Pakistan’s financial platform Abhi has been chosen as one of the World Economic Forum’s (WEF) “Technology Pioneers,” making it the first company in the industry from the Middle East, Africa, and Pakistan (MENAP) region to get the honor, according to a statement issued by the company on Wednesday.
The Technology Pioneers program of the WEF is an international network that honors young businesses from all around the world that are addressing problems including sustainability, climate change, and healthcare.
Startups from 31 markets are represented in this year’s Technology Pioneer cohort, including Pakistan and Malaysia for the first time. According to the report, China has the second-highest representation, with 12 Technology Pioneers, after the US, which has 29 enterprises.
“We’re excited to welcome Abhi to our 2023 cohort of Technology Pioneers,” Verena Kuhn, Head of Innovator Communities at the World Economic Forum, was quoted as saying in the statement.
“Abhi and its fellow pioneers are at the forefront of innovation and disruption needed to help us solve the world’s most pressing issues,” she added.
The Karachi-based startup allows salaried employees to access funds before their payday.
The platform enables employees of its partners to withdraw salary advances based on their accrued wages at any time. The fintech funds these advances, and hence, it has no effect on partner employer’s balance sheets and repayments are deducted from the employee’s salary.
