Dr. Umer Saif, the Federal Minister for Information Technology and Telecommunication, envisioned creating a Venture Capital (VC) Fund with government backing to promote businesses and the fintech ecosystems financially. The minister was present at the signing of a Memorandum of Understanding (MoU) between the Securities and Exchange Commission of Pakistan (SECP) and IGNITE.
It focused on overcoming obstacles that are confronted by Pakistani startups, fostering fintech innovation. And creating environments that were conducive to investments.
Dr. Saif expressed a strong interest in the innovative business models under consideration by the SECP, such as asset fractionalization, and the Regulatory Sand Box. The SECP Chairman, Akif Saeed, gave the Federal Minister a thorough briefing.
During the breifing, he described the organization’s important initiatives in the areas of innovation, digitization, administrative support. Furthermore, he described more initiatives like building capacity, investment assistance, and policy advocacy.
The Chairman also gave Dr. Saif information about the ground-breaking regulatory sandbox program SECP had put in place to support fintech. He also shared information on how to ingratiate technology into traditional financial services, and infuse innovation into them.
There were also other prominent authorities in attendance, including CEO IGNITE Asim Shahryar Husain, Executive Director of Specialized Companies Khalida Habib, and SECP Commissioner Mujtaba Ahmad Lodhi.
Khalida Habib gave the Minister a briefing on the legal prerequisites for the creation of a government-backed venture capital fund of funds. In addition, he also offered comprehensive advice for successfully establishing a well-structured fund of funds.
A Memorandum of Understanding (MoU) between SECP and IGNITE was signed in front of the minister. And it focused on regulatory compliance education, awareness campaigns.
Furthermore, it also emphasized on overcoming obstacles faced by Pakistani entrepreneurs, encouraging fintech innovation. And creating conditions that were conducive to investment. Asim Shahryar Husain, CEO of Ignite, and Mujtaba Ahmad Lodhi, Commissioner SECP, both signed the MoU.
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