A groundbreaking initiative was launched by Khazana Enterprise, powered by Huawei, introducing the country’s first Fintech and national in-country cloud services. This momentous step aims to revolutionize the financial landscape in Pakistan, setting the stage for significant investments and advancements in the technology sector.
The $10 million first-phase investment by Khazana Enterprise in Pakistan is just the beginning, with more planned for the second phase. Notably, the data must remain within the country, addressing concerns where other companies have been taking substantial amounts of money out of Pakistan for hosting services abroad.
At the launch event, attended by key leaders from the financial industry, government, and business sectors, Huawei Technologies Ltd and Khazana Enterprise showcased their monumental project. The national in-country cloud is not only a game-changer for the ICT industry but also promises economic benefits for the entire nation.
Deputy Governor of the State Bank of Pakistan (SBP), Sima Kamil, expressed her appreciation for the launch of Huawei Cloud, highlighting the SBP’s efforts in formulating a regulatory framework for Cloud Services. She emphasized the importance of data security, privacy, and the need for faster access to data, ultimately driving economic growth and employment generation.
The Chairman of the Securities and Exchange Commission of Pakistan (SECP), Akif Saeed, stressed the significance of embracing technology for the financial sector’s progress. He spoke about SECP’s digital transformation program, simplifying regulatory processes, reducing the cost of doing business, and promoting financial inclusion in Pakistan.
Huawei’s Shahzad Rasheed spoke about the company’s commitment to research and development (R&D) and its contribution to technological advancements. Huawei Cloud differentiates itself as one of the three hyper-scaler federated clouds available in Pakistan, providing software services and out-of-the-box solutions for digital banks.
Bob Din, Chairman of Khazana, and Nadeem Khan, CEO of Khazana, highlighted the potential of Khazana’s National Cloud services in transforming businesses and public sector organizations. The aim is to enhance operational efficiency, reduce costs, and foster innovation across various sectors, creating a thriving digital ecosystem for Pakistan’s economic growth.
With this powerful collaboration, Pakistan’s financial landscape is set to undergo a digital transformation, bolstering technological growth, and offering cutting-edge solutions to businesses and individuals alike. The event marked a significant milestone with several fintech companies, including Raqami Islamic Digital Bank, Heng Shan, and TitliS Technology, signing MOUs to support this digital revolution.
