FinVolution Group Launches "Daira" in Pakistan, Marking a New Chapter in Global Expansion
On October 10, 2024, FinVolution Group (NYSE: FINV), a leading player in the fintech sector, announced the debut of Daira, a new digital platform designed specifically for the Pakistani market. This launch is a pivotal step in FinVolution's global expansion strategy, bringing localized and secure financial services to millions of potential users in Pakistan.
Held in Islamabad, the launch ceremony highlighted the significant role Pakistan plays in South Asia, characterized by its young and vibrant population. As the fintech landscape in Pakistan rapidly evolves, the opportunity for growth and innovation becomes increasingly apparent.
FinVolution aims to leverage its 17 years of experience and technological expertise to enhance financial inclusion in Pakistan through Daira. Earlier this year, the company secured a Non-Banking Financial Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP), establishing a compliant operational framework within the country.
In 2024, FinVolution has made substantial strides in acquiring essential financial licenses, enhancing its operational capabilities. Alongside the NBFC license in Pakistan, the company also obtained a multi-finance license from Indonesia’s Financial Services Authority (OJK) and received accreditation as a Special Accessing Entity (SAE) from the Credit Information Corporation (CIC) in the Philippines, further solidifying its commitment to compliance and regulatory standards.
FinVolution founded in 2007 and publicly listed on the New York Stock Exchange in 2017. Since 2018, the company has actively expanded its fintech services globally, establishing a strong presence in Indonesia and the Philippines. Additionally, through its AI chatbot platform, BLU AI, FinVolution has extended its technological services to Latin America and Africa, currently supporting nearly 40 fintech companies worldwide.
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