• Pakistan is India from 2015-2016 with its own payment public sector rails

• Other EM using Pakistan as benchmark (besides SE Asia and India)

• Pakistan is going through a digital curve right now

• Cash is king but society has cash too

• 100 million internet connected devices, 1.5 million more smart phones per month

• Government and CBs have forced banks to use fintechs for distribution

  • Borrowing rates from banks will be max 9%

• Banks required to lend a minimum of around $30-40 million to fintechs

• Will be impossible to do this because there are not enough fintechs

• Will have to adjust quotas and discuss with government

• Regulators are really pushing on the banks

Tiger made their first investment in Pakistan in Creditbook.