LAHORE  -  Pakistani tech companies are increasingly setting their focus on major markets including Singapore along with United Arab Emirates and Kingdom of Saudi Arabia. Pakistani IT companies and fintech operators participated recently in the renowned international trade fairs held in Singapore, including Singapore Tech Week and Singapore FinTech Festival for the first time. The shift towards Singapore comes as part of Pakistan’s broader strategy to diversify its tech exports and capitalize on the rapidly growing Southeast Asian digital economy in the fields of software development, fintech, cybersecurity, and e-commerce services. “Singapore is a gateway to the entire ASEAN region, and its strategic location and openness to tech innovations make it an excellent market for us,” says Saad Shah, CEO Hexalyze, who established his office in Singapore this year. “We’re seeing a rising interest from Singaporean companies in our data analytics and cloud solutions, as they’re actively looking for cost-effective, reliable tech partners. It’s a market with both sophisticated needs and high expectations, which aligns well with the quality of services we provide.”

Although the United States and Europe have traditionally been the focus, Southeast Asia—and Singapore in particular—offers an appealing alternative with immense growth potential in areas such as artificial intelligence, blockchain, and digital health services, he added.

Pakistan’s technology exports have been growing steadily over the period of the last few years. It grew to $3.4 billion last year—an all-time high level. Hence, the government is facilitating IT sector to increase export earnings to reduce the deficit in the current account in the future.

Aly Fahd, a facilitator of the Pakistani startup ecosystem, highlighted that Singapore is at the forefront of digital finance, and its financial institutions are keen on innovative solutions as Pakistani fintech products for digital payments and secure transactions have attracted significant interest from local banks and startups.

We organized an exclusive meetup at a Singapore FinTech Festival to gather and bring together Pakistani tech entrepreneurs, VCs, digital banks, and members of the broader Pakistan-Singapore tech community. Participants gained firsthand insights into the latest developments in Pakistan’s tech ecosystem, connected with industry leaders, and grew their network. This was an opportunity to engage with innovators shaping the future of tech across both regions, CEO Paklaunch said.

Speaker noted that the expansion into Singapore signifies not only an opportunity to enhance exports but also a crucial step towards global recognition in the highly competitive field of technology.

Pakistani companies should establish partnerships and local representation as essential for sustained growth. If companies can continue adapting to Singapore’s high standards and consumer expectations, they will not only succeed in the city-state but also gain a foothold in broader ASEAN markets, they added.

Pakistan’s presence at global exhibitions and festivals is gradually increasing in the last two years. Recently, Pakistan made a stellar presence at GITEX Global in Dubai with 80 companies and LEAP 2024 with 74 companies in Riyadh.