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Turkish fintech giant to acquire ‘complete ownership’ of Pakistan’s SadaPay in potential deal — insiders

Turkish fintech giant to acquire ‘complete ownership’ of Pakistan’s SadaPay in potential deal — insiders
An undated file photo of SadaPay's numberless debit card. (Photo courtesy: SadaPay/Facebook)
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Updated 19 February 2024
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Turkish fintech giant to acquire ‘complete ownership’ of Pakistan’s SadaPay in potential deal — insiders

Turkish fintech giant to acquire ‘complete ownership’ of Pakistan’s SadaPay in potential deal — insiders
  • SadaPay, valued at $43-64 million in April 2022, is likely to attract up to $50 million as part of the deal
  • Turkiye’s Papara will invest $10 million in Pakistan to further increase operational capacity of SadaPay
Updated 19 February 2024
KHURSHID AHMED   
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KARACHI: Papara, a financial technology giant headquartered in Turkiye’s Ankara, is currently in talks with SadaPay, a Pakistan-based financial technology company, for a potential merger deal worth nearly $50 million, according to people familiar with the developments.

Papara, an electronic money and payment services organization, is the first non-banking entity to issue a prepaid card with Mastercard logo in Turkiye. Launched in 2016, the fintech has 18 million users and provides digital wallet services, allowing users to make payments, transfer money, and perform various financial transactions through their mobile phones or online platforms.

SadaPay, on the other hand, is regulated by the State Bank of Pakistan (SBP) and is a wholly-owned subsidiary of SadaPay Technologies Limited, registered with the Dubai International Financial Center.

The deal for “complete ownership” of SadaPay by the Turkish fintech giant is in advanced stages and if finalized, it would pave the way for an immediate investment of around $10 million in Pakistan, said sources familiar with the developments.

Reached for comment, Brandon Timinsky, CEO of SadaPay, told Arab News that he was “not able to provide any official statement at this time.”

Other key officials of SadaPay also declined to comment, but a fintech source called the possible merger a “good development” for Pakistan.

“This is a good development for Pakistan’s startup ecosystem,” the official said, requesting anonymity. “This deal will pave the way for further investment of around $10 million in addition to actual value of the deal to boost operational capacity [of SadaPay].”

He said the deal would likely be in the range of $30-50 million, under which “100 percent ownership” of SadaPay would be transferred to the Turkish firm.

Dealroom.com, a global provider of data and intelligence on startups and tech ecosystems, valued SadaPay at $43-64 million in April 2022.

The final details of the deal are expected to be made public after a regulatory approval from the Pakistani central bank.

Topics: SadaPay Papara

Senate convenes parliament session to discuss UAE visa restrictions, welfare of overseas Pakistanis

Senate convenes parliament session to discuss UAE visa restrictions, welfare of overseas Pakistanis
Updated 25 sec ago
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Senate convenes parliament session to discuss UAE visa restrictions, welfare of overseas Pakistanis

Senate convenes parliament session to discuss UAE visa restrictions, welfare of overseas Pakistanis
  • Session held after months of widespread media reports of a decline in UAE visas for Pakistanis
  • Last month, Pakistan foreign office said it did not subscribe to “impression” of ban on UAE visas
Updated 25 sec ago
Arab News Pakistan

ISLAMABAD: The Senate Standing Committee on Overseas Pakistanis and Human Resource Development on Monday convened a session at the Parliament House to deliberate on critical issues, “including the UAE’s unofficial visa restrictions and the welfare of overseas Pakistanis,” state-run APP news agency reported. 

The session was held after months of widespread media reporting on a decline in UAE visas for Pakistanis and a decrease in overall overseas employment for nationals of Pakistan, allegedly due to their lack of respect for local laws and customs and for participating in political activities and sloganeering while abroad.

Last week, Prime Minister Shehbaz Sharif thanked the UAE for taking steps to streamline visas for Pakistanis.

“Senator Zeeshan Khanzada [chair of the session] emphasized the urgency of addressing lingering visa concerns, noting public frustration over unresolved issues,” APP reported after the meeting. 

“Khanzada pointed out discrepancies in visa processing despite applicants fulfilling all requirements and stressed the importance of keeping the public informed through compliance updates and timelines,” the state agency added.

Dr. Arshad Mahmood, secretary of the ministry of overseas Pakistanis, clarified that the restrictions “were not absolute, particularly in Dubai, where skilled labor remains unaffected.”

“He acknowledged a recent decline in the demand for unskilled labor and highlighted the need to prioritize skilled workforce migration. He added that approximately 700,000 workers have been sent abroad this year,” APP said. 

Committee members also discussed establishing dedicated immigration counters at international airports for overseas Pakistanis and facilitation for individuals whose passports had been confiscated, preventing their return to Pakistan, particularly those released from jail after falling short on visa requirements.

Last week, Hamad Obaid Ibrahim Salem Al-Zaabi, the ambassador of the UAE to Pakistan, called on Deputy Prime Minister Ishaq Dar and briefed him on steps being taken to streamline visas for Pakistanis. Previously, the foreign office has repeatedly said Islamabad did not subscribe to the “impression” that there was a ban on UAE visas for Pakistani nationals.

“If there are any issues that arise with respect to issuance of visas and stay of Pakistani nationals in the UAE, that are important agenda items between Pakistan and the UAE and we continue to discuss them,” the foreign office spokeswoman told reporters last month.

Topics: Senate of Pakistan UAE Visa to Pakistanis

Days-long protest in Pakistan’s Gwadar continue over curbs on Iran border trade

Days-long protest in Pakistan’s Gwadar continue over curbs on Iran border trade
Updated 7 min 40 sec ago
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Days-long protest in Pakistan’s Gwadar continue over curbs on Iran border trade

Days-long protest in Pakistan’s Gwadar continue over curbs on Iran border trade
  • Locals in coastal town have traditionally used boats to travel into Iran to bring back oil and food items
  • In August, government introduced a token system with only registered boats allowed to cross over
Updated 7 min 40 sec ago
SAADULLAH AKHTER

QUETTA: A protest sit-in in the southwestern Pakistani port city of Gwadar entered its 10th day on Monday, with participants calling for free trade with Iran via land and sea borders as well as uninterrupted electricity supply and access to clean drinking water.

Gwadar is a coastal town in Pakistan’s impoverished Balochistan province where China is developing a deep-sea port. Despite the largescale development work, residents of the town have for years complained of a lack of employment opportunities and basic facilities like clean drinking water and electricity.

Pakistan shares an 904-kilometer-long border with Iran via land and sea, which is used for informal trade between the two countries. Formal trade between Pakistan and Iran has been nominal due to US sanctions on Tehran, but the area is dominated by informal trade of Iranian oil, food items and liquefied petroleum gas (LPG), transported through various border crossings in the Makran and Rakhshan divisions.

District Gwadar shares a sea border with Iran while Balochistan’s Kech and Panjgur districts share a land border. In the past, locals in Gwadar used boats to travel into Iran to bring home Iranian oil and food items. They crossed over into the neighboring country after showing their Pakistani national ID cards (CNICs). 

In August this year, authorities in Gwadar introduced a token system under which only registered boats, around 600, can daily cross into Iran through the Kantani Hor sea route. Locals say the new system has led to unemployment in the district as many can’t afford the tokens, which can cost up to Rs60,000 $215.

“We have been protesting for the last ten days because our people have lost their jobs since the government announced this new token system,” Houth Abdul Ghafoor, a local politician who has been leading the All-Parties Alliance protest since Dec. 13, told Arab News, describing the system as “official bribery.”

“More than three million people in Makran division are linked with border trade with Iran because we don’t have industries and other employment sources. The border restrictions are causing food and oil shortage in the coastal city.”

Jawad Ahmed Zehri, the Gwadar assistant commissioner, said the government had formalized border trade with Iran by registering boats so that all traders could benefit equally.

“Small traders are now directly benefitting from this token system as influential traders previously prevented smaller businessmen from crossing through the border,” Zehri told Arab News. “Now everyone can travel on his allotted number.”

Asked about talks between the administration and protesters, Zehri said the government would not engage with those pressurizing the government to abolish the token system.

The participants of the Gwadar sit-in said they are also protesting power and water shortages in the port city.

“We demand provision of basic facilities like education, water, electricity and job opportunities,” Maulana Hidayat-ur-Rehman, a provincial lawmaker from Gwadar, said.

Gwadar has witnessed regular days-long protests in recent years against the lack of basic amenities and alleged violations of human rights and extrajudicial killings by security agencies, who deny the charge. 

Separatists have been waging a decades-long insurgency in Balochistan, accusing the government and army of exploiting the impoverished province’s mineral wealth, accusations both reject. 

Topics: gwadar protest Pakistan Iran border

Peace talks to continue in Pakistani district wracked by sectarian feuding as two more killed

Peace talks to continue in Pakistani district wracked by sectarian feuding as two more killed
Updated 51 min 34 sec ago
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Peace talks to continue in Pakistani district wracked by sectarian feuding as two more killed

Peace talks to continue in Pakistani district wracked by sectarian feuding as two more killed
  • Clashes between Sunni and Shia tribes have killed over 130 people in Kurram since last month
  • Violence has triggered road closures, disrupting access to medicine, food, fuel, education, work
Updated 51 min 34 sec ago
REHMAT MEHSUD

PESHAWAR: A government-backed council of tribal elders leading peace talks in a Pakistani district where at least 136 people have been killed since last month in sectarian clashes will resume meetings in two days and expects to sign a “durable” peace agreement, a government official said on Monday.

Kurram, a tribal district of around 600,000 in Khyber Pakhtunkhwa province where federal and provincial authorities have traditionally exerted limited control, has frequently experienced violence between its Sunni and Shia Muslim communities over land and power. Travelers to and from the town ride in convoys escorted by security officials. 

The latest feuding started on Nov. 21 when gunmen ambushed a vehicle convoy and killed 52 people, mostly Shias. Nobody claimed responsibility for the assault, which triggered road closures and other measures that have disrupted people’s access to medicine, food, fuel, education and work.

Earlier this month, the provincial government of the Pakistan Tehreek-e-Insaf party formed a ‘grand jirga’ of political and tribal heavyweights to convince rival tribes to shun violence.

“The jirga will resume meetings after two days and is expected to sign a durable peace agreement to the dispute,” Khyber Pakhtunkhwa (KP) government spokesman Muhammad Ali Saif said in a statement, which came after two Shias were killed in the Ochat area of Kurram on Sunday night.

“The two persons were coming to their villages but on the main road unidentified men shot them dead at around 8pm,” Kurram police spokesman Riaz Khan told Arab News on Monday.

“One of the victims was from Alam Sher village and the other was from Zerran, Parachinar.”

Khan said at least 136 people had been killed in the violence since last month. If you added those who had died due to lack of access to hospitals and medicines following the road closures, the number reached at least 200, the police officer said. 

Last week, Saif said authorities had decided to dismantle private bunkers, observation posts used in the fighting by both sides, and given a deadline of Feb. 1 for tribesmen in Kurram to handover heavy weapons. Local tribesmen have so far reportedly refused to surrender their weapons, citing concerns about their safety.

A tribal elder who is part of the jirga, however, said most tribes had agreed to the council’s recommendations. 

“The jirga faces no big hurdles because both the sides have expressed willingness to abide by the jirga decisions, including removal of bunkers and surrendering of heavy weapons,” jorga member Muneer Bangash told Arab News on Monday. 

“Once there are no heavy weapons, I’m sure there will be no mass killings at the scale that we have recently witnessed.”

He said both the sides wanted “communal coexistence and harmony” and realized that the decades-old clash had only brought destruction.

“We will give good news very soon. Half of the threat will be gone once the heavy weapons are collected. Peace will gradually take root,” Bangash added. 

Meanwhile, the KP government has launched a helicopter service to evacuate people and transport aid and medicines to Kurran as a major highway connecting Kurram’s main city of Parachinar to the provincial capital of Peshawar has been blocked since last month, triggering a humanitarian crisis with reports of starvation, lack of medicine and oxygen shortages.

On Sunday, two flights evacuated 27 individuals and 16 government staffers and jirga members, according to KP chief minister’s office. Since last week, over 180 people, including women, children and patients, have been transported via helicopter, with priority given to those in need of urgent medical attention.

In a meeting on Monday, the KP cabinet decided to establish a special police force to secure the Peshawar-Parachinar road, for which 399 people would be recruited. 

Shia Muslims dominate parts of Kurram, although they are a minority in the rest of the country. The area has a history of sectarian conflict, with militant groups like the Pakistani Taliban and Daesh also previously targeting the minority group.

Topics: kurram kurram district sectarian clashes

Fam Jam: Husband succeeds wife as chief traffic officer in Pakistan’s Lahore

Fam Jam: Husband succeeds wife as chief traffic officer in Pakistan’s Lahore
Updated 23 December 2024
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Fam Jam: Husband succeeds wife as chief traffic officer in Pakistan’s Lahore

Fam Jam: Husband succeeds wife as chief traffic officer in Pakistan’s Lahore
  • Amara Athar was appointed first women head of Lahore traffic police last year
  • She handed over the reins last week to her hudband DIG Athar Waheed
Updated 23 December 2024
Arab News Pakistan

ISLAMABAD: The incoming Lahore Chief Traffic Officer is no stranger to Amara Athar, the Pakistani cultural capital’s first women head of traffic police, who handed over the reins this month to her successor.

In a twist that has led to widespread social media commentary, DIG Athar Waheed, who was appointed as Lahore CTO on Saturday, is the husband of Amara. His appointment has also led to the upgrade of the CTO position to the rank of Deputy Inspector General (DIG).

“It was an honor to be your Chief Traffic Officer for the year 2024,” Amara said on X. “May you all continue to work with dedication and professionalism for the safety of road users.” 

BS-19 police officer Amara was appointed Lahore CTO last December, making her the first woman police officer to hold the key traffic control assignment in the provincial capital of Punjab. 

“Ms Athar replaced retired Capt Mustansar Feroz, who had been holding the the Lahore CTO post for the last one year,” Punjab police said in a statement at the time, adding that there were many male contenders for the top slot of the Lahore traffic police, but Punjab Inspector General of Police (IGP) Dr. Usman Anwar preferred the decorated woman officer.

Amara was the fourth woman police officer posted in Lahore under Anwar, showing the Punjab Inspector General’s “policy of prioritising female officers for the field assignments in a bid to change the decades-old tradition of ‘male dominant’ policing in the province,” Punjab police said.

Topics: ammara athar

Pakistan stock market registers second highest single-day gain on ‘easing political noise’

Pakistan stock market registers second highest single-day gain on ‘easing political noise’
Updated 23 December 2024
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Pakistan stock market registers second highest single-day gain on ‘easing political noise’

Pakistan stock market registers second highest single-day gain on ‘easing political noise’
  • The benchmark KSE-100 index surged by 4,411 points, or 4.3 percent, to close at 113,924 points on Monday, according to stock traders
  • The development came as Pakistan’s government holds talks with ex-PM Imran Khan’s PTI opposition party to address political polarization
Updated 23 December 2024
KASHIF IMRAN

ISLAMABAD: The Pakistan Stock Exchange (PSX) began the week on a strong note and gained more than 4,000 points on Monday, stock analysts said, attributing the rally to “easing political noise” and upbeat economic indicators.
The benchmark KSE-100 index surged by 4,411 points, or 4.3 percent, to close at 113,924 points on Monday, according to stock traders. The market saw the trading of 424,809,788 shares and registered the second highest single-day gain from Friday’s close of 109,513 points.
Stock analysts said upbeat economic indicators on surging exports, remittances and foreign exchange reserves as well as the government’s talks with the opposition Pakistani Tehreek-e-Insaf (PTI) party played a catalyst role in the rally.
“Stocks’ bullish record led by scrips across the board as investor weigh falling lending rates after fall in government bond yield and easing political noise,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.
Mehanti’s comments came hours after the Pakistani government held a first round of talks with jailed former prime minister Imran Khan’s PTI party to address political polarization in the country.
Pakistan has remained gripped by political unrest and uncertainty since Khan’s ouster from power through a parliamentary no-confidence vote in April 2022, which has also exacerbated Pakistan’s economic hardships.
However, Pakistan’s economic indicators have improved and the stock market has surged significantly, reaching a historic high of 117,039 points this month. Though the market shed around 9,000 points last week, but it recovered on Friday by registering a sharp increase of more than 3,000 points.
Pakistan’s central bank this month cut its key interest rate by 200 basis points to 13 percent, marking the fifth straight reduction since June. The country’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This was down from 38 percent last year.
Data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.
Pakistan recorded an increase of 29.1 percent year on year in workers remittances, which amounted to $2.9 billion in November, according to the central bank data. The inflows rose by 33.6 percent to $14.8 billion from July till November, compared to $11.1 billion received during the same period last year.

Topics: Pakistan Stock Exchange Pakistan Stock Exchange (PSX) Stock Market

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