pakistan financial services it industry - a snapshot - an industry capability profile

8/12/2019 Pakistan Financial Services IT Industry - A Snapshot - An Industry Capability Profile

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AN OVERVIEW

SOFTWAREINDUSTRY

PAKISTANSFINANCIAL

NetSol Inc. became the first Pakistani technology company to enlist on the NASDAQ, and is one of the leaders of Pakistansfinancial services technology industry. Having won the National Software Export Trophy for several years on the basis of thesuccess of its singular product LeaseSoft Netsol has since successfully diversified both regionally and sectorally tobecome 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-blocksof 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 andspecialised banking applications, Pakistans technology companies are powering the global financial industry across Asia,Europe, North America, Africa, and Oceania.

POWERING GLOBAL

FINANCE


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A varied financial services technology sector

Financial services have long been an important pillar ofPakistans IT industry that has been overtaken, onlyrecently, by the boom in the telecommunicationssector. Pakistans financial services technology industryis also quite diversified both in terms of thegeographical-market footprint, and the coverage ofvarious sub-sectors and has shown considerableresilience in the wake of the recent global financialcrisis, whose impact has been particularly severe andprolonged on the developed financial markets in theUnited States and Europe.

From a market thrust standpoint, for instance, thefinancial services technology companies have beenvaried, and can be divided into three distinct streams:

Focussed towards the developed world, especiallythe European Union (EU) and the United States (US) Focussed towards rest of the world, especially theAsia-Pacific (AP) region Focussed towards the emerging markets anddeveloping countries in the Middle East and NorthAfrica (MENA), including, Pakistans domestic marketat home

In each of these markets, Pakistani IT companies faceand respond to a different set of drivers, challenges,and opportunities commensurate with the level of

maturity, regulatory needs, demands of the end-consumer, and growth prospects.

Serving the global financial services powerhouse

The United States has been, and will continue to be forsome time, the global powerhouse of the financialservices industry, and a significant driver of the worldseconomy.

According to a study by McKinsey and Co., the UnitedStates financial industry represented as much as35-40% of the asset base of the global financialindustry. 1 The Financial Services Round Table thepowerful lobby group of the US financial servicesindustry puts its size at about $60.65 trillion in 2009. 2 Ofthis, about 27% was in banking, 21% in securities, and16% in pension funds, among others. The United Statescontinues to be the most sophisticated and innovativeof all financial services industries in the world, and this,combined with de-regulation and re-regulation, has

created a vociferous demand for InformationTechnology (IT).

According to Gartner Inc., vertical market IT spendingin financial services in 2009 stood at $554 billion down0.7% - over the previous year, but still comprising almost20% of the overall global IT spending. 3 The US financialservices IT spending, although the hardest hit, stillconstitutes a major share of this spending. Gartner hassince revised its forecast for 2011 onwards, and nowprojects greater financial services sector growth withinthe global IT spending of $2.8 trillion by 2014. 4

A number of Pakistani companies have developedproducts and services for the demanding consumer atcutting-edge financial markets in the developed worldin the United States and in Europe.

Commercial bankingSavings institutionsCredit unions

Figure 1: Size and Make Up of United States Financial Services Industry (FSI)

(Source: Financial Services RoundTable)

Mutual & close end fundsSecurities brokers / dealers

Private pension fundsState and local govt fundsFederal govt pension funds

Pensions16%

Securities21%

Government sponsoredenterprises Federally related mortgagepools

Finance companiesReal-estate investment trustsAsset- backed securities issuersFunding corporations

Life insuranceAll other insurers

Banking27%

Other 13%

Insurnace10%

GovernmentRelated14%

P1P3P3P5P5P6P6

P6P6P6P6P6P7P7P7

P7P7P7

Companies profiled in this brochure

NETSOL INC.MIXIT TECHNONOLOGIESSYSTEMS LTD.TRANSACTION PROCESSING SYSTEMS (TPS)AEROCARSOFTECH SYSTEMSSIDAT HYDER MORSHED ASSOCIATES

CENTRAL DEPOSITORY COMPANYPAKISTAN REVENUE AUTOMATION LTD.NADRAAUTOSOFT DYNAMICSPIBASALCHEMY TECHNONOLOGIESAVANZA SOLUTIONSTHK SOLUTIONS

OTHERS:PAKISTAN SOFTWARE EXPORT BOARDPAKISTAN SOFTWARE HOUSES ASSOCIATIONSTATE BANK OF PAKISTAN z


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250,000

D o m e s t

i c c r e

d i t ( $ 2 9 9 4

b n

)

200,000

150,000

100,000

50,000

0

2004

G7 E7 World

2 00 9 20 14 2 01 9 2 02 4 2 029 2 03 4 2 039 20 44 2 04 9

Figure 2: Financial Services Growth in Emerging Markets (Source: PriceWaterhouse Coopers)

Mixit Technologies (Pvt.) Ltd., for instance, providescritical product development and 24x7 supportservices to Mixit Inc. in the United States a provider ofmulti-asset trading systems for equity, options, andfutures markets, and Order Management Systems(OMS) to some of the industrys leading securities andbrokerage houses. Mixits secure and high-performance suite of products include order andexecution management workstations, and orderrouting networks supporting both buy-and-sell sideinstitutions and stock exchanges. Mixits productsconnect brokers/dealers, financial institutions, interna-tional routing networks, extranets, and exchanges.

With just over five years since the launch of its OMS, thecompany has grown considerably to provide connec-tivity to over 70 liquidity venues and 200 algorithmicdestinations. Mixit Technologies system services morethan 200 brokerage firms, with over 800 deployed OMSworkstations and 2500 FIX connections worldwide.

Mixit Technologies plays a significant role in the designand development of this mission-critical flagshipplatform, and is equally involved in daily operationalsupport, including technical support, client services, FIXconnectivity and support services. The companysdedicated technical team, headed by Yusuf Jan,Director and CEO of its Pakistan operations, working outof its design and engineering facility in Pakistan, hasbeen solely responsible for this technical andmanagerial feat, making it a serious contender in itsspecific market niche.

Mixit exemplifies a small, but growing, number of Paki-stani companies that have demonstrated an ability todevelop and deliver software products and services forsome of the worlds most sophisticated financial mar-kets. It has also played a pioneering role in introducingthe Financial Information Exchange (FIX) Protocol toPakistan's capital markets.

Systems Limited precedes Mixit by more than adecade. It is the captive development operation of aUS company with a strong product portfolio for themortgage industry.

For over ten years, Systems has developed andsupported a suite of branded products that serve someof the leading players in the mortgage bankingindustry, from origination, to servicing, and secondarymarketing. Combined with near-shoring and off-shoringservices, Systems products and service portfolios havebeen at the centre of the automation, innovation, andcost-cutting revolution within the US mortgage industry.

The new emerging markets in Asia and the Pacific

While the United States and Europe have been globalfinancial powerhouses for many years, they will not bealone as global economic centres for long. A McKinsey

& Co. study estimates that between 2005 and 2015,China with double the growth rate of the UnitedStates will add approximately $2.2 trillion to its GDP inreal terms compared with $3.7 trillion in the UnitedStates and will likely reshape the global landscape. 5 APriceWaterhouse Coopers report on emerging marketsidentifies the seven emerging (E7) economies asagainst the G7 developed economies as serious chal-lengers to the economic weight of G7 countries (seeFigure-2). 6 Four out of these seven economies, namely,Russia, China, India, and Indonesia (the others beingMexico, Brazil, and Turkey) form part of the Asia-Pacificregion. A larger number of countries (such as, Malaysia,Thailand, Vietnam, the Philippines, Pakistan, and Iran)from the Asia and Pacific region form a much biggergroup of thirty economies in another index (thePWC30) 7 that are destined to draw a bigger share offinancial services sector growth in the future (Figure-3).The importance of an emerging Asia is not lost onPakistans financial technology industry.

NetSol Inc. is a leading player in this realm, with a signifi-

cant claim to capturing the growing financial clout ofthe Asian consumer. Netsols financial leasing softwareproducts LeaseSoft and, later, the NetSol FinancialSuite (NFS) have automated the automotive leasingindustry across Asia-Pacific, Europe and North America,with virtually the who is who of the global automotiveindustry, sach as, Daimler, Toyota Motors, MercedesBenz, Yamaha, Volkswagon, BMW, Fiat, and Nissanamong its growing list of clientele.

NetSols financial products are used in Australia andNew Zealand, Thailand, Japan, Singapore, Mauritius,Saudi Arabia, United States, United Kingdom andChina.

"The Karachi Stock Exchange(KSE) has selected Mixits products for their

robustness and maturity gained in the US markets.This will standardize our offering, enabling global

reach, hence providing mutual benefits to ourmembers and their international

trading partners." Managing Director, KSE


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It is the Asia-Pacific market, however, which represents67% of worldwide sales for the company, where NetSoltruly commands its position as one of the marketleaders. NetSols great tour de force, perhaps, is itsentry into the rapidly-growing Chinese automotivemarket. Since entering only two years ago, NetSol hascaptured 94% of the domestic market addressable byforeign companies. Having positioned itself for theultimate prize in China, NetSol has recently signed anagreement in India, enabling it to offer its products inthe Indian market. Plans for launch in the Middle Eastare also in the offing.

NetSol is gradually diversifying into other areasof asset-based finance, such as aircraft, marine,

agricultural machinery, and consumer leasing.

The distinguishing feature of NFS is its ability to coverthe entire range of the auto-leasing operation.

NFS provides the complete coverage throughout thelife-cycle of the product. Netsol has taken the notion ofquality in product development and support to itsultimate extreme, having maintained a CMM Level 5certification over the years. While the companys firstproducts have served it well, Netsol is currently in theprocess of rolling out its next generation of productsbased on Service-Oriented Architecture (SOA) that hasinvolved several years of re-architecting the wholeproduct in order to meet the changing demands andneeds of the future.

Where Netsol has ventured so successfully, many othercompanies may seek to go as well. The emergingmarkets of Asia and the Pacific represent a futuregrowth opportunity that Pakistans financial technologycompanies will ignore only at their peril. The process has

only accelerated during the recent global financialcrisis. It can draw strength by building upon its valuableexperience and expertise gained in the domesticmarket.

COMPANIES DOMAINS SPECIALISATIONS

Table 1: Specification and capabilities of the Industrys leading players (Source: Technomics Compilation)

Finance and leasing

Workflow management and BPM

Transaction processing

Multi-asset trading systems

Insurance and banking

Trading and asset management

Banking core and applications

Risk management, compliance

Banking

Tax automation and consulting

Transaction processing and banking

ATM systems

Banking and finance

Banking and exchanges

Shares depository and registration

Automotive, aircraft, and marine leasing industry

Mortgage industry

Enterprise payment, switch and channel manager

Order and execution management, FIX connectivity

Insurance, asset management, banking, ERP, etc.

Stock and brokerage, mutual funds, margin financing

Core banking, Islamic banking, treasury management

Basel II compliance, risk manager

Core banking, Islamic banking, anti-money laundering

Revenue automation, tax clearing, e-government services, etc.

Financial middleware, ATM controller, card production, banking applications

Low energy and biometric ATM systems

Compliance and audit automation, ITSM, etc.

Core banking, currency exchanges

Depository, registrar, investor management

NetSol Technologies

Systems Ltd.

TPS

Mixit Technologies

Sidat Hyder Morshed Associates

Softech Systems

Autosoft Dynamics

Alchemy Technologies

PIBAS Pakistan

PRAL

Avanza Solutions

Aerocar

THK Solutions

Kalsoft

Central Depository Co.

Around 2020 to 2025, depending upon whetheryoure a pessimist or an optimist, Asia will become the

worlds largest consumer market, with 40% of theglobal consumption, and United States share will shrink

to 20%, UK and Germany to 4%, France and Italy tounder 3% and Europe overall to 18%. This will constitute

a vast set of changes happening inthe global economy

Former British Prime Minister, Gordon Brown at theBretton Woods Conference 2011

"Our initial confidence in NetSol was confirmed by the depth of industry expertise and opennesswe have found in its people during the business process analysis. The relationship with NetSol has

been important - we formed an excellent partnershipIt was reassuring to be able to access the top levels ofNetSol's management whenever we needed to. The bottom line is that we would

strongly recommend NetSol." CEO, Singers Healthcare Finance Ltd.

(Source: McKinsey & Co. 8)Figure 3: Future growth comes from Europe and Asia

C a p

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k e t s p e n e t r a t i o n

( p r i v a t e

d e

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d e q u

i t y a s

% o

f G D P ) , 2 0 0 4

Amrket maturity (log nominal GDP per capital), 2004

350%

300%

Malaysia

S. Africa

Chile

Thailand

Brazil Russia

Mexico New Zealand

Greece EUROPE

NorwayAustria

Itlay JapanFinland

GermanyIreland

Sweden

Denmark UK

IsrealS. Korea

TaiwanPortugal

CanadaFrance

AustralliaSingapore

Spain

Netherlands

Belgium Switzerland

per capitalNominal GDPRest of WorldEUUS

ArgentinaPolandColombiaIndonesia

China

Philippines

India

250%

200%

150%

100%

50%

0%2.70 3.20 3.70 4.20 4.70

$10,000 $25,000

Nascent Markets Emerging Mature


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The synergies of TPS and 1LINK continue to redefine and reshape the e-banking business withinPakistan 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 its31-member bank with 99.9% uptime CEO, 1LINK

Driven by domestic demand

Pakistan has had a significant and rich tradition offinancial sector liberalisation and growth. Banking andfinance has been, for much of the last decade, one ofthe major drivers of IT spending within the country. 9 Thelast decade has seen continued intensification of aderegulation process that began in the early 1990s.Today, among the commercial banks, 12 foreign and20 domestic banks together hold 80% of the bankingsystems assets, and foreign banks enjoy the same rightsas local banks (including 100% ownership). 10 TheKarachi Stock Exchange with $25 billion of marketcapitalisation and over 700 listed companies hadonce had the highest turnover and year-to-year gainsamong all emerging markets in the world.

In the domestic market, the market characteristics,regulatory demands, and consumer choices haveoften created an opportunity for local players to com-pete against more established global behemoths in arange of different product-market segments, and haveeven managed to out-innovate some of these largerplayers.

ATM, channel management, and payment systems

A number of Pakistani companies have developedproducts and solutions for the ATM and paymentssystems category. Transaction Processing Systems (TPS) is one of the market leaders in this category, witharound 70% marketshare of self-service banking andswitching solutions. Today, TPS is the fastest growingcards 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 theyears, out-innovated its competitors by developingand launching a range of different products, includingATM controllers, POS switch, transaction switchingmiddleware, cash and cheque deposit suite, cardpersonalization and management system, EMVcompliance, reconciliation, online fraud detection andmonitoring, and help-desk agent-based solutions. IRIS,TPS next generation switching middleware offers an

integrated solution to various delivery channels, such asATMs, IVRs, call centres, Points of Sale Network (atbranches/merchants), Internet banking, cellular bank-ing, bill payments, etc., and provides considerableease of scalability and functionality to its clients.

Where TPS has chosen to integrate with its productofferings, Avanza Solutions has done the opposite.Avanza builds upon its successful Rendezvous financialmiddleware software, and also provides a host ofoptions to its clients, namely, Nimbus (ATM and POS

controller), Vision (a card production system and 360degree customer view), Unison (a contact centresolution), and Ambit (an Internet banking suite). BothRendezvous and Nimbus have more than 50installations each, worldwide.

In addition to its own product line, Avanza has madeconsiderable inroads in the recent years into providingservices based on established vendors' technologies,such as, Microsoft's CRM, Sharepoint, etc., with some ofthe key clients in the Middle East. It also has a 175-manoperation in Spain providing services to a leading finan-cial institution. Avanza has also recently introduced anumber of ATM-based applications such as prepaidcards, e-top up, and cash deposit. Both TPS andAvanza are significant regional players in this category.

While TPS and Avanza delve into the software side ofATM and card processing, Aerocar have developedinnovative integrated ATMs. In 2009, Aerocar wonMITs Business Acceleration Programme (BAP), anopportunity to spend a summer in the United States,participating in an entrepreneurship developmentprogramme at MIT, and a whirlwind tour of the UnitedStates. Aerocar has developed an ATM machine at asignificantly lower cost than its closest rivals, NCR andDiebold that uses much less energy, and requireseven lesser maintenance.

Particularly suited to developing country environments,the machine eliminates the need for constant coolingand environment management by working on a cleverprinciple of creating positive pressure differentialbetween the inside and outside of the machine.Aerocar is now in the process of rolling out a range ofbiometric ATMs to enhance the security of transactions.


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Capital markets, fund management, and insurance

Capital markets, asset and fund management, andinsurance are areas where Pakistani companies havedominated the domestic landscape, and arebeginning to make serious inroads into the Middle Eastand GCC markets. Here, the needs for localisationand idiosyncratic regulatory requirements havelevelled the playing field between domestic andforeign players, says Salman Iqbal, the CEO of SoftechSystems. Softech and others have moved in to fill thegap in the local market. Softechs capital marketsolutions capture a considerable share (70-75% in somesegments) of the domestic market.

BackConnect Softechs flagship product providesa range of offerings, such as a complete back-office aswell as front-office Internet trading functionality withorder management capability, equity and custodyservices, comprehensive exposure and authoritycontrol, and is installed at over 45 clients across thecountry. Other products, such as, AssetConnect,InvestConnect, CommodityConnect, and Fund-Connect complete the entire range of capitalmarkets products. On the whole, Softechs productsare used by clients with a cumulative $2 billion undermanagement, including the largest, NationalInvestment Trust (NIT) (PK Rs. 80 billion) with 18 branchesand several ATM redeem units.

Sidat Hyder Morshed Associates (SHMA) also offerssoftware for the asset management and mutual fundsindustries with its iPAMs and Capella solutionsrespectively. While Softech enjoys a market dominantposition in the capital markets, Sidat Hyder MorshedAssociates (SHMA) enjoys a similar position in theinsurance industry. SHMAs suite of insurance solutionsspans the entire continuum of general (GiS), individuallife (iLAS), group life, and health sub-sectors. Withnear-market dominance in Pakistan, and considerablesuccess in the Middle East and North Africa (MENA)region (such as Zimbabwe, Lebanon, Syria, and UAE),SHMA hopes to make a massive push for consolidationin the Middle East, and new market entry in Europe andthe AsiaPacific region. SHMA also has a marketleading position in ERP software for the financialservices sector with its own financials and humancapital management modules that boasts the largestenterprise applications installed base in Pakistan.

Other support applications for the capital markets andits related industries include the central depository andclearing systems by the Central Depository Company(CDC) and Softech Systems, revenue automation byPakistan Revenue Automation Ltd. (PRAL), and identitymanagement systems by the National Database andRegistration Authority (NADRA).

While Softech, SHMA, and others have done well to rideon domestic demand, and dominate the local marketsin their respective segments, the region is truly the nextfrontier for many of these companies. Africa and theMiddle East to some extent is a natural next step formarket dominance, says Salman Iqbal of SoftechSystems, because of our similarities in regulatory

requirements and systems, and the overall level ofdevelopment of their capital markets. The confluenceof engagement size or the ability to pay, and the needfor customisation to meet regulatory needs create asweet spot that is quite attuned to where Pakistanicompanies have sought to operate on. Softech enjoysa strong position in Ghana with several deployments.Many companies have explored markets in Nigeria,Kenya, Saudi Arabia, UAE, and Bahrain, etc.

Core banking systems and banking applications

Core banking systems and banking applications isanother area where the local demand has created anindustry specialisation. Here, though, unlike capitalmarkets and payment systems, the industry playershave, in recent times, found themselves beingthreatened by the onslaught of internationalcompetition. Many have developed core bankingapplications for the consumption of the domestic andregional markets. Autosoft Dynamics and PIBAS areamong the oldest players in this segment. AutosoftsAutobanker and PIBAS CORE have had a numberof deployments in the small-to-medium-sized marketsegments. SHMA also has a Bank Essential corebanking system. A number of small local banks havealso developed in-house core banking applications some using innovative open source platforms forgreater cost savings and flexibility.

The last decade has witnessed a boom in corebanking solutions in the domestic market, with anumber of large and medium-sized banks spendingmillions of dollars on licensing and deployments alone.

National Investment Trust (NIT) has been running theAssetConnect system for over a year, at NITs head

office and its fifteen online branches, maintaining foliosof 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 andcustomization requirements, and we are satisfied withtheir product, service and expertise in this domain

Chairman and President, NIT

Figure 4: Dubai International Financial Centre


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According to one estimate, upwards of $100 million ayear has been spent over a period of several years bythe domestic banking sector, with the four largestbanks spending between $10-15 million per annumeach. 11 The majority of these deployments have goneto large international vendors such as Teminos, Misys,Symbols, and others, and the local vendors have beenunable to compete in the large banks segment.However, deployment is where the local companieshave a clear advantage. Sadia Khan points to thedeployment of AutoBanker at 70 branches of PrimeBank in 24 weeks as a clear indication of the capabilitythat exists locally. Many deployments by internationalvendors have been botched, and taken much longerthan planned wasting millions of dollars of shareholders

wealth.

The local vendors seem stuck in a cyclical chickenand egg dilemma. Clearly, there is room for creating amore level playing field for Pakistani companies in thisimportant market segment through proper regulationand public policy, as there is room for the local vendorsto upgrade their capabilities through betterpartnerships, and collaboration with more establishedglobal players. They have also tended to focus onsmall-sized banks, where their systems seem to meetthe clients needs very well. They have also found themarket for specialist and banking applications, such asShariah-compliant modules, treasury modules,microfinance modules, as well as alternate delivery

channels such as mobiles, the Internet, and telephonebanking very attractive and receptive to their offerings.A number of products stand out in this category. Theseinclude Alchemys Risk Manager (BASEL II compliance);Avanzas Ambit (Internet banking) and Unison (contactcentre); 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.

Pakistans financial services technology industry standstoday at a potential inflexion point in its history. Anumber of positive developments, namely, greaterspecialisation within particular sub-sector niches, a

conscious attempt to target MENA and open upAsia-Pacific markets, and a culture of out-innovatingcompetitors in a select number of small marketsegments can position the industry to weather thestorm brought together by the broader global financialcrisis, and position itself for a renewal.

A partnership between key industry leaders, users offinancial services technology, industry associations(such as P@SHA), Special Interest Groups (SIGs), andimportant government entities, such as the PakistanSoftware Board (PSEB), the State Bank of Pakistan (SBP)and others can prove instrumental in bringing aboutrenewal and continued prosperity in the industry.

N et sol F inancial

Suit e Back Connect

IR IS AutoBank

er

M IX IT

OM S

07

PRODUCT GROUP PRODUCT FRANCHISE

Leasing and Financing

Financial and Capital Markets

Payment Systems

Core Banking Systems

Specialist Banking Solutions

Real Time Trading and FIX Connectivity

ERP

Audit and Compliance

Support Solutions

Insurance

NetSol Financial Suite (NFS) and Leasesoft by NetSol

BackConnect, Asset Connect, FundConnect by SoftechiPAMS and Capella by SHMAExchange Plus by Kalsoft

IRIS and Phoenix payment and switching system by TPSRendezvous, Nimbus, and Vision systems by Avanza Solutions

AutoBanker by Autosoft DynamicsPIBAS Core By PIBASBank Essential by SHMAVortex by Kalsoft

iBanker Islamic Banking Module by Autosoft DynamicsRisk Manager by Alchemy TechnologiesADAMS Treasury Automation System by Autosoft DynamicsAmbit Internet Banking System by Avanza

Mixit OMS (Order Management System) by Mixit

Mixit FIX Network (Global FIX Connectivity Network) by MixitFinancials and Human Capital Management (HCM) by SHMA

AuditStream (audit) and Vertex (compliance) by THK SolutionsSAML anti-money laundering solution by PIBAS

GraviDesk IT service manager by THK SolutionsUnison contact centre management by Avanza

GiS (General), iLAS (individual life), and GroupLife by SHMA

Table 2: A Partial List of Leading Financial Services Technology Products of Pakistani Companies (Source: Technomics Compilation)

GiS

Figure 5: Some of the Leading Products in Key Sectors


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Pakistan Software Export Board (PSEB)2nd Floor, Evacuee Trust ComplexAga Khan Road, F-5Islamabad, Pakistan

Telephone: +92 51 111 333 666 and +92 51 9204074

E-mail: [email protected]

PSEB is the apex body created by the Government ofPakistan (GOP) within the Ministry of IT and Telecom(MOITT) and charged with promoting Pakistansexports from IT and IT-enabled Services (ITES) industry.PSEB does this by hosting and supporting foreigndelegations to conferences and events, match-making and networking of Pakistani companies withforeign partners and clients, and supporting interna-tional marketing and image-building activities.

To learn more about Pakistans IT industry, please visitthe Industry Portal at http://www.IT.org.pk

Pakistan Software Houses Association (P@SHA))Suite 310, Business CentreBlock 6, PECHS, Karachi, Pakistan

Telephone: +92 21 3541 8121 and +92 21 3430 4796

Contact: Jehan Ara, PresidentE-mail: [email protected]

P@SHA is the representative association for PakistansIT and IT-enabled services industry. It is a platform forpromoting, protecting and developing the softwareindustry in Pakistan. It provides a focal point ofrepresentation to a variety of outside agencies, findsways to tackle issues confronting membercompanies, and provides advocacy for theadvancement of Pakistans IT industry.

To learn more about Pakistans IT industry, pleasevisit P@SHAs website at http://www.pasha.org.pk

Technomics International Ltd93 Century CourtWoking, GU21 6DRUnited Kingdom

Telephone: +44 1483 901916Fax: +44 1483 901925

E-mail: [email protected]

Technomics International is a boutique strategy,policy, and media advisory company. TechnomicsMedia's Brand Intellect Services provide a uniqueapproach to creating differential brand identities fornational, regional, and sectoral clients. BrandIntellect delivers bespoke brand marketingcampaigns based on strategic thought leadershipand specialist marketing collateral.

References:

McKinsey & Co., Sustaining New York and United StatesFinancial Services Leadership, 2008Financial Services RoundTable, Financial Services Fact-book, 2011, p2.Gartner Inc., Gartner Says Worldwide Vertical Market ITSpending Will Be Flat in 2009, available at:http://www.gartner.com/it/page.jsp?id=893512http://www.reuters.com/article/2010/10/18/us-gartner-itspending-idUSTRE69H3FW20101018McKinsey & Co., 2008PriceWaterhouse Coopers, Banking in 2050: How big willthe emerging markets get?, 2008PriceWaterhouse Coopers, The World in 2050: Beyond theBRICs a broader look at emerging market growthprospects, 2008McKinsey & Co., 2008PSEB, Pakistan IT Market Assessment, 2010Husain, Ishrat, Financial Sector Regulation in Pakistan, StateBank of Pakistan (SBP), undatedPSEB, 2010

Disclaimer:

This document is prepared by Technomics InternationalsBrand Intellect Service for the Pakistan Software ExportBoard (PSEB). It provides factual assessment and best

judgement analysis of a dynamic and fast-changingindustry. It is not intended as a sole means of advice formaking investment decisions, and neither PSEB nor itsconsultant assumes any responsibility for the same.

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pakistan financial services it industry - a snapshot - an industry capability profile

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