Pakistan launches official startup portal to encourage technology innovation

ISLAMABAD: Pakistan’s corporate sector regulator has launched an exclusive startup portal to encourage technology innovation in the country during the ‘Startup Grind Pakistan’ conference in Islamabad.

The portal features list of startups, simplified user experience for registration, access to mentors and incubation centres, online guides and video tutorials for Startup companies.

Science and technology is a growing field in Pakistan and has played an important role in the country’s development since its founding. Pakistan has a large pool of scientists, engineers, doctors, and technicians assuming an active role in science and technology. Liaquat Ali Khan the first Prime Minister of Pakistan, made various reforms to initiate improvement in higher education and scientific research.

“The Securities and Exchange Commission of Pakistan (SECP) startup portal will be a gateway to information and collaboration hub, for the facilitation and uplifting of the existing and future entrepreneurs to connect and excel”, SECP Commissioner for Information System and Technology Department Shauzab Ali said while talking at the Startup Grind conference. He hoped that the portal will evolve with time as an important part of the Startup ecosystem in Pakistan.

A large gathering of entrepreneurs, innovators and technologists attended the conference to share their stories and inspire young entrepreneurs.

In this regard SECP has instituted various reforms to develop a comprehensive and coherent industry policy to shape regulatory thinking and promote a conducive Fintech environment in Pakistan. This will help attract local and international innovators.

Addressing the conference, Shauzeb said the SECP along with other public sector organizations plays a crucial role in encouraging investment and fostering economic growth and prosperity in Pakistan. The SECP is also reviewing the Companies Act with an objective to facilitate Startups and provide a conducive environment to young innovative entrepreneurs, amendments in Private Equity and Venture Capital Regulations, draft Equity Crowdfunding Regulations, setting up facilitation desks at CROs and launching of first ever regulatory Sandbox in Pakistan.

Pakistan is the world’s 26th biggest consumer market and its startup sector reflects this appetite. E-commerce, food delivery and ride-hailing services are common in the sector and several have been attracting international attention. With the objective to promote growth in the startups sector of Pakistan and as done by many developed countries like Canada, UK, France and US, the Securities and Exchange Commission of Pakistan (SECP) is taking various initiatives to create an enabling regulatory framework for facilitating startups in Pakistan.