PNSC MoU with ENAR

To explore avenues for reducing operational costs, a memorandum of understanding was signed between Pakistan National Shipping Corporation (PNSC) and ENAR Petroleum Refining Facility on March 16, 2023, as per a press release. ENAR will provide very low Sulphur fuel oil for PNSC vessels. All PNSC vessels calling at Karachi Port will lift fuel oil locally, which reduces PNSC’s dependency on lifting it from foreign ports.

Meezan Bank’s collaboration

Meezan Bank, Pakistan’s leading Islamic Bank, has recently signed a Memorandum of Understanding (MoU) with Fieldfisher Capital LLP (FFC) — a multi-disciplinary advisory service, under which both parties will collaborate to provide Shariah advisory services to international clients including, but not limited, to Europe and the Middle East, according to a press release.

KE’s investment plans

Addressing an audience of industry leaders and policymakers, KE’s CEO Moonis Alvi stated that the company’s proposed Rs484bn investment plan provides a clear, predictable roadmap for the future, a tremendous opportunity for local investors to participate in, according to a press release. KE’s Chief Supply Chain Officer Sheraz Kashif also shared that the power sector’s potential for localisation in Pakistan is an estimated Rs470bn over the next 10 years. These comments were made at the National Policy Dialogue on Localisation for Growth held at a private hotel in Karachi.

Meeting with Finnish ambassador

TPL Corp CEO Mr Ali Jameel met with Finland’s ambassador to Pakistan to strengthen business relations between the two countries, as per a press release. The meeting, which took place at Avari Towers Karachi, is a significant step towards driving industries in Pakistan. With a dedicated contact person of Finland Pakistan Business Council at the Karachi headquarters, TPL Corp, a leading conglomerate in Pakistan with diverse interests in technology, insurance, fund management and real estate, is committed and well-positioned to support Finnish companies looking to establish their presence here.

A secured digital experience

In continuation of its innovation journey, Habib Metro, in collaboration with Visa, commenced its tokenisation & digital card programmes by introducing IDEMIA as a solution provider in Pakistan, as per a press release. This initiative was taken further to enhance Habib Metro’s customers’ digital payment experience and make it more secure and convenient. Tokenisation replaces sensitive bank account information, such as the 16-digit primary bank account number, with a unique digital identifier called a ‘token’. Tokenisation allows transactions to be processed without exposing account details for a more secure digital payment experience.

Power of AI

President of Pakistan Arif Alvi has said artificial intelligence (AI) has become the second most important part in every sector of the economy and ensures growth by leaps and bounds, says a press release. He said that almost no business or profession could grow without adopting AI, cloud computing and IT. “This (AI) provides a faster growth path to Pakistan’s economy than the world’s fastest bullet train. If we get on it (AI train), the world would be open for us,” he said while speaking at the ‘4th Pakistan Artificial Intelligence Summit 2023’ conference organised by Total Communications and UBL.

TPL’s Muavin

TPL Life Insurance Limited, Pakistan’s first InsurTech enterprise in the innovative insurance business, has launched the country’s most revolutionary Virtual Life Insurance Agent Learning & Earning Platform — “Muavin”, says a press release. This is a way for every Pakistani to create an alternate or regular income stream by selling TPL Life’s insurance products. The user can sign-up for free on Muavin, complete the learning phase while referring to available video lectures & course material, become a certified Muavin, start selling from anywhere in Pakistan, and earn a commission for successful sales.

Published in Dawn, The Business and Finance Weekly, March 20th, 2023