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Visa has launched its Visa+ service in Bahrain, allowing users to send money to Visa cardholders across the GCC using just the recipient's mobile number. Initially available to customers of Bahrain Islamic Bank and Khaleeji Bank, the service simplifies cross-border transfers and aims to expand its network to include more banks in the GCC, Pakistan, and the EU. This innovation is expected to enhance convenience for users and positively impact families and economies globally.
Binance founder Changpeng Zhao is set to assist Pakistan in enhancing its cryptocurrency trading initiatives. This collaboration aims to boost the country's engagement in the digital asset market, reflecting a growing interest in crypto opportunities within the region.
This week, Turkish fintech Sipay leads the funding list with $78 million in a Series B round, achieving a valuation of $875 million. Other notable deals include China's Grand Hitek raising $62.5 million and India's Juspay securing $60 million, highlighting the growing diversity in Asia's startup landscape. The total funding for the week reached over $510 million across 60 deals.
Pakistan International Airlines (PIA) is poised to report its first annual profit in over 20 years, achieving earnings per share of 5.01 rupees for the year ending December. This milestone comes as the airline prepares for a potential sale, with the results pending board approval before public release.
For millions of expats in the Middle East, remitting money home is crucial, yet 2025 has introduced complexities due to currency fluctuations and economic pressures. The strengthening US dollar has led to record lows for currencies like the Indian and Pakistani rupees, prompting a rise in digital remittances, particularly through fintech solutions, which now dominate the market in the UAE and Saudi Arabia. Expats are adapting by tracking exchange rates and opting for smaller, frequent transactions, ensuring their financial support remains impactful amidst evolving economic conditions.
Pakistani fintech firm Haball has raised $52 million in a pre-series A funding round, including $5 million from Zayn VC and $47 million from Meezan Bank. The capital will bolster its operations in Pakistan and facilitate expansion into the GCC, starting with Saudi Arabia in 2025, while addressing the significant SME financing gap in the region. Founded in 2017, Haball specializes in shariah-compliant financing and has processed over $3 billion in payments, highlighting the demand for its services.
Haball, a fintech firm in Pakistan, has secured $52 million to enhance its Shariah-compliant supply chain financing and payment services. The funding, led by Zayn VC and Meezan Bank, will facilitate Haball's growth in Pakistan and its expansion into the Middle East, starting with Saudi Arabia. With a focus on addressing the financing gap for SMEs, Haball has already processed over $3 billion in payments and disbursed more than $110 million in financing, serving nearly 8,000 businesses.
The IMF has reached an agreement with Pakistan on a new $1.3 billion loan program, alongside a review of an existing bailout that could unlock an additional $1 billion. This 28-month deal aims to support Pakistan's climate change efforts, contingent on the approval of the Fund's executive board. Pakistan, having narrowly avoided default in 2023, is under strict conditions to enhance tax revenue and reduce power subsidies as part of its ongoing fiscal reforms. The IMF noted significant progress in Pakistan's macroeconomic stability over the past 18 months despite global challenges.
Pakistan's inflation is projected to remain between 1-1.5% in March 2025, following a significant drop from a peak of 38% in May 2023 due to rising food and fuel costs. The Finance Division anticipates a slight increase to 2-3% in April, supported by positive economic indicators and seasonal factors boosting remittances and trade. The government aims for sustainable growth, with expectations of foreign exchange reserves exceeding $13 billion by June, despite challenges in financial inflows.
Tough regulations in the UAE and reduced volatility in the Pakistan Rupee have impacted hawala money flows. The gap between the official and parallel market rates for the PKR has narrowed from 9% to around 1.5%, with the current rate at 281.08 to the dollar, down from 315 in August 2023.
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