Pakistan has potential to revolutionize its online business with Chinese assistance: PCJCCI Chief

Lahore, March 28, 2023 (PPI-OT): Pakistan can bring a revolution in online business with the help of Chinese companies already working in the country, stated by Moazzam Ghurki, President Pakistan China Joint Chamber of Commerce Industry (PCJCCI) during a think tank session held at PCJCCI Secretariat today. He said that ten legal fintech companies are working in Pakistan. Four of them are Chinese companies including Seed Creed Financial Services, Micro Creed Financial Services Limited and Hammra Financial Services Limited are active in the country.

President PCJCCI also said that those companies could also connect the Pakistani fintech industry with WeChat and Alipay. He said that WeChat has already revolutionized online business in China. Users can buy and sell their daily items online through WeChat. He added that there is a dire need to synchronize these brands with the fintech industry of Pakistan and the state-run financial institutions.

Fang Yulong, Senior Vice President PCJCCI said that any Pakistani fintech company such as UBL Omni, Jazz Cash and Easypaisa etc could be developed on the pattern of WeChat. “Currently, local fintech companies are moving in the opposite direction of international fintech firms.

We need to coordinate and make it a unique and common platform, which is accessible to everyone. Pakistan has a good 4G system and it is also moving towards 5G. Pakistan should make its network capable of new technology. Hamza Khalid, Vice President PCJCCI added that we should engage the youth of Pakistan to develop human resources; we can also introduce training courses in collaboration with Chinese trainers for technological transfer.

He also said that according to the data provided by WeChat management to WealthPK, the monthly deals of the firm reached 1.309 billion, registering an increase of 3.7%. In January 2022, the WeChat Open Class disclosed to the media that mini-programmes of the company were growing rapidly in overseas business, with the number of monthly deals increasing by 268%, and the monthly average number of daily transactions increasing by 897%. In this way we can also train our companies to boast our economy and to facilitate our people.

Salahuddin Hanif, Secretary General PCJCCI said that this is the best time to improve the skills of people. People have already the latest mobile phones, local machines and latest equipment so they just need to improve their skills.

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