A Snapshot - An Industry Capability Profile.

PAKISTAN’S
FINANCIAL
SOFTWARE
INDUSTRY
AN OVERVIEW
POWERING GLOBAL
FINANCE
NetSol Inc. became the first Pakistani technology company to enlist on the NASDAQ, and is one of the leaders of Pakistan’s
financial services technology industry. Having won the National Software Export Trophy for several years on the basis of the
success of its singular product – LeaseSoft – Netsol has since successfully diversified – both regionally and sectorally – to
become somewhat of a powerhouse of financial technology across a range of different financial applications and areas.
Netsol, however, is not alone. A number of Pakistani companies – Systems, Mixit, TPS, Softech, Aerocar, Avanza,
Autosoft Dynamics, PIBAS, THKS, and Sidat Hyder Morshed Associates – have created products that form the building-blocks
of an increasingly tech-savvy and complex financial services industry, both at home and abroad. From software for the
mortgage industry to payment and ATM systems, trading systems, asset management systems, core banking systems and
specialised banking applications, Pakistan’s technology companies are powering the global financial industry across Asia,
Europe, North America, Africa, and Oceania.
A varied financial services technology sector
Serving the global financial services powerhouse
Financial services have long been an important pillar of
Pakistan’s IT industry that has been overtaken, only
recently, by the boom in the telecommunications
sector. Pakistan’s financial services technology industry
is also quite diversified – both in terms of the
geographical-market footprint, and the coverage of
various sub-sectors – and has shown considerable
resilience in the wake of the recent global financial
crisis, whose impact has been particularly severe and
prolonged on the developed financial markets in the
United States and Europe.
The United States has been, and will continue to be for
some time, the global powerhouse of the financial
services industry, and a significant driver of the world’s
economy.
From a market thrust standpoint, for instance, the
financial services technology companies have been
varied, and can be divided into three distinct streams:
• Focussed towards the developed world, especially
the European Union (EU) and the United States (US)
• Focussed towards rest of the world, especially the
Asia-Pacific (AP) region
• Focussed towards the emerging markets and
developing countries in the Middle East and North
Africa (MENA), including, Pakistan’s domestic market
at home
In each of these markets, Pakistani IT companies face
and respond to a different set of drivers, challenges,
and opportunities commensurate with the level of
maturity, regulatory needs, demands of the endconsumer, and growth prospects.
27% Banking
Commercial banking
Savings institutions
Credit unions
Mutual & close end funds
Securities brokers / dealers
21%
Finance companies
Real-estate investment trusts
Asset- backed securities issuers
Funding corporations
Securities
13%
Other
Life insurance
All other insurers
10%
16%
Insurnace
14%
Pensions
Private pension funds
State and local govt funds
Federal govt pension funds
Government
Related
Government sponsored
enterprises Federally related mortgage
pools
Figure 1: Size and Make Up of United States’ Financial Services Industry (FSI)
(Source: Financial Services RoundTable)
Companies profiled in this brochure
NETSOL INC.
MIXIT TECHNONOLOGIES
SYSTEMS LTD.
TRANSACTION PROCESSING SYSTEMS (TPS)
AEROCAR
SOFTECH SYSTEMS
SIDAT HYDER MORSHED ASSOCIATES
CENTRAL DEPOSITORY COMPANY
PAKISTAN REVENUE AUTOMATION LTD.
NADRA
AUTOSOFT DYNAMICS
PIBAS
ALCHEMY TECHNONOLOGIES
AVANZA SOLUTIONS
THK SOLUTIONS
P1
P3
P3
P5
P5
P6
P6
P6
P6
P6
P6
P6
P7
P7
P7
OTHERS:
PAKISTAN SOFTWARE EXPORT BOARD
P7
PAKISTAN SOFTWARE HOUSES ASSOCIATION P7
STATE BANK OF PAKISTAN
z
P7
According to a study by McKinsey and Co., the United
States’ financial industry represented as much as
35-40% of the asset base of the global financial
industry.1 The Financial Services Round Table – the
powerful lobby group of the US financial services
industry – puts its size at about $60.65 trillion in 2009.2 Of
this, about 27% was in banking, 21% in securities, and
16% in pension funds, among others. The United States
continues to be the most sophisticated and innovative
of all financial services industries in the world, and this,
combined with de-regulation and re-regulation, has
created a vociferous demand for Information
Technology (IT).
According to Gartner Inc., vertical market IT spending
in financial services in 2009 stood at $554 billion – down
0.7% - over the previous year, but still comprising almost
20% of the overall global IT spending.3 The US financial
services IT spending, although the hardest hit, still
constitutes a major share of this spending. Gartner has
since revised its forecast for 2011 onwards, and now
projects greater financial services sector growth within
the global IT spending of $2.8 trillion by 2014.4
A number of Pakistani companies have developed
products and services for the demanding consumer at
cutting-edge financial markets in the developed world
in the United States and in Europe.
02
Mixit Technologies (Pvt.) Ltd., for instance, provides
critical product development and 24x7 support
services to Mixit Inc. in the United States – a provider of
multi-asset trading systems for equity, options, and
futures markets, and Order Management Systems
(OMS) to some of the industry’s leading securities and
brokerage houses. Mixit’s secure and highperformance suite of products include order and
execution management workstations, and order
routing networks supporting both buy-and-sell side
institutions and stock exchanges. Mixit’s products
connect brokers/dealers, financial institutions, international routing networks, extranets, and exchanges.
With just over five years since the launch of its OMS, the
company has grown considerably to provide connectivity to over 70 liquidity venues and 200 algorithmic
destinations. Mixit Technologies’ system services more
than 200 brokerage firms, with over 800 deployed OMS
workstations and 2500 FIX connections worldwide.
Mixit Technologies plays a significant role in the design
and development of this mission-critical flagship
platform, and is equally involved in daily operational
support, including technical support, client services, FIX
connectivity and support services. The company’s
dedicated technical team, headed by Yusuf Jan,
Director and CEO of its Pakistan operations, working out
of its design and engineering facility in Pakistan, has
been solely responsible for this technical and
managerial feat, making it a serious contender in its
specific market niche.
Mixit exemplifies a small, but growing, number of Pakistani companies that have demonstrated an ability to
develop and deliver software products and services for
some of the world’s most sophisticated financial markets. It has also played a pioneering role in introducing
the Financial Information Exchange (FIX) Protocol to
Pakistan's capital markets.
Systems Limited precedes Mixit by more than a
decade. It is the captive development operation of a
US company with a strong product portfolio for the
mortgage industry.
Domestic credit ($ 2994 bn)
250,000
200,000
150,000
100,000
50,000
0
2004
2009
G7
2014
E7
2019
2024
2029
2034
2039
2044
2049
For over ten years, Systems has developed and
supported a suite of branded products that serve some
of the leading players in the mortgage banking
industry, from origination, to servicing, and secondary
marketing. Combined with near-shoring and off-shoring
services, Systems’ products and service portfolios have
been at the centre of the automation, innovation, and
cost-cutting revolution within the US mortgage industry.
The “new” emerging markets in Asia and the Pacific
While the United States and Europe have been global
financial powerhouses for many years, they will not be
alone as global economic centres for long. A McKinsey
& Co. study estimates that between 2005 and 2015,
China – with double the growth rate of the United
States – will add approximately $2.2 trillion to its GDP in
real terms – compared with $3.7 trillion in the United
States – and will likely reshape the global landscape.5 A
PriceWaterhouse Coopers’ report on emerging markets
identifies the seven emerging (E7) economies as
against the G7 developed economies as serious challengers to the economic weight of G7 countries (see
Figure-2).6 Four out of these seven economies, namely,
Russia, China, India, and Indonesia (the others being
Mexico, Brazil, and Turkey) form part of the Asia-Pacific
region. A larger number of countries (such as, Malaysia,
Thailand, Vietnam, the Philippines, Pakistan, and Iran)
from the Asia and Pacific region form a much bigger
group of thirty economies in another index (the
“PWC30”)7 that are destined to draw a bigger share of
financial services sector growth in the future (Figure-3).
The importance of an emerging Asia is not lost on
Pakistan’s financial technology industry.
"The Karachi Stock Exchange
(KSE) has selected Mixit’s products for their
robustness and maturity gained in the US markets.
This will standardize our offering, enabling global
reach, hence providing mutual benefits to our
members and their international
trading partners." – Managing Director, KSE
NetSol Inc. is a leading player in this realm, with a significant claim to capturing the growing financial clout of
the Asian consumer. Netsol’s financial leasing software
products – LeaseSoft and, later, the NetSol Financial
Suite (NFS) – have automated the automotive leasing
industry across Asia-Pacific, Europe and North America,
with virtually the “who is who” of the global automotive
industry, sach as, Daimler, Toyota Motors, Mercedes
Benz, Yamaha, Volkswagon, BMW, Fiat, and Nissan
among its growing list of clientele.
NetSol’s financial products are used in Australia and
New Zealand, Thailand, Japan, Singapore, Mauritius,
Saudi Arabia, United States, United Kingdom and
China.
World
Figure 2: Financial Services Growth in Emerging Markets
(Source: PriceWaterhouse Coopers)
03
Capital markets penetration
(private debt and equity as % of GDP), 2004
US
Rest of World
EU
$10,000
350%
Nominal GDP
per capital
$25,000
Switzerland
Belgium
300%
Netherlands
Spain
Malaysia
250%
UK
Denmark
Singapore
Australlia
Sweden
France
Ireland
Taiwan
Canada
Germany
Portugal
Finland
S. Africa
200%
150%
Chile
India
50%
China
Philippines
Indonesia
0%
Brazil Russia
2.70
Colombia
3.20
Argentina
Japan
Itlay
S. Korea
Isreal
Thailand
100%
Austria
Greece
Mexico
Norway
EUROPE
New Zealand
Poland
3.70
4.20
4.70
“Around 2020 to 2025, depending upon whether
you’re a pessimist or an optimist, Asia will become the
world’s largest consumer market, with 40% of the
global consumption, and United States’ share will shrink
to 20%, UK and Germany to 4%, France and Italy to
under 3% and Europe overall to 18%. This will constitute
a vast set of changes happening in
the global economy” –
Former British Prime Minister, Gordon Brown at the
Bretton Woods Conference 2011
Amrket maturity (log nominal GDP per capital), 2004
Nascent Markets
Emerging
Mature
(Source: McKinsey & Co.8)
Figure 3: Future growth comes from Europe and Asia
It is the Asia-Pacific market, however, which represents
67% of worldwide sales for the company, where NetSol
truly commands its position as one of the market
leaders. NetSol’s great tour de force, perhaps, is its
entry into the rapidly-growing Chinese automotive
market. Since entering only two years ago, NetSol has
captured 94% of the domestic market addressable by
foreign companies. Having positioned itself for the
ultimate prize in China, NetSol has recently signed an
agreement in India, enabling it to offer its products in
the Indian market. Plans for launch in the Middle East
are also in the offing.
NetSol is gradually diversifying into other areas
of asset-based finance, such as aircraft, marine,
agricultural machinery, and consumer leasing.
The distinguishing feature of NFS™ is its ability to cover
the entire range of the auto-leasing operation.
NFS provides the complete coverage throughout the
life-cycle of the product. Netsol has taken the notion of
quality in product development and support to its
ultimate extreme, having maintained a CMM Level 5
certification over the years. While the company’s first
products have served it well, Netsol is currently in the
process of rolling out its next generation of products
based on Service-Oriented Architecture (SOA) that has
involved several years of re-architecting the whole
product in order to meet the changing demands and
needs of the future.
Where Netsol has ventured so successfully, many other
companies may seek to go as well. The emerging
markets of Asia and the Pacific represent a future
growth opportunity that Pakistan’s financial technology
companies will ignore only at their peril. The process has
only accelerated during the recent global financial
crisis. It can draw strength by building upon its valuable
experience and expertise gained in the domestic
market.
"Our initial confidence in NetSol was confirmed by the depth of industry expertise and openness
we have found in its people during the business process analysis. The relationship with NetSol has
been important - we formed an excellent partnership…It was reassuring to be able to access the top levels of
NetSol's management whenever we needed to. The bottom line is that we would
strongly recommend NetSol." – CEO, Singers Healthcare Finance Ltd.
COMPANIES
DOMAINS
SPECIALISATIONS
NetSol Technologies
Finance and leasing
Automotive, aircraft, and marine leasing industry
Systems Ltd.
Workflow management and BPM
Mortgage industry
TPS
Transaction processing
Enterprise payment, switch and channel manager
Mixit Technologies
Multi-asset trading systems
Order and execution management, FIX connectivity
Sidat Hyder Morshed Associates
Insurance and banking
Insurance, asset management, banking, ERP, etc.
Softech Systems
Trading and asset management
Stock and brokerage, mutual funds, margin financing
Autosoft Dynamics
Banking – core and applications
Core banking, Islamic banking, treasury management
Alchemy Technologies
Risk management, compliance
Basel II compliance, risk manager
PIBAS Pakistan
Banking
Core banking, Islamic banking, anti-money laundering
PRAL
Tax automation and consulting
Revenue automation, tax clearing, e-government services, etc.
Avanza Solutions
Transaction processing and banking
Financial middleware, ATM controller, card production, banking applications
Aerocar
ATM systems
Low energy and biometric ATM systems
THK Solutions
Banking and finance
Compliance and audit automation, ITSM, etc.
Kalsoft
Banking and exchanges
Core banking, currency exchanges
Central Depository Co.
Shares’ depository and registration
Depository, registrar, investor management
Table 1: Specification and capabilities of the Industry’s leading players
(Source: Technomics Compilation)
04
Driven by domestic demand
Pakistan has had a significant and rich tradition of
financial sector liberalisation and growth. Banking and
finance has been, for much of the last decade, one of
the major drivers of IT spending within the country.9 The
last decade has seen continued intensification of a
deregulation process that began in the early 1990s.
Today, among the commercial banks, 12 foreign and
20 domestic banks together hold 80% of the banking
system’s assets, and foreign banks enjoy the same rights
as local banks (including 100% ownership).10 The
Karachi Stock Exchange – with $25 billion of market
capitalisation and over 700 listed companies – had
once had the highest turnover and year-to-year gains
among all emerging markets in the world.
In the domestic market, the market characteristics,
regulatory demands, and consumer choices have
often created an opportunity for local players to compete against more established global behemoths in a
range of different product-market segments, and have
even managed to out-innovate some of these larger
players.
ATM, channel management, and payment systems
A number of Pakistani companies have developed
products and solutions for the ATM and payments
systems category. Transaction Processing Systems (TPS)
is one of the market leaders in this category, with
around 70% marketshare of self-service banking and
switching solutions. Today, TPS is the fastest growing
cards and payment solutions company in the region,
with direct and indirect presence in over 70 countries,
and the customer base reaching 130 banks and telcos,
spread across 30 countries worldwide. TPS has, over the
years, out-innovated its competitors by developing
and launching a range of different products, including
ATM controllers, POS switch, transaction switching
middleware, cash and cheque deposit suite, card
personalization and management system, EMV
compliance, reconciliation, online fraud detection and
monitoring, and help-desk agent-based solutions. IRIS,
TPS’ ”next generation switching middleware” offers an
integrated solution to various delivery channels, such as
ATMs, IVRs, call centres, Points of Sale Network (at
branches/merchants), Internet banking, cellular banking, bill payments, etc., and provides considerable
ease of scalability and functionality to its clients.
controller), Vision (a card production system and 360
degree customer view), Unison (a contact centre
solution), and Ambit (an Internet banking suite). Both
Rendezvous and Nimbus have more than 50
installations each, worldwide.
In addition to its own product line, Avanza has made
considerable inroads in the recent years into providing
services based on established vendors' technologies,
such as, Microsoft's CRM, Sharepoint, etc., with some of
the key clients in the Middle East. It also has a 175-man
operation in Spain providing services to a leading financial institution. Avanza has also recently introduced a
number of ATM-based applications such as prepaid
cards, e-top up, and cash deposit. Both TPS and
Avanza are significant regional players in this category.
While TPS and Avanza delve into the software side of
ATM and card processing, Aerocar have developed
innovative integrated ATMs. In 2009, Aerocar won
MIT’s Business Acceleration Programme (BAP), an
opportunity to spend a summer in the United States,
participating in an entrepreneurship development
programme at MIT, and a whirlwind tour of the United
States. Aerocar has developed an ATM machine – at a
significantly lower cost than its closest rivals, NCR and
Diebold – that uses much less energy, and requires
even lesser maintenance.
Particularly suited to developing country environments,
the machine eliminates the need for constant cooling
and environment management by working on a clever
principle of creating positive pressure differential
between the inside and outside of the machine.
Aerocar is now in the process of rolling out a range of
biometric ATMs to enhance the security of transactions.
Where TPS has chosen to integrate with its product
offerings, Avanza Solutions has done the opposite.
Avanza builds upon its successful Rendezvous financial
middleware software, and also provides a host of
options to its clients, namely, Nimbus (ATM and POS
“The synergies of TPS and 1LINK continue to redefine and reshape the e-banking business within
Pakistan on a national basis. TPS’ switching platform is very reliable, robust and highly scalable,
helping 1Link provide reliable and consistent services to 8.7 million customers of its
31-member bank with 99.9% uptime” – CEO, 1LINK
05
Capital markets, fund management, and insurance
Capital markets, asset and fund management, and
insurance are areas where Pakistani companies have
dominated the domestic landscape, and are
beginning to make serious inroads into the Middle East
and GCC markets. “Here, the needs for localisation
and idiosyncratic regulatory requirements have
‘levelled’ the playing field between domestic and
foreign players”, says Salman Iqbal, the CEO of Softech
Systems. Softech and others have moved in to fill the
gap in the local market. Softech’s capital market
solutions capture a considerable share (70-75% in some
segments) of the domestic market.
BackConnect™ – Softech’s flagship product – provides
a range of offerings, such as a complete back-office as
well as front-office Internet trading functionality with
order management capability, equity and custody
services, comprehensive exposure and authority
control, and is installed at over 45 clients across the
country. Other products, such as, AssetConnect™,
InvestConnect™, CommodityConnect™, and FundConnect™ complete the entire range of capital
markets products. On the whole, Softech’s products
are used by clients with a cumulative $2 billion under
management, including the largest, National
Investment Trust (NIT) (PK Rs. 80 billion) with 18 branches
and several ATM redeem units.
Sidat Hyder Morshed Associates (SHMA) also offers
software for the asset management and mutual funds
industries with its iPAMs and Capella solutions
respectively. While Softech enjoys a market dominant
position in the capital markets, Sidat Hyder Morshed
Associates (SHMA) enjoys a similar position in the
insurance industry. SHMA’s suite of insurance solutions
spans the entire continuum of general (GiS), individual
life (iLAS), group life, and health sub-sectors. With
near-market dominance in Pakistan, and considerable
success in the Middle East and North Africa (MENA)
region (such as Zimbabwe, Lebanon, Syria, and UAE),
SHMA hopes to make a massive push for consolidation
in the Middle East, and new market entry in Europe and
the Asia–Pacific region. SHMA also has a market
leading position in ERP software for the financial
services sector – with its own financials and human
capital management modules – that boasts the largest
enterprise applications installed base in Pakistan.
Other support applications for the capital markets and
its related industries include the central depository and
clearing systems by the Central Depository Company
(CDC) and Softech Systems, revenue automation by
Pakistan Revenue Automation Ltd. (PRAL), and identity
management systems by the National Database and
Registration Authority (NADRA).
While Softech, SHMA, and others have done well to ride
on domestic demand, and dominate the local markets
in their respective segments, the region is truly the next
frontier for many of these companies. “Africa – and the
Middle East to some extent – is a natural next step for
market dominance”, says Salman Iqbal of Softech
Systems, “because of our similarities in regulatory
requirements and systems, and the overall level of
development of their capital markets. The confluence
of engagement size or the ability to pay, and the need
for customisation to meet regulatory needs create a
‘sweet spot’ that is quite attuned to where Pakistani
companies have sought to operate on.” Softech enjoys
a strong position in Ghana with several deployments.
Many companies have explored markets in Nigeria,
Kenya, Saudi Arabia, UAE, and Bahrain, etc.
“National Investment Trust (NIT) has been running the
AssetConnect system for over a year, at NIT’s head
office and its fifteen online branches, maintaining folios
of more than 57,000 units holders with a portfolio size of
about Rs 80 billion. Softech Systems has supported us
ably, and responded to our operational and
customization requirements, and we are satisfied with
their product, service and expertise in this domain”
Chairman and President, NIT
Core banking systems and banking applications
Core banking systems and banking applications is
another area where the local demand has created an
industry specialisation. Here, though, unlike capital
markets and payment systems, the industry players
have, in recent times, found themselves being
threatened by the onslaught of international
competition. Many have developed core banking
applications for the consumption of the domestic and
regional markets. Autosoft Dynamics and PIBAS are
among the oldest players in this segment. Autosoft’s
Autobanker™ and PIBAS’ CORE™ have had a number
of deployments in the small-to-medium-sized market
segments. SHMA also has a Bank Essential™ core
banking system. A number of small local banks have
also developed in-house core banking applications –
some using innovative open source platforms – for
greater cost savings and flexibility.
The last decade has witnessed a boom in core
banking solutions in the domestic market, with a
number of large and medium-sized banks spending
millions of dollars on licensing and deployments alone.
Figure 4: Dubai International Financial Centre
06
According to one estimate, upwards of $100 million a
year has been spent over a period of several years by
the domestic banking sector, with the four largest
banks spending between $10-15 million per annum
each.11 The majority of these deployments have gone
to large international vendors such as Teminos, Misys,
Symbols, and others, and the local vendors have been
unable to compete in the large banks’ segment.
However, deployment is where the local companies
have a clear advantage. Sadia Khan points to the
deployment of AutoBanker at 70 branches of Prime
Bank in 24 weeks as a clear indication of the capability
that exists locally. Many deployments by international
vendors have been botched, and taken much longer
than planned wasting millions of dollars of shareholders‘
wealth.
The local vendors seem stuck in a cyclical “chicken
and egg” dilemma. Clearly, there is room for creating a
more level playing field for Pakistani companies in this
important market segment through proper regulation
and public policy, as there is room for the local vendors
to upgrade their capabilities through better
partnerships, and collaboration with more established
global players. They have also tended to focus on
small-sized banks, where their systems seem to meet
the clients’ needs very well. They have also found the
market for specialist and banking applications, such as
Shariah-compliant
modules,
treasury
modules,
microfinance modules, as well as alternate delivery
PRODUCT GROUP
channels such as mobiles, the Internet, and telephone
banking very attractive and receptive to their offerings.
A number of products stand out in this category. These
include Alchemy’s Risk Manager (BASEL II compliance);
Avanza’s Ambit (Internet banking) and Unison (contact
centre); Autosoft Dynamics’ iBanker (Islamic banking);
THKS’ GraviDesk (IT service manager), AuditStream
(audit), and Vertex (compliance); and PIBAS’ Shariah
(Islamic finance), and SAML (anti-money laundering),
etc.
Pakistan’s financial services technology industry stands
today at a potential inflexion point in its history. A
number of positive developments, namely, greater
specialisation within particular sub-sector niches, a
conscious attempt to target MENA and open up
Asia-Pacific markets, and a culture of out-innovating
competitors in a select number of small market
segments can position the industry to weather the
storm brought together by the broader global financial
crisis, and position itself for a renewal.
A partnership between key industry leaders, users of
financial services technology, industry associations
(such as P@SHA), Special Interest Groups (SIGs), and
important government entities, such as the Pakistan
Software Board (PSEB), the State Bank of Pakistan (SBP)
and others can prove instrumental in bringing about
renewal and continued prosperity in the industry.
PRODUCT FRANCHISE
Leasing and Financing
NetSol Financial Suite (NFS) and Leasesoft by NetSol
Financial and Capital Markets
BackConnect, Asset Connect, FundConnect by Softech
iPAMS and Capella by SHMA
Exchange Plus by Kalsoft
Payment Systems
IRIS and Phoenix payment and switching system by TPS
Rendezvous, Nimbus, and Vision systems by Avanza Solutions
AutoBanker by Autosoft Dynamics
PIBAS Core By PIBAS
Bank Essential by SHMA
Vortex by Kalsoft
Core Banking Systems
Specialist Banking Solutions
iBanker Islamic Banking Module by Autosoft Dynamics
Risk Manager by Alchemy Technologies
ADAMS Treasury Automation System by Autosoft Dynamics
Ambit Internet Banking System by Avanza
Real Time Trading and FIX Connectivity
Mixit OMS (Order Management System) by Mixit
Mixit FIX Network (Global FIX Connectivity Network) by Mixit
ERP
Financials and Human Capital Management (HCM) by SHMA
Audit and Compliance
AuditStream (audit) and Vertex (compliance) by THK Solutions
SAML anti-money laundering solution by PIBAS
Support Solutions
GraviDesk IT service manager by THK Solutions
Unison contact centre management by Avanza
Insurance
GiS (General), iLAS (individual life), and GroupLife by SHMA
Table 2: A Partial List of Leading Financial Services Technology Products of Pakistani Companies
ancial
Netsol Fin
Suite™
nect™
BackCon
IRIS™
(Source: Technomics’ Compilation)
ker™
AutoBan
OMS™
GiS™
MIXIT
Figure 5: Some of the Leading Products in Key Sectors
07
Pakistan Software Export Board (PSEB)
2nd Floor, Evacuee Trust Complex
Aga Khan Road, F-5
Islamabad, Pakistan
Telephone: +92 51 111 333 666 and +92 51 9204074
E-mail: [email protected]
PSEB is the apex body created by the Government of
Pakistan (GOP) within the Ministry of IT and Telecom
(MOITT) and charged with promoting Pakistan’s
exports from IT and IT-enabled Services (ITES) industry.
PSEB does this by hosting and supporting foreign
delegations to conferences and events, matchmaking and networking of Pakistani companies with
foreign partners and clients, and supporting international marketing and image-building activities.
To learn more about Pakistan’s IT industry, please visit
the Industry Portal at http://www.IT.org.pk
Pakistan Software Houses Association (P@SHA))
Suite 310, Business Centre
Block 6, PECHS, Karachi, Pakistan
Telephone: +92 21 3541 8121 and +92 21 3430 4796
Contact: Jehan Ara, President
E-mail: [email protected]
P@SHA is the representative association for Pakistan’s
IT and IT-enabled services industry. It is a platform for
promoting, protecting and developing the software
industry in Pakistan. It provides a focal point of
representation to a variety of outside agencies, finds
ways to tackle issues confronting member
companies, and provides advocacy for the
advancement of Pakistan’s IT industry.
To learn more about Pakistan’s IT industry, please
visit P@SHA’s website at http://www.pasha.org.pk
Disclaimer:
This document is prepared by Technomics International’s
Brand Intellect™ Service for the Pakistan Software Export
Board (PSEB). It provides factual assessment and “best
judgement” analysis of a dynamic and fast-changing
industry. It is not intended as a sole means of advice for
making investment decisions, and neither PSEB nor its
consultant assumes any responsibility for the same.
References:
1.
McKinsey & Co., Sustaining New York and United States
Financial Services Leadership, 2008
2. Financial Services RoundTable, Financial Services Factbook, 2011, p2.
3. Gartner Inc., Gartner Says Worldwide Vertical Market IT
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http://www.reuters.com/article/2010/10/18/us-gartneritspending-idUSTRE69H3FW20101018
5. McKinsey & Co., 2008
6. PriceWaterhouse Coopers, “Banking in 2050: How big will
the emerging markets get?”, 2008
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11. PSEB, 2010
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