‎Why Pakistan’s Fintech Scene Deserves Indonesia’s Attention

‎Pakistan’s fintech industry is quietly stepping into the spotlight. While it’s not yet as mature as Indonesia’s booming digital finance ecosystem, the pace of innovation, policy reform, and foreign interest in Pakistan suggests it won’t stay in the shadows much longer.

‎For Indonesian investors and fintech companies looking to explore cross-border opportunities, the timing couldn’t be better.

‎Emerging Sector:

‎Pakistan is home to more than 240 million people, but according to the World Bank, only 21% of adults had a formal bank account as of 2022. That gap has become the primary driver of digital financial innovation.

‎Leading players include:

‎Easypaisa – Pakistan’s most widely used mobile wallet. In January 2025, it became the country’s first officially licensed digital retail bank.

‎SadaPay – A mobile-first neobank targeting freelancers and Gen Z consumers. It gained regulatory clearance from the State Bank of Pakistan in 2023 and has since gained significant popularity due to fee-free transactions and international remittance features.

‎Abhi – A Lahore-based startup offering “earned wage access” allowing employees to withdraw their salary as they earn it. Backed by international investors, Abhi was named one of the top 50 most promising fintechs in the Middle East and South Asia.

‎The State Bank of Pakistan (SBP) has been instrumental in this evolution. With projects like Raast the country’s real-time payment gateway and regulatory sandbox initiatives launched in May 2025, the central bank is actively shaping a fintech-forward ecosystem. (SBP)

‎So Why Should Indonesia Care?

‎Indonesia is already a fintech powerhouse. With apps like OVO, Gopay, Jenius, and the massive adoption of QRIS, Indonesia’s central bank has set a precedent for inclusive digital finance in Southeast Asia.

‎Here’s what makes Pakistan interesting from Jakarta’s perspective:

‎Untapped market: While Indonesia’s fintech growth is stabilizing, Pakistan is just entering its high-growth phase. The number of mobile wallet users is growing by over 20% annually.

‎International interest is rising: In 2023 and 2024, global firms like Mastercard and Mashreq Bank entered Pakistan’s market. Mashreq, headquartered in the UAE, officially launched its digital-only bank in Pakistan in partnership with local entities.

‎Cost-effective investment: Early-stage startups in Pakistan still offer relatively modest valuations, making them attractive to regional VCs.

‎Cross-Border Activity Already in Motion

‎There have been modest but meaningful moves toward collaboration:

‎ICE (International Creatives Exchange) Chaired by Atta Ul Karim, ICE is actively working to improve cultural and business ties between Pakistan and Indonesia. In 2024–25, the organization helped launch PakistanIndonesia.com, a portal aimed at deepening bilateral cooperation.

‎Fintech Seminars: While a dedicated fintech summit under ICE hasn’t yet been confirmed, ICE has held high-level business and cultural events that included tech startups and investors. Their stated mission includes encouraging cross-border innovation and knowledge-sharing.

‎What Could Indonesia and Pakistan Do Together?

‎If fintech players from both countries work together, we could see:

‎Cross-border remittance innovation: Using QRIS and Raast interoperability to reduce fees and friction for migrant workers.

Joint fintech bootcamps: Accelerators in Jakarta and Lahore could co-host events to connect investors with early-stage founders.

‎Digital identity and KYC collaboration: Indonesia’s progress with biometric e-KTP could offer insights for Pakistan’s NADRA-backed digital ID efforts.

‎Policy learning: Indonesia’s experience regulating P2P lending, e-wallets, and neobanks could serve as a roadmap for Pakistan’s policymakers.

‎Final Word

‎Indonesia and Pakistan are at different stages in their fintech journeys, but the potential for collaboration is real. With a shared need for financial inclusion, a young population, and increasingly digital habits, both nations stand to benefit from open dialogue, joint ventures, and strategic investment.

‎Pakistan may not yet be the fintech hub that Indonesia is but it’s on its way. And for forward-thinking investors or innovators in Jakarta, this is the right time to take a serious look at what’s building in Karachi, Lahore, and Islamabad.

Author: Haseeb Ahmad Majoka

‎