States, the United Arab Emirates and local branches in Pakistan is spread across Lahore, Karachi and Islamabad.

Monolith Risk, A UK-based firm, is a specialist consultancy firm focused on the preparation for and mitigation of physical security risks faced by organizations in high-threat environments, ensuring the protection of client assets.

Expressing his support towards this alliance and the teaming agreement with SI Global, Iain Stewart, Director SCC Global Ltd. said,

I believe this will benefit us and SI Global, and together will allow us to bring our expertise here in Pakistan, thus, delivering an excellent product. I look forward to building a long and prosperous relationship.

Iain Stewart, currently working for a UK based consultancy has vast experience in building security response systems while Carel Fredrick, Co-founder of Monolith Risk has in depth knowledge in the field of architectural design. Their expertise will bring innovative solutions towards the development of Pakistani infrastructure and crisis management.

With the recent upward growth trend observed in various industries in Pakistan, this development and investment in the IT sector specifically, will help Pakistan in reaching a global standing.


Broadband penetration leaps from 3% to 15% this year

IT investment in Pakistan has risen to $5.138 billion as the sector is moving on a fast rack.

The IT's government regulator - the Pakistan Telecom Authority, or PTA - and the five key companies operating in Pakistan say "a large portion of this investment inflow is from foreign investors ranging from the UAE to Egypt, the US and China, among others". The amount includes investment made between FY-2010 and end-2015. A good year for investment was FY-2014 when the amount was $1,815.6 million and $851.6 million in FY-2015, in the wake of the 3G and 4G launch.

Khurrum Mehran, director of the PTA, said that "as a result of this launch the number of its subscribers rose swiftly to 26 million and the broadband penetration has gone up from less than three per cent to 15 per cent by now." Anusha Rehman, Minister of State for the Ministry of Information Technology and Telecom, is an aggressive and fast-moving minister to attract foreign investment for this sector.

Rehman is highly respected in Prime Minister Nawaz Sharif's cabinet. She said: "The introduction of 3G and 4G mobile broadband has brought the telecom sector at par with developed countries in terms of modern telecom services."

"We are proud of attracting these investments because this is a major input to enhance the country's annual GDP. We are also thankful to foreign and domestic investors for reposing confidence in our economy. We hope they will bring in more investment on a fast-track basis."

The quick expansion of the IT and telecom sector has also helped create more jobs, which is the key economic policy of Sharif, who stresses "more jobs for more people, especially for the young". This is why pro-business Sharif stresses the need for creation of more jobs, as he also has to contest national parliamentary elections in 2018 to return to power.

The IT and telecom sectors are expanding and offering new jobs as the economy rolls into modern business of e-commerce, e-banking, e-health, e-education, IT applications, the fast-growing and immensely popular home-based businesses and content development. Rehman and her ministry have been advised by to go all out for expanding this sector. The urgency to develop this sector is highlighted by latest World Bank studies which show that a 10 per cent expansion in high speed Internet connections boosts annual GDP growth by 1.38 per cent. In light of this, "the present exponential rise in mobile broadband users is expected to make a very positive impact on Pakistan's economic growth", officials also say.

The business and Ministry of Information Technology and Telecom report that IT exports were up 41 per cent in FY-2015 as compared to FY-2014. At the same time the content and software development is growing fast and is expected to boost the business gain in this sub-sector within the overall IT sector. What are key gains brought about to the economy by the 3G and 4G launch and its fast-track growth? It has led to the expansion of financial services, Web, e-commerce-related operations and more specifically in relation to women who constitute 51 per cent of the Pakistani population.

The overall growth of the sector is visible in all its sections. The latest PTA annual report for FY-2015 says the country's tele-density is now 61.8 per cent.

"Telecom revenues for FY-2015 are estimated to be Rs449 billion. Telecom sector contribution to the National Exchequer amounted to Rs126.26 billion," it says.

The report indicates that in the cellular mobile sector, the country had 114.7 million subscribers at end-June 2015. Egypt and Africa-based Mobilink leads the subscriber share with 29.2 per cent, followed by Norway-based Telenor with 27.5 per cent, China-based Zong 19.3 per cent, Pakistan-based and the UAE's Itesallat-affiliated Ufon with 15.5 per cent, and UAE-based Warid with 8.6 per cent.

Cell sites have increased to 40,704, covering more than 92 per cent of the land area in Pakistan. The operators are also focusing on tower sharing as a viable option to improve coverage and network efficiency.

The average revenue per user of the cellular segment increased to Rs440 during FY-2015 compared to Rs432 in FY-2014. The total outgoing national cellular traffic increased to 393.1 billion at end FY-2015, compared to 345.7 billion in FY-2014. The PTA says 393.1 billion SMS messages were exchanged on cellular network in FY-2015.

PTA chairman Syed Ismail Shah said the broadband sector is experiencing a true evolution, since the introduction of mobile broadband. "Broadband penetration rose to 8.97 per cent at end-FY-2015, as compared to just 2.07 per cent in FY-2014. The subscriber base took a huge jump of 345 per cent to reach 16.89 million at end-FY-2015."

The writer is based in Islamabad. Views expressed by him are his ?own and do not reflect the newspaper's policy


AutoSoft Dynamics (Pvt.) Limited (AutoSoft), a global provider of Islamic and conventional banking solutions is pleased to announce that The Bank of Punjab (BOP), one of the largest banks in Pakistan has chosen AutoSoft’s AutoRTGS and ADAMS Islamic Treasury Management System as an enhancement to the ADAMS Conventional Treasury Automation System already running at BOP for the processing of large value fund transfers between the banks.

The AutoRTGS system has been designed in line with the State Bank of Pakistan’s requirement for all banks to enable the RTGS STP system by December 31, 2016. AutoRTGS is already implemented live at one of AutoSoft’s international customers and is a real-time straight through processing application for processing of large value interbank remittance transactions in real-time. The transactions are processed and linked with the Central Bank RTGS system, which minimizes the time and systemic risks due to any manual issues. AutoRTGS provides a complete network that helps the financial institution to easily send and receive information and messages about financial transactions in a standardized, secure and in a reliable environment.

In addition to the AutoRTGS, BOP has also selected ADAMS Islamic for the automation of its Islamic treasury trading desk. The Bank of Punjab has already been using AutoSoft's Treasury Solution – ADAMS Conventional since 2010. The ADAMS Islamic system is an automated dealing, money market and securities trading solution which is Shariah compliant and will support BOP’s Islamic treasury’s automation requirements. It provides the bank with a state of the art, multi-portfolio, multi-dealing room environment supported by robust risk management, back office management, statutory and management reporting features.

ADAMS Islamic & AutoRTGS will assist The Bank of Punjab in enhancing its operational efficiency and customer services while achieving and maintaining high level of scalability, security and will ensure smooth and continuous operations across the bank's divisions.

At AutoSoft we always strive to provide user-friendly, scalable as well as functionality rich banking solutions to our clients that are well-aligned to help the customer achieve their business objectives and also stay up to date with latest technologies.


AutoSoft Dynamics is a leading global solution provider of Banking, IT and ICT automated solutions for the banking and financial services industry. AutoSoft offers a range of products, solutions and consulting services that cut costs, respond rapidly to market needs, enhance customer service levels and mitigate implementation risks. AutoSoft has grown organically since inception and now house over 130 employees with offices in three major cities of Pakistan. With its vast pool of resources, having years of experience in banking automation, AutoSoft is set to provide a multitude of services to the financial services industry and has already provided both conventional and Islamic banking solutions to many prestigious banks. AutoSoft solutions are currently implemented in 21 leading institutions within Asia, the Middle East and Africa. More information about AutoSoft Dynamics (Pvt.) Limited is available at


The Bank of Punjab (BOP) head quartered in BOP tower, Main Boulevard, Gulberg, Lahore is one of the prominent financial institution of the country with a network of 344 total branches with 37 Taqwa Islamic Banking branches in major business centres throughout the country. It is among largest commercial bank of the Country. It provides a wide range of banking services including deposit in local currency; client deposit in foreign currency; remittances; and advances to business, trade, industry and agriculture.

By Thomas Heath Reporter December 21 at 12:56 PM

Pakistan-born Imran Aftab was traveling in 2004 when an AOL Time Warner colleague posed a rude question.

“Imran, you’re from Pakistan, yet you seem normal,” Aftab recalled. “What is the problem with the rest?”

“People see all bad news. I thought, ‘How can I change things even at a small scale through business?’ ”

After that trip, the chemistry major decided to use his knowledge of outsourcing at AOL to start his own business that could make money while also helping his fellow citizens in Pakistan.

The business he created is called 10Pearls, a profitable custom software company based in Herndon, Va., and Pakistan. The company has more than 150 software experts supervised by Aftab’s brother in a 33,000-square-foot office in Karachi. Only about 15 employees work in Herndon.

Aftab creates customized software for all kinds of interfaces, including mobile platforms, kiosks and Web sites. Clients include NVR, Time Warner Cable, Discovery Education, National Geographic and Zubie, a spinoff of Best Buy.

For Zubie, 10Pearls helped develop an Android and Apple application that allows people to see where their cars are located, diagnose auto repair issues and track historic routes.

Although 10Pearls is relatively small, with revenue of less than $10 million, Aftab said it has been profitable since it began 11 years ago, making Web pages for handyman businesses.

The company, which Aftab calls a social experiment, reminds me of the “double bottom line” businesses that Washington sports mogul Ted Leonsis espouses. That refers to businesses that earn profits while accomplishing some social good.

“I see that business causes positive impact,” said Aftab, who makes three visits a year to his native country. “It can change things even at a small scale. Business is a good way for people to learn about each other.”

The enterprise isn’t all about altruism.

Pakistan is a good candidate for outsourcing because of its large English-speaking population — 180 million or so — that is tech-savvy and has mathematical skills. Its labor costs are also far below those of the United States and other developed countries.

The labor-cost difference, which Aftab refers to as “a labor arbitrage,” is helping drive his profit margins. He calls it a “blended shore model.”

Pakistani software developers earn about a third to half of what it costs to hire someone with similar talents in the United States. When the less-expensive labor in Pakistan is “blended” into the entire cost structure of the company, it increases 10Pearls’ competitive position.

To lure creative millennials, Aftab owns a sister company called Game Plan8, which produces car racing, zombie and other games for mobile platforms.

“People in this day and age want to be motivated intrinsically,” Aftab said. “It’s a sense of achievement that they build a game that people are playing around the world.”

Aftab’s first break in life came early. He had dropped out of an elite Jesuit high school in Karachi because his family could not afford the tuition.

The principal of the school called in Aftab and his father.

“I still remember the day when I sat across [the principal’s] desk accompanied by my late father. I had dropped out of school, unable to continue the higher education in this private school, due to the financial hardships that my family was facing. Bishop Lobo slipped a white piece of paper in front of us and in his booming voice said, ‘Please write down the amount you can afford.’ ”

Aftab stayed in school and ended up earning a full scholarship to Bard College in Upstate New York, where he earned a bachelor’s degree in chemistry. After earning a master’s in chemistry at the University of North Carolina at Chapel Hill, in 1997, he joined JPMorgan Chase, where he evaluated deals for the investment bankers.

“I knew I had to make money for my family,” said Aftab, who has several brothers and sisters. He had taken corporate finance and stock market courses while pursuing his postgraduate chemistry degree at Chapel Hill, which gave him some comfort about entering business.

The investment bank job taught him to take a hard look at business opportunities, estimating cash flow and finance and distinguishing a good business from a poor one.

After Chase, he worked at Microstrategy and then AOL Time Warner. He oversaw more than $150 million in outsource spending across seven countries at AOL Time Warner.

In June 2004, following the discussion with his colleague about the perceptions of Pakistanis, he approached his brother Zeeshan Aftab, who lived in Karachi. Aftab’s idea was to start a software company that created Web sites, portals and digital logos for small businesses.

“I took $2,000 from my pocket and told my brother to quit his job,” Aftab said. “I said we are going to do something very simple. I am going to find small businesses who need help, and we are going to do it cheaply for them.”

He started calling friends, asking them if they knew anyone who needed small software jobs for as little as $200. He visited digital marketplaces online. He walked through strip malls, visiting small businesses and restaurants, asking if they needed help with their online logos, menus or Web sites.

Most told him to get lost, but a few small jobs started dribbling in. First-year revenue was a paltry $50,000. He kept his job at AOL Time Warner, then took consulting work to make ends meet while he pushed his nascent business forward.

He knew the bigger money was in developing software applications, but he had to build experience first. He quit AOL Time Warner in 2005 and worked as a consultant while he expanded 10Pearls.

Bigger contracts started coming in, including one from a big telecommunications firm that needed help. During the Great Recession that started in 2008, business stagnated and 10Pearls pivoted to mobile applications.

“I could see that mobile was going to grow explosively,” he said.

The company’s big break arrived in 2011, when it won a highly competitive contract to build a mobile application for Social Radar, a Washington company started by Blackboard co-founder Michael Chasen. A key part of Social Radar’s business is that the app allows users to interact with people in the immediate vicinity.

The deal with Chasen helped establish 10Pearls’ credibility. That led to more and larger mobile app contracts.

Aftab, who lives in Herndon with his wife and three children, owns the largest share of the company. His brother owns the rest.

He said the U.S. and Pakistan offices, as well as customers, keep in touch via Skype, telephone and online. Even in a small way, he said, he feels he has broken down barriers and helped at least a few people make a better life.

“My employees in Pakistan have developed a better appreciation of the entrepreneurs and professionals in the U.S.,” he said.

Web Link of this success story is here


Beenish Barlas
Senior Marketing Executive
Ph: +92-21-34328447-8

Lahore – August 10, 2015 – AutoSoft Dynamics (Pvt.) Limited (AutoSoft) is  proud to announce that it has signed an agreement with FINCA Microfinance Bank Limited (FINCA), the fastest growing microfinance bank in Pakistan, for the deployment of its Human Resource Management solution  at the bank.  AutoHRM   was selected over other HR solutions based on its ability to meet the bank’s   requirements and AutoSoft’s proven track record in expediently implementing its software solutions.

Mr. Mudassar Aqil, Chief Executive Officer, FINCA Microfinance Bank Pakistan commented during the contract signing ceremony, “AutoSoft has already established itself with a strong local presence in banking automation and has an in-depth understanding of the banking industry’s needs for business applications. AutoSoft also has a strong vertical niche suite, including the comprehensive Human Resource Management System that aligns very well with our business model for human resource management. We have signed AutoSoft as our technology partner of choice in view of their business and technology expertise and superior track record. We are confident that AutoHRM will meet our HR automation requirements efficiently and look forward to working with them.”

AutoHRM is a modular, flexible and user-friendly Human Resource Management Software. AutoHRM’s modular architecture will assist the bank in automation of its payroll, HR administration, recruitment, fund management operations along with direct integration with the core banking application. The complete suite consists of 16 modules to cover end to end talent management activities.

Mr. Javed Mushtaq, CEO of AutoSoft commented on this occasion, “We are very excited to be partnering with FINCA Microfinance Bank for our Human Resource Management Solution. AutoSoft continues to grow by establishing strategic partnerships with our clients. Our broad experience in providing automated solutions to both financial and non-financial institutions will provide a stable platform for FINCA to build on their existing HR infrastructure while providing the necessary support for the bank to achieve its growth objectives.”

Rocket Internet’s ecommerce store Daraz revealed today that it has secured EUR 50 million (US$55 million) in its first ever funding round. It operates in Pakistan, Bangladesh, and Myanmar – three markets where e-commerce is at very early stages, which is the kind of unformed landscape that Rocket likes to blast into.

The US$55 million comes from the UK government’s CDC Group, which is focused on supporting and developing businesses in Africa and South Asia, as well as Rocket spin-off Asia Pacific Internet Group (APACIG), which is technically Daraz’s parent company. The cash will be used to grow the business in existing markets and for expansion into other nations in Asia where e-commerce is only just taking off.

“Although internet penetration is still relatively low, the market is developing fast and its potential is immense,” says Bjarke Mikkelsen, CEO of Daraz, in today’s statement.

Daraz runs separately from Lazada, Rocket’s estore for more mature markets such as Singapore and Thailand.