Fintech in Pakistan: Current Landscape, Challenges, and Global Insights

Abstract

Fintech has been a global phenomenon and trend lately. Fintech can completely revolutionize the financial industry. The paper seeks to determine how fintech may help promote economic development in Pakistan, particularly by increasing access to financial services for those in rural and unreached areas. This study will do an in-depth analysis of challenges for Fintech adoption In Pakistan and provide solutions, policy recommendations for them. In an economy like Pakistan, where financial inclusion rates are below average Fintech can prove to be a game changer. Modern Fintech facilities like digital banking, online payments, alternative lending, micro-finance, and robo-advisory can help promote financial inclusion in Pakistan. Fintech has been proven to increase efficiency and cut down the cost of providing financial services. The main aim of this study is to analyze the current Fintech landscape in Pakistan and understand the obstacles hindering its adoption in Pakistan. This study will also suggest areas where fintech can be applied and derive lessons from other countries where Fintech has been successfully applied. This paper is a systematic review of the already existing literature and uses secondary data. We will use this already existing data to provide a clearer picture of what fintech innovations can be applied in Pakistan according to its financial landscape and how we can learn from other countries. Overall, the results of this study will help in understanding the fintech situation in Pakistan.