"Paysays Labs, a start-up financed by Karandaaz, has successfully enabled simple smartphones to act like thumb verifying machines.", Rehan Akhtar
Paysys Labs participated in the GSMA Mobile Hackathon Challenge. The Hackathon was organized in partnership with Telenor Bank Pakistan and Karandaaz Pakistan. The central goal of the hackathon was to test the harmonized mobile money APIs, jointly designed by key industry stakeholders in 2016 to ensure best practice and to reduce fragmentation in the fast-growing mobile money industry.
Team Paysys presented the idea of a Facebook Messenger bot, leveraging artificial intelligence for merchant payments, impressed the panel with its user-friendly interface and clever integration of Pakistan’s most popular social network. Team Paysys proudly received the runners-up trophy and access to Cohort 2 of Telenor Bank’s Velocity programme along with Sony Extra bass headphones from the GSMA.
Paysys Labs won the first-ever Fintech disrupt Challenge organized by Karandaaz – a not-for-profit company and a leading source of financing Pakistan’s innovative growing businesses.
Out of a total of 61 applicants from all parts of the country, 28 were invited to present at the FINTECH DISRUPT CHALLENGE 2016 held in collaboration with LUMS Center for Entrepreneurship. Ten finalists were shortlisted by judges which included subject matter and investor experts from ArbiSoft, Acumen, Bank Al-Falah and board members of Karandaaz. Paysys Labs along with two other companies emerged as the winners. On the occasion Ali Sarfraz, CEO of Karandaaz Pakistan stated,” This competition showcased an incredible display of talent from startups across the nation. We have now completed the first step in the process with these awards. The next and more vital piece of this challenge will be getting the deals completed and setting up a soft landing for winning startups who aspire to disrupt FinTech industry. We look forward to expediting that process and helping companies like Paysys to gain traction in the Pakistan market.”
JS bank was the first bank in Pakistan to integrate Instascan, providing convenient ways to their customers to authenticate themselves and avail banking services instantly. The solution is not only catering approximately 1000 verification requests per day but is also used for “Over the Counter” transactions meeting the regulatory requirements of biometric verification. Currently, the solution is also being deployed at IGI Insurance Limited. The solution will enable IGI insurance to seamlessly incorporate biometric authentication through open APIs, without incurring costs of a purpose-built hardware and concerning themselves with factor redesigns.