KARACHI-A fintech company based out of Karachi, Swich, has won the Pakistan Innovation Hub Award that led to a grant of PKR 20 million, under the Ministry of Planning.
Presenting its innovative idea at the Pakistan Innovation Hub, Swich showcased its solution aimed at creating a digital Pakistan, fostering financial inclusion, and addressing critical macroeconomic challenges within the nation. The proposal received an overwhelmingly positive response, leading to Swich’s selection as the highest grant winner. This notable accomplishment signifies Swich’s unwavering commitment to revolutionizing digital payments in Pakistan, while also highlighting the government’s profound trust in the company’s vision.
Expanding on the news, the co-founder of Swich, Shah Aun Hussain briefed, “Swich is the first application in Pakistan that is providing major financial services empowering the retailer under a single application; we have 1,000+ retailers already registered with monthly transaction processed value above PKR 1 billion which serves as product market fit. As the next step, we will use the support of relevant stakeholders to enhance and scale this platform across Pakistan. Our win at Pakistan Innovation Hub is not the cheque size, rather the fact that the government believes that Swich can make a difference in Pakistan, giving us validation to digitize Pakistan’s economy through the retail segment.”
Speaking at the event, Federal Minister for planning, development & special initiatives, Ahsen Iqbal said, “Pakistan Innovation Hub is a platform for all entrepreneurs to showcase their ideas and take government support in terms of grants to use as seed money to add value to the country. This initiative will bring some very promising companies of the future to the limelight in turn empowering a prosperous Pakistan, in line with Prime Minister’s vision 2025.”