The Fintech Disrupt Challenge was held on the 27th of November, 2016 and aimed to highlight the Fintech domain and scout for innovative solutions that has the potential to impact the finance sector. The startup quality was very high, and it was a very tight and engaging competition.
There was a total of 63 registrations, and 28 Fintech startups made it to round 2. The top 10 startups were selected in round 3 and finally the major three startups received a cash prize of up to PKR 10 million. The challenge event was judged by a panel of 6 members consisting of Romana Abdullah, Asad Azfar, Amaar Ikhlas, Yasser Bashir, Naeem Zamindar and Mohsin Termezy.
The interesting part was that the group held a diverse range of participants operating in different solutions from investments, payment methods, financing, insurance and even real estate. The quality of participants was very high with some having extensive experience in the domain, and for that reason, the solutions that came forward had sustainable impact potential and were of good quality.
The startup Gallaa, currently incubated at Plan9 – PITB’s Tech Incubator made it to the top 10 of the challenge event. Gallaa is a young startup; founded by Miriam Mehdi and Usama Ahmed, they aim to automate the process of the ‘ROSCA’, or more commonly known as Committee locally, to ease it for their customers by bringing transparency and convenience to the process.
The startup would also maintain record keeping of the activities and encourage community-led saving and investment avenues by running a committee with a strict verification process. As we all know the committee market is very huge and if catered to at the right points has a lot of potentials.
Miriam shares about her startup that, “Gallaa’s goal is to create a savings marketplace in Pakistan by making available to everyone. Currently, 3% of the adult population in Pakistan save through formal financial institution and saving is central to the economic growth.” Let’s pray for Galla that may it take the quality of the savings market in Pakistan to the next level.
Albeit, new to the market, Gallaa did well to make their mark and were able to score a spot among the top 10 startups.
Challenge events such as Fintech Disrupt Challenge place the spotlight on the Finance and technology domain which is currently growing and has some sustainable, innovative solutions. We hope this will give way to entrepreneurs to come up with meaningful solutions that are capable of ‘disrupting’ the sector.