Science & Technology
Shared, automated… and electric?
Authors: George Kamiya and Jacob Teter*
Automated driving and shared mobility could dramatically reshape road transport over the coming decades, with major implications for vehicle electrification and the broader electricity system. But can we assume that shared and/or autonomous vehicles of the future will be electric?
While electric vehicles (EVs) tend to be more expensive to purchase, they have lower fuel and maintenance costs than conventional vehicles. As shared and/or autonomous fleets would typically have heavier use patterns than with privately owned vehicles, the lower running costs could make EVs cheaper overall. But whether EVs could fulfil all the operational and technical requirements of shared and/or autonomous vehicles is less certain.
Building upon our look at emerging mobility technologies and services, we discuss the opportunities and challenges of electrifying shared mobility car fleets today and examine prospects for electrifying autonomous vehicles in the future. We explore how we might need to begin to re-think EV-related policies and investments to capitalise on synergies between the three revolutions – sharing, automation and electrification.
Shared and electric?
Car sharing services, which emerged in major cities in the early 2000s, allow members to borrow cars on a short-term basis. As car sharing fleets tend to have shorter trip distance profiles and higher utilisation rates compared to privately owned vehicles, EVs might be a good fit. In fact, several car sharing programs already operate all-electric fleets, including Moov’in.Paris, BlueSG (Singapore), Carma (San Francisco), car2go (Stuttgart, Amsterdam, Madrid, Paris), and DriveNow (Copenhagen).
Most car sharing services operate in one of two ways: free-floating systems where cars can be parked anywhere, or hub/depot services where cars must be left in designated parking spots. In recent years, smartphones and mobile connectivity have made free-floating systems (and by extension one-way journeys) easier to access and pay for.
But free-floating systems using EVs face operational challenges as they rely on a limited number of public fast chargers. These challenges could be overcome through larger batteries, a better-designed charging network (e.g. faster chargers, more stations), or user incentives. In comparison, hub/depot car sharing systems can schedule slower and cheaper charging on their own chargers during vehicle downtimes.
Just as smartphones have changed the way car sharing services operate, they have fostered the rapid expansion of app-based ride-sourcing services provided by so-called transportation network companies (TNCs) such as Uber, Lyft, Didi Chuxing and GrabTaxi. The adoption of EVs in TNC fleets has been slow, despite the significant fuel and maintenance savings potential of EVs for full-time drivers working with TNCs. EV shares on the major ride-sourcing platforms remain below 1% with the exception of Didi at 1.3%, which already has over 400 000 EVs on its network. In California, EVs represented about 1% of vehicle share and trip miles in 2017.
There are also several barriers to EV adoption in taxis and ride-sourcing fleets. First, EVs are generally more expensive to purchase, and few EV models available today meet all the operational requirements of taxis and ride-sourcing services – notably long electric range, seat capacity and large trunk space.
Second, the combination of limited driving range, long charge times, and/or limited access to fast charging can pose challenges – searching for available chargers and long charging times could mean foregone revenues for drivers. Some taxi fleets are demonstrating the use of fuel cell electric vehicles (FCEVs) which could address some of these operational challenges.
Third, TNCs have limited ability to influence purchase decisions of their drivers, including in most jurisdictions where they cannot specify the use of particular vehicle models. But several TNCs are initiating programs to encourage usage of EVs on their platforms. Uber’s Clean Air Program in London provides financial incentives to drivers to switch to or drive more in EVs while Lyft ExpressDrive’s short-term lease options allow drivers to try EVs with little risk. Maven, GM’s car-sharing spin-off, offers a service of short-term rentals of the Chevrolet Bolt BEV to drivers working for TNCs and other shared platforms.
Shifting to EVs for car sharing and TNCs could lead to much larger per-vehicle reductions in GHG and local pollutant emissions compared to privately owned EVs. High utilisation and faster fleet turnover could also help to accelerate battery innovation cycles and more rapid adoption of increasingly efficient vehicles. In addition, given the importance of EV awareness and experience in influencing purchase decisions, the potential exposure of the benefits of electric drive to millions of potential car buyers could indirectly help to increase adoption of privately owned EVs.
Autonomous and electric?
Meanwhile, rapid advances in sensing technologies, connectivity, and AI are bringing highly automated vehicles – autonomous vehicles (AVs) – closer to market. Waymo recently launched their self-driving car service, Waymo One, while major automakers have announced plans to introduce AVs as early as 2020.
Just as with shared mobility and electrification, there are synergies between automation and electrification. With high utilisation rates, commercial fleet applications (where early adoption of AVs seems likely) tend to favour powertrains with lower operations and maintenance costs, including EVs. Well-coordinated fleets of electric AVs may be able to manage challenges around range, access to charging infrastructure, and charging time management. Automated driving technologies may also be easier to implement in EVs due to the greater number of drive-by-wire components.
However, higher utilisation rates of commercial AVs will also mean greater travel distances per day, requiring larger and more expensive battery packs or more frequent recharging (and downtime). AVs may also require significant power consumption to power on-board electronics, though the efficiency of these chips is improving rapidly, from 3‑5 kW in the first generation to less than 1 kW today.
While there is considerable debate regarding how quickly (and if ever) AVs will enter the mainstream, there are specific use cases where the feasibility and economics favour early adoption. For example, commercial applications where labour costs are high or where automation could enable higher vehicle utilisation (e.g. trucks, buses, taxis and ride-sourcing) have the largest potential for cost-cutting through automation.
Pilots and trials are underway for these applications in over 80 cities around the world, and nearly all are using some form of electrified vehicle. Notable examples include robotaxis from Waymo and nuTonomy/Lyft, autonomous electric shuttles across cities in Europe and North America, and autonomous electric buses in Asia. In California, EVs now account for around 70% of automated vehicle trial miles (mostly plug-in hybrids).
A growing number of trials of autonomous electric urban delivery vehicles are also being undertaken in a number of cities in China and the United States. While testing of autonomous freight trucks has been limited to date, early models and concepts from Einride, Ford, and Volvo suggest a push towards all-electric. Tesla’s all-electric Semi is equipped with Enhanced Autopilot (equating to SAE Level 2 automation), which allows for automatic lane-keeping, forward collision warning, and automatic emergency braking.
Shared, autonomous and electric vehicles… and the grid
Governments, utilities, and other companies are actively working to build out charging infrastructure to support the growing number of EVs. Recent research (here, here, and here) shows how public charging infrastructure in particular will be critical in catalysing further market uptake of personally owned electric cars.
For fleets, their intensive and distinct use patterns imply greater (and different) needs for charging compared to private EVs. The availability and coverage of public and fast chargers could be a critical factor in how quickly these fleets become electric, and how business models evolve around shared and/or automated mobility.
EVs currently make up only about 1% of all passenger cars globally, but clustering effects in EV adoption at the local level, combined with uncoordinated charging, could cause problems for the distribution grid, and eventually require greater investments in power generation and transmission.
A combination of pricing incentives and digital technologies (including, eventually, coordinated discharging of EV batteries) could better coordinate fleet and private charging of EVs, minimising negative grid impacts, reducing CO2 emissions, and providing ancillary services. A transition to shared, automated, and electric vehicle (SAEV) fleets could also yield significant system-wide benefits for the grid, assuming the necessary digital technologies and incentive structures are in place.
Researchers are already looking at how different fleet compositions of SAEVs and charger availability could impact costs, operations, and grid impacts. For instance, fleet simulations in Austin, Texas (2016, 2018); Zurich, Switzerland (2016); Columbus, Ohio (2018); and Tokyo, Japan (2019) have investigated how varying fleet size, electric range, charger speed, and pooling could impact vehicle travel patterns and wait times. As the electric fleets modelled in these simulations begin to roll out in the real world, empirical data will lead to a far more robust and deep understanding of the opportunities and trade-offs of SAEVs.
In the near-term, appropriate data sharing between policy makers, utilities, and fleet operators could help anticipate needs for charging infrastructure as mobility service fleets electrify. Over the long-term, shifts towards SAEV fleets could improve the economics of charging infrastructure by increasing utilisation, promoting faster returns on investments and reducing reliance on subsidies and indirect revenue streams through grid services. Utilities could also explore rate structures that maximise grid benefits. Volumetric energy rates based on hourly wholesale pricing, for instance, may be a promising means of reducing peak loading and promoting charging at times when variable renewables are at their peak.
Policies and strategies to electrify a shared and/or automated future
National, regional, and municipal governments around the world are implementing a range of policies to encourage EV adoption and use. Country (and city)-specific objectives, constraints, and contexts will continue to shape the design of appropriate policy mixes for each jurisdiction.
Purchase incentives have generally been effective in encouraging the purchase of EVs, in turn helping to stimulate investment and bring down costs of battery and EV production. Mandates that car manufacturers produce minimum volumes of EVs (i.e. ZEV mandates) have complemented these by providing supply-side certainty.
But with growing adoption of shared (and potentially autonomous) mobility, the importance of policies designed to more directly incentivise the use of EVs over conventional vehicle travel will grow. These policies could include fuel taxes, zero-emission zones, road pricing, HOV and transit lane access, incentives for electric mobility services, or even restrictions on the use of conventional vehicles. Supporting the build-out of charging infrastructure will continue to be crucial to further EV adoption and use, including fast-charging infrastructure in densely populated metropolises and a robust charging network to support a transition to all-electric fleets. Cities where taxi and bus fleets are already making the transition to electric drive may be able to leverage fast-charging stations built for these fleets to spur a transition to electric shared mobility.
Researchers and policymakers are exploring alternative policy frameworks that could be effective in promoting electrification of shared and, eventually, autonomous fleets. California’s SB-1014 “California Clean Miles Standard and Incentive Program: zero-emission vehicles” approved in September 2018 aims to establish annual emission reduction targets for TNCs per passenger-mile. London’s Ultra Low Emissions Zone encourages for all road users, including fleets, to switch to EVs.
Given the uncertainty in how emerging trends could reshape mobility, policymakers might look to more flexible and forward-looking policies and strategies to get ready for different futures.
There may already be useful lessons learned on EV policy and infrastructure planning from cities with high rates of electrified taxis and buses such as Shenzhen, Amsterdam and Santiago. Electric bus depots or other centralised charging hubs could also serve mobility service fleets of the future, supplementing or even servicing the majority of charging needs. Such hubs could be located outside of cities, where property values (not to mention constraints on high voltage installations) are lower. But there may be systems-level repercussions to relying on such a strategy: it could lead to more traffic congestion and lower operational service efficiency from increased “deadheading”.
Dynamics are likely to differ between cities and geographies, driven by differences in power generation mixes and in mobility patterns. Simulations and case studies can begin to illustrate the levers behind such differences, and to anticipate the potential transformations that might occur if, and when, cars and buses become fully autonomous.
To help inform the design of flexible and forward-looking policies, research needs to continue to improve our understanding of a few key questions:
How do the charging needs of fleets differ from those of privately owned cars and in different geographic contexts? How can public charging infrastructure work to support the electrification of fleets and promote driving on electricity?
How might automated fleets change investment decisions around charging infrastructure, including the economics of wireless charging or battery swapping? What business models, data sharing, or policy is needed to balance charging infrastructure needs to support mobility service fleet operations and grid operations?
What are the energy and emissions implications of various market and regulatory designs of power markets? How can they facilitate the transition to renewable and low-carbon energy generation?
Electrifying vehicles can reduce some of the environmental impacts of mobility, notably local air pollution and greenhouse gas emissions. But other adverse effects on society could be exacerbated by emerging mobility technologies and trends, including congestion, inequality, and mobility access issues. Policy makers will need to implement comprehensive policy packages that guard against these challenges. We will explore these and other critical issues in upcoming commentaries.
*Jacob Teter, Transport Analyst
Science & Technology
CPC: Promoting the digital Silk Road and the Long-Term Goals of 2035
At the Two Sessions in China 2023, China renewed its pledge to intensify efforts to attract and utilize foreign investments, vowing to expand market access and ensure national treatment for foreign-funded companies. We should point out that the Two Sessions are expected to be a valuable opportunity to promote the building of the “digital Silk Road”. There are many changes have been witnessed in China’s foreign investment in the past few years, so the Two Sessions meetings have planned to promote the construction of the digital Silk Road in China in the upcoming days.
The (Recommendations of the CPC Central Committee on the Formulation of the Fourteenth Five-Year Plan for National Economy and Social Development and the Long-Term Goals of 2035) adhering to the implementation of expanding opening up to the outside world on a larger scale, in a broader field, and at a deeper level based on China’s market supremacy to “promote international cooperation and achieve mutual benefit and win-win”.
The Issuance of the new version of the “Encouragement List of foreign investments” is an important measure that expands the scope of foreign investment and helps raise foreign investment confidence. Through the guidance of the “encouragement list of foreign investments” can flow into areas that meet China’s need for high-quality development, and promote the formation of a new development pattern in which domestic circulation is the main ingredient and domestic and foreign dual circulation reinforce each other. This indicated China’s progress towards attracting foreign investment to areas of high-quality development, and meeting the domestic demand for the establishment of the new order of an open economy at a higher level.
After the amendments to the Law on Encouragement and Attraction of Foreign Investment in China, the total number of “China Foreign Investment Encouragement List” has increased to 1,235. We find that these amendments embody the demands of improving industries, upgrading them, and harmonious development between regions, and encourage foreign funds to flow into the advanced manufacturing sector and the modern service industry, and encourage foreign funds to flow into western and central China. Among the newly added investment fields, there are advanced manufacturing fields such as (artificial intelligence and digital technology), in addition to areas related to people’s livelihood such as modern logistics and information services.
Preferential policies are what foreign investors are most interested in. According to the “China Foreign Investment Encouragement List”, the foreign-funded enterprises can invest in more areas, as well as enjoy a series of preferential policies.
The Issuance of the “China Investment Encouragement List” is conducive to stabilizing the expectations and confidence of foreign investors, and is conducive to the stabilization of foreign trade and foreign investment. At the same time, it will give continuity and stability to the “policy of reassurance” for foreign-invested enterprises operating inside China.
The meetings of the two sessions also emphasized the importance of the digital silk road in strengthening China’s strength. Since the announcement of the establishment of the Digital Silk Road in 2017, the leaders of the Communist Party of China have worked to enhance cooperation with countries along the Belt and Road Initiative in the field of technology, including sectors (digital economy, artificial intelligence, and the Internet of Things).
Now, Huawei Chinese Company, which controls about 30% of the global communications infrastructure market, was able to obtain 91 contracts from different cities around the world to develop 5G networks.
Alibaba Cloud, affiliated to the Chinese e-commerce giant company, is also one of the most active companies within the Digital Silk Road. The company works with many countries in digital technology investments and artificial intelligence and in several related fields, including providing solutions for smart cities.
Today, China wants to employ the rapidly growing digital economy and reap its benefits, especially as this economy has the ability to empower disadvantaged regions and their populations in a way that was impossible in the past. Chinese digital trading platforms or social networks such as “Taobao”, “JD.com” and “WeChat” have changed the way companies operate in these countries, bringing new opportunities and innovations, and this has had a noticeable positive impact on some of the poorest communities, which were Previously besieged due to its geographical isolation.
The meetings of the two sessions 2023 affirmed the importance of the “digital economy” and the companies operating within it have become a powerful driving force behind reducing rural poverty in China. At the 2015 G-20 Hangzhou Summit, after an impassioned speech by Chinese President “Xi Jinping”, members agreed that the digital economy can have great potential for development outcomes. The ambition is that there can be synergy between the countries of the Belt and Road Initiative, especially when we combine the digitization of the Silk Road with the Sustainable Development Goals. During the 2016 World Internet Summit, nine countries launched an initiative to develop cooperation in the field of digital economy among countries along the Silk Road, and the Chinese Road has acquired a digital dimension since then.
To this day, the economic cooperation based on information and communication technology and the application of other new technologies in the countries of the Belt and Road Initiative is called the “Digital Silk Road” to achieve development goals. In this context, the Secretary-General of the Organization, António Guterres, said at the opening of the Belt and Road Forum for International Cooperation: “While the Belt and Road Initiative and the 2030 Agenda differ in nature and scope, sustainable development is the overarching goal. Both seek to create opportunities, global public goods, and win-win cooperation”. Both aim to deepen connectivity across countries and regions: connectivity in infrastructure, trade, finance, policy, and perhaps most of all, people-to-people”.
The meetings of the two sessions this year 2023 stressed the need for the Digital Silk Road to be compatible with the ambitious national goals of the Chinese authorities such as “Made in China 2025” and “China Standards 2035.” These initiatives aim to enhance domestic technological innovation and production and transaction capabilities in China, and at the same time. These goals are part of a comprehensive vision of the Chinese government to enhance its presence in the world of technology and achieve greater independence in the global digital system. The meetings of the two sessions 2023 stressed the need to reduce the dependence of the Chinese state on other technology leaders, especially the United States, Japan and selected European countries.
In Conclusion, China’s Digital Belt initiative helps many Chinese tech giants and smaller players in the sector boost their domestic sales and relationships and gain a foothold in overseas markets for digital technology, with the help and facilitation of the Chinese government.
Science & Technology
iCET: The Arc of Instability in South Asia
On 22 May 2022; the U.S. President Joe Biden and the Indian Prime Minister Narendra Modi announced the launch of a new India-U.S. ‘Initiative on Critical and Emerging Technologies (iCET)’ to elevate and expand the strategic technology partnership and defense industrial cooperation between the two countries. On 31 Jan 2023; in the inaugural meeting of National Security Advisors of both countries, Jake Sullivan along with his Indian counterpart Ajit Doval formally spearheaded the initiative on defense and emerging technologies — what NSA Sullivan called “a strategic bet” on the relationship between the two democratic partners.
According to a White House fact sheet, the two leaders believe that India and the U.S., being two democracies with common values and respect for human rights, should shape the way “technology is designed, developed, governed, and used” to enable “an open, accessible, and secure technology ecosystem, based on mutual trust and confidence, that will reinforce our democratic values and democratic institutions.” The two countries reaffirmed their dedication to removing regulatory obstacles and welcomed new bilateral initiatives and cooperation between their governments, businesses, and academia. They also highlighted the importance of business and talent mobility in both countries.
Some of the key technology sectors identified under the initiative include defense, semiconductor supply chains, space, and STEM (Science, Technology, Engineering, and Math). Moreover, the initiative also identified areas such as biotechnology, advanced materials, and rare earth processing technology. There is an emphasis on finding ways to engage in co-development and co-production while underlining the importance of “innovation bridges” in the key technology areas through expos, and workshops. Additionally, there are plans for long-term research and collaboration on maritime security and Intelligence Surveillance Reconnaissance (ISR) operational use cases.
A joint Indo-U.S. quantum coordination mechanism involving stakeholders from industry, academia, and government to foster research and industry collaboration have also been established. There are also plans to coordinate and develop consensus and ensure multi-stakeholder standards that are in line with democratic values. Moreover, advancing cooperation on research and development in 5G and 6G, facilitating deployment and adoption of open radio access network (Open RAN) in India, and fostering global economies of scale within the sector were also among the major endeavors in the stated initiative.
In terms of their closer partnership, both countries intend to see India get rid of its reliance on Russian arms. Though this remains questionable that how much benefit or technology the U.S. is willing to share with India notably in fields such as high-tech and defense, as Washington is also worried that India will develop into another threat by virtue of rapid development after China.
Besides; iCET would help invigorate the decades old partnership between the two states, has set up a range of ambitious goals, which means a great deal for India and in advancing the economic growth, creating jobs and help address the emerging challenges of the 21st century, including health, energy, climate change, cyber, defense and security.
The recently announced partnership has the potential to interrupt and disrupt the volatile security architect of the South Asian region. Most significantly; Pakistan and China are the two states in the Asian region to be at the receiving end of this initiative. It is being observed that Indo-U.S. strategic relations in one way or other have always impacted the security calculus of the region. Whether its Indo-U.S. defense agreement/contracts, nuclear deal, technological cooperation, or space endeavors, both states have contributed in altering the strategic dynamics of South Asian region broadly. The iCET is going to further compound the situation.
China in response to the announced initiative has called it off by claiming it as ‘same bed, different dreams’. China believes India is willing to ramp up its ties with the U.S. to advance technology and attract more funding to replace its position in the global industrial and supply chains. On the other hand, to rope in India, in Washington’s perspective, it has to cater to what the country wants, also will help in promoting the very agenda that puts India as part of “friend-shoring,” only then India can become a supply-chain alternative to China. In short; U.S. expects India to work for maintaining a balance of power in this region as per U.S. choices and demands.
Pakistan has not officially responded to iCET but obviously the increasing interest and cooperation between U.S. and India is likely to impact Pakistan in terms of defense, economic, political and external relations, therefore disturbing the balance of power in the region. This will undermine efforts to encourage Pakistan to play a more constructive role in the region. With the U.S. as a powerful actor in the international system, India has started to readjust its foreign policy by aligning itself and to work closely vis a vis strategic interests of the United States. Mutual strategic alliance between the two can place Pakistan in an uncomfortable position, thus likely to be marginalized in security calculus of U.S. The strategic initiative might be fruitful for the two states but has the potential to increase the asymmetry in the balance of power among pugnacious South Asian rivals.
In response to the evolving threatening environment in response to iCET initiative, there is a need for a broader framework on regional security where there is a need for U.S. to be more constructive and justified in its dealing with the two important South Asian countries; Pakistan and India. In words of Winston Churchill, ‘the price of greatness is responsibility’. The U.S. being a great power must show responsibility by managing to minimize the long standing conflicts in South Asia through dialogues and table talks. Though such a dialogue process is a long shot with the emerging regional scenarios in the current times but discussions involving the stakeholders would definitely yield qualitatively different conversations on regional security.
Science & Technology
A Fintech Boom Nobody Saw Coming: Pakistani Apps Make Their Mark on the Global Stage
Pakistan’s fintech industry has seen a significant rise in recent years, with a number of local apps gaining popularity among consumers and businesses alike. These apps, which provide financial services through technology, have made it easier and more convenient for people to access financial services, especially in remote or undeserved areas – becoming more convenient for consumers to use than traditional financial institutions.
In a global context, the tech boom in Pakistan is often underrepresented. However, a closer look reveals a different story. Despite facing geopolitical and economic challenges, a number of inspiring startup founders have made their mark. It’s important to note that these challenges are not unique to developing countries but are affecting developed nations as well. One particularly noteworthy achievement is the success of women in the fintech industry in Pakistan, with Meenah Tariq, CEO of Metric (world’s most founder-friendly accounting app), leading the way. Her business has not only flourished in Pakistan but seen global expansion with users across the globe. The flourishing tech industry in Pakistan stands testament to the remarkable strides made by the country, with a particularly noteworthy contribution from the indomitable women of steel who have left an indelible impact. The strong response to Pakistan-based apps mirrors the country’s thriving tech industry. With a growing pool of talented developers and a start-up culture, it’s no surprise that Pakistan is producing some of the most advanced accounting software/app on the market.
As more and more businesses around the world discover the benefits of these innovative tools, it’s clear that the global appreciation for Pakistan-based fintech accounting apps is only set to grow. With their advanced features and user-friendly design, these apps are poised to revolutionize the way businesses handle their financials and drive success. In recent months, the fintech app has expanded into several other countries, with Metric hitting the 150 countries mark.
It is note-worthy that fintech boom in Pakistan not only bring-forth exciting opportunities for innovation and drive economic growth, but also has the potential to boost the country’s international image through tech diplomacy. Fostering partnerships with other countries and organizations presents opportunities for key players in the fintech, to not only export their own cutting-edge technologies, but also import high-quality technology that can bring mutual benefits. By nurturing inter-regional and international cooperation, the fintech industry can help position Pakistan as a contributor in the technology arena and make a significant impact on the global stage. This potential for tech diplomacy highlights the crucial role that fintech startups can play in elevating Pakistan’s reputation as a hub for innovation and technological advancement. The role of fintech startups in this process cannot be overstated and it is imperative that they seize this opportunity to drive positive change and growth for the nation.
One of the major drivers of the rise of fintech in Pakistan has been the increasing prevalence of smartphones and internet access. According to a report by the Pakistan Telecommunication Authority, as of 2021, there were over 150 million smartphone users in the country, with internet penetration reaching over 60%. This has made it easier for people to access financial services through their phones, rather than having to visit a bank, or hire an accountant or any other financial facilities that are widely used in developed countries but Pakistan was missing out on it.
Fintech apps for the purpose of digital banking, peer-to-peer payments, and mobile wallet services etc. in particular, have seen a lot of growth in Pakistan, as they offer many of the same services as traditional banks, but without the need to visit branches. Sadapay, for example – another fintech startup from Pakistan simplifies finance effortlessly with its cost-effective, efficient solution. This has been especially appealing to young people a lot. Nayapay, Keenu, Tez Financial Services, Paysys Labs are yet another additions to the list of fintech Pakistani apps. This trend is particularly appealing to young people, who are looking for hassle-free and accessible financial solutions. The rise of fintech apps in Pakistan has not only transformed the way people manage their finances, but has also provided a much-needed boost to the country’s economy by creating new job opportunities and fostering innovation.
The rise of fintech apps in Pakistan has also been driven by a number of government initiatives. The State Bank of Pakistan, the country’s central bank, has been supportive of the development of fintech, and has implemented several measures to encourage the growth of the industry. For example, the bank has set up a regulatory sandbox, which allows fintech companies to test their products and services in a controlled environment, without the need for full regulatory approval. In addition to the government’s support, a number of private investors have also been backing fintech startups in Pakistan. This has provided the necessary funding for these companies to develop and scale their products and services.
Overall, the rise of fintech apps in Pakistan has been a positive development for both consumers and businesses. For consumers, these apps have made it easier and more convenient to access financial services. For businesses, fintech has provided a new platform for delivering financial services and reaching new customers. With the increasing demand for fintech services around the world, and the success that some of these companies have already achieved in other countries, there is a significant opportunity for these companies to grow and succeed on a global scale.
However, it is important to note that the use of fintech apps in Pakistan is still in the early stages, and there are a number of challenges that need to be addressed. For example, there is a need for better infrastructure and connectivity in certain areas of the country, in order to make it easier for people to use these apps. Despite these challenges, the future looks bright for fintech in Pakistan. As more people become aware of these apps and their benefits, and as the infrastructure and regulatory environment continue to improve, it is likely that we will see even more growth and adoption of fintech in the country.
In conclusion, Pakistan’s fintech scene is one to watch, as a number of local players are making their mark on the global stage. These companies are providing innovative financial services and are poised for further growth and success in the coming years. So, fintech is the future of financial industry in Pakistan.
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