The Opportunity in Pakistan

Macro Timing is Ideal

  • Pakistan is India from 2015-2016 with its own payment public sector rails

  • Other EM using Pakistan as benchmark (besides SE Asia and India)

  • Pakistan is going through a digital curve right now

  • Cash is king but society has cash too

Mobile Penetration

  • 100 million internet connected devices, 1.5 million more smart phones per month

Regulations and Government

  • Government and CBs have forced banks to use fintechs for distribution

    • Borrowing rates from banks will be max 9%

  • Banks required to lend a minimum of around $30-40 million to fintechs

  • Will be impossible to do this because there are not enough fintechs

  • Will have to adjust quotas and discuss with government

  • Regulators are really pushing on the banks

Overall there are few fintechs, positive regulatory environment. Consider investing. Opportunity for the first unicorn.

Tiger made their first investment in Pakistan in Creditbook.