LAHORE: Opay, a Chinese company present in various countries including Nigeria, plans to invest $100 million in Pakistan’s digital payments sector by increasing points of sale (POS) from 10,000 to 100,000, its country president told Dawn on Tuesday. It also plans to buy a microfinance bank and has applied for the requisite licence, Ali Mubashir Kazmi said. “Opay entered Pakistan with an initial
A research paper published by Goldman Sachs on Tuesday projected Pakistan to be the sixth largest economy in the world by 2075 given “appropriate policies and institutions” are in place. Authored by economists Kevin Daly and Tadas Gedminas and titled ‘The Path to 2075’, the paper projected that the five largest economies by 2075 will be China, India, the US, Indonesia and Nigeria. Goldman Sa
IT and Telecommunication Minister Syed Amin Ul Haque on Wednesday inaugurated the Public Key Infrastructure (PKI) for National Root Certification Authority (NRCA). The minister said the establishment of NRCA is a step towards the achievement of “accelerated digitisation”. He highlighted that the Electronic Certification Accreditation Council (ECAC) has established PKI for NRCA for the gover
China’s central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019. The additions bring China’s reported holdings at the end of November to 1,980 tonnes, worth around $112bn. China has the world’s sixth-largest official national gold reserves after countries including Russia, German
The government has been borrowing extensively from the banking system to bridge the widening fiscal gap. The State Bank of Pakistan (SBP) data showed that the federal government borrowed Rs1,213 billion from the banks during the first five months of FY23 against the net debt retirement of Rs38.7bn during July-Nov FY22. The key issue in the talks with IMF is the widening of the fiscal gap as