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Tag: Pakistan

  • Zong Pakistan, Fortumo team for direct carrier billing

    Zong Pakistan, Fortumo team for direct carrier billing

    Mobile payments company Fortumo and China Mobile Pakistan (Zong) have entered into a direct carrier billing partnership in Pakistan.

    Digital content merchants and app stores using the Fortumo carrier billing platform can now collect payments from 26 million Zong customers in the country. Fortumo is the only global direct carrier billing provider in Pakistan, where the company has been working together with Telenor Pakistan since July 2014.

    “Millions of people in emerging markets are accessing the internet only from their phones,” said Gerri Kodres, chief business officer at Fortumo. “This new digital audience is connected to the world but cannot access paid content as a majority of them do not own credit cards.”

    An estimated 56 million Pakistanis now have a smartphone. The adoption of smartphones in the country is helped by both Zong and Telenor Pakistan launching 3G networks in 2014.

    Fortumo’s direct carrier billing platform allows users to make payments over a data connection by confirming purchases with one click on their phone. Payments are processed without any additional information required from the mobile user which provides a significant conversion improvement compared to any other online payment method.

    Fortumo’s direct carrier billing platform is currently available to over 1.3 billion people in 16 Asian countries. Globally Fortumo covers 95 countries and reaches over 3 billion end-users with its carrier billing solution.

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  • Indonesia to Import 1m Tons of Pakistan Rice in New Deal

    Indonesia to Import 1m Tons of Pakistan Rice in New Deal

    Indonesia to Import 1m Tons of Pakistan Rice in New Deal. Pakistan is the world 11th largest rice producer with annual production of 6.9 million tons milled rice.

    Indonesia will import 1 million metric tons of milled rice over the next four years from Pakistan, in a move to shield the country’s food security against volatile weather patterns.

    The two governments, represented by Indonesia’s Trade Minister Thomas Trikasih Lembong and Pakistan’s Ambassador to Indonesia Mohammad Aqil Nadeem, signed a memorandum of understanding on Tuesday.

    The deal, with an estimated worth of $400 million in imports between 2016 and 2019, will be executed by Indonesia’s procurement agency, Bulog, and Pakistan’s Trading Corporation of Pakistan.

    Indonesia currently has similar MoU with Cambodia, Myanmar, Thailand and Vietnam, though only some of the deals have been realized.

    Pakistan is the world 11th largest rice producer with annual production of 6.9 million tons of milled rice.

    The country saw trade with Indonesia rise 27 percent to $2.2 billion last year following a Preferential Trade Agreement in 2013.

    Indonesia enjoyed $1.8 billion surplus in the trade, thanks to its palm oil exports.

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  • Online retailer Daraz raises $55 M

    Online retailer Daraz raises $55 M

    Online retailer Daraz, which has presence in Pakistan Daraz.pk, Bangladesh Daraz.bd and Myanmar shop.com.mm, has secured EUR50 million ($55 million) in its first major financing round. 

    The investment comes from the CDC Group, the UK Government’s Development Finance Institution (DFI) focused on supporting and developing businesses in Africa and South Asia – as well as Daraz’s existing investor Asia-Pacific Internet Group (APACIG).

    Founded in Pakistan in 2012 as an online fashion business, it has since then has expanded its business model to a general marketplace for quality brands within electronics, home appliances, fashion and many other categories.

    The company said the funding will be used to continue to grow the business in existing markets and for expansion into other frontier markets in Asia.

    “Taking the e-commerce business model into these exciting markets is a fascinating journey. Although internet penetration is still relatively low, the market is developing fast and its potential is immense,” said Bjarke Mikkelsen, CEO of Daraz. “By making Daraz a success, we are not only building a great business but also creating jobs and infrastructure in the countries we operate in – that’s what makes it so exciting”.

    Daraz is part of APACIG, a joint venture between German internet platform Rocket Internet and Qatari telecommunications provider Ooredoo which began its operations in the region early in 2014.

    Today, it is one of the fastest growing internet platforms in the  region, currently 14 e-commerce companies in 15 countries.

    Hanno Stegmann, CEO of APACIG, said Daraz is one of the most promising companies in their portfolio.

    Last month, it  announced today an ambitious plan to launch one new startup company every three months, which it says is part of the strategy to build one of the largest Internet platforms in the APAC region.

    The first company to be launched as part of the  strategy will be online beauty marketplace Vaniday, starting in Australia. The marketplace offers curated selection of offers and can book treatments such as massages, hair appointments and manicures.

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  • Daraz targets frontier Asian markets

    Daraz targets frontier Asian markets

    Online retailer Daraz is investing $56 million into creating beachheads on so-called ‘frontier markets’ in Asia: Myanmar, Pakistan and Bangladesh.

    Daraz is the leader in online retail in all three markets, selling apparel, accessories, shoes and beauty products for men and women, as well as a wide variety of electronics and general merchandise.

    The company is part of the Rocket Internet group which also owns Zalora and Foodpanda.

    It is planning a ‘mega sale’ on November 27, something like Amazon’s Black Friday in the US, offering a slew of special deals in the three Asian nations.

    Bangladesh, where it is putting most of its focus currently, will get the majority of the marketing spend, where it is partnering with local apparel brands such as Bata, Yellow and Ecstasy, as well as tech partners.

    Daraz Bangladesh chairman Sumeet Singh says the local site is attracting around 2 million visitors a month.

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