Swich, a dynamic fintech company hailing from Karachi, has achieved a momentous feat by winning the coveted Pakistan Innovation Hub Award. The esteemed recognition has resulted in a grant of PKR 20 million, administered by the Ministry of Planning, to support the company’s innovative endeavors.
At the Pakistan Innovation Hub, Swich presented its groundbreaking solution designed to propel Pakistan into a digital era, foster financial inclusion, and address crucial macroeconomic challenges faced by the nation. The proposal garnered an overwhelmingly positive response, leading to Swich’s selection as the highest grant winner, solidifying its position as an industry leader.
This remarkable achievement underscores Swich’s unwavering commitment to revolutionizing digital payments in Pakistan. It also serves as a testament to the government’s profound trust in the company’s vision and potential to make a substantial impact on the country’s economy.
Shah Aun Hussain, the co-founder of Swich, expressed his excitement, stating, “Swich is the first application in Pakistan that is providing major financial services empowering the retailer under a single application; we have 1,000+ retailers already registered with monthly transaction processed value above PKR 1 Billion, which serves as product-market fit. As the next step, we will use the support of relevant stakeholders to enhance and scale this platform across Pakistan. Our win at Pakistan Innovation Hub is not the cheque size but rather the fact that the government believes that Swich can make a difference in Pakistan, giving us validation to digitize Pakistan’s economy through the retail segment.”
Federal Minister for Planning, Development & Special Initiatives, Mr. Ahsen Iqbal, lauded the significance of the Pakistan Innovation Hub as a platform for entrepreneurs to showcase their innovative ideas and receive government support in the form of grants. This support acts as seed money to nurture promising companies that align with the vision of a prosperous Pakistan, as envisioned by Prime Minister’s Vision 2025.
The Pakistan Innovation Hub serves as a gateway for the future’s most promising companies, empowering a prosperous and digitally transformed Pakistan, in line with the ambitious goals set forth by the country’s leadership.