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The State Bank has given SadaPay in-principle approval to start an e-money institution in Pakistan.

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SadaPay has announced that the State Bank of Pakistan (SBP) has awarded it in-principle permission for an Electronic Money Institution (EMI) licence. This permission enables SadaPay to prepare its operations for the pilot phase, during which the digital wallet will be provided on a restricted scale and will be supervised by the regulator.

Brandon Timinsky, an American serial entrepreneur, started the firm after his last venture in the United States was bought. Timinsky has spent the last year assembling a team of banking professionals, liaising with regulatory authorities, and laying the groundwork for a “digital first” financial institution in Pakistan. Dr. Waqar Masood Khan, former Finance Secretary of Pakistan, has joined SadaPay as Chairman of the Board.

Pakistan is currently the world’s fifth most populated country, with over 76 million 3G/4G customers and approximately 1 million new smartphone users joining the ranks each month. With the COVID-19 epidemic, internet use is only increasing, and more individuals are turning to digital alternatives for everyday payments. This opens up a huge possibility for SadaPay not just in Pakistan, but also in a number of other regional countries where the team aims to grow. 

In both Urdu and Arabic, “sada” means “simple.” SadaPay’s objective is to eliminate the costs and hassles associated with traditional banking through a streamlined digital-first experience. SadaPay provides a smartphone-based digital wallet, as well as a free Mastercard debit card. When a SadaPay account is activated, a virtual debit card is made available for instant usage. Users may also execute free and quick transfers to any bank in Pakistan, as well as withdraw cash with no fees from any of the 14,500+ domestic ATMs (3x per month). Users may also fill their accounts with cash at any of the country’s 30,000+ retail establishments.

Those who have signed up for the waitlist on the website www.sadapay.pk will get early access to SadaPay. SadaPay’s product development plan is also heavily influenced by feedback, and they welcome recommendations via email at [email protected]

Download SadaPay App from this link, and you may use code “C49AF” to get your card earlier. 

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Business & Economy

Abu Dhabi Announces 50% Licensing Fee Reduction for Select Licenses

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Dubai

The Abu Dhabi Global Market (ADGM) is reducing fees by 50% or more for non-financial and retail licenses. This new fee schedule starts on January 1, 2025, as part of the transitional plan for businesses on Al Reem Island.

The ADGM, covering Al Maryah and Al Reem Islands, will reduce new non-financial business registration fees from $10,000 to $5,000, with annual renewal fees dropping from $8,000 to $5,000. Retail category registration fees will decrease from $6,000 to $2,000, and renewal fees will be reduced to $2,000.

These changes take effect January 1, 2025, following the expiration of the current fees on December 31. Previously, qualifying businesses on Al Reem Island were exempt from paying ADGM commercial license fees until October 31, 2024.

The fee structure for other categories has also been revised. Financial category fees will increase from $15,000 to $20,000 for new registrations and from $13,000 to $15,000 for renewals. Tech and fintech startup fees will rise from $1,000 to $1,500 for both new and renewal licenses. Special Purpose Vehicle (SPV) fees remain at $1,900.

The ADGM’s decision follows consultations with Al Reem Island businesses in 2023. Hamad Sayah Al Mazrouei, CEO of ADGM’s Registration Authority, stated, “Our goal is to minimize disruptions for businesses transitioning to an ADGM license, ensuring they can operate efficiently within our jurisdiction.”

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First National Youth Summit in Balochistan Paves the Way for Transformation

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Quetta, Balochistan – The Sports and Youth Affairs Department of the Government of Balochistan, in collaboration with the Chanan Development Association (CDA), successfully organized the first-ever National Youth Summit in the history of Balochistan. The three-day summit, held in Quetta, brought together over 350 young participants from 90 districts across Pakistan. This landmark event aimed to harness the potential of youth, explore sustainable solutions to pressing challenges, and pave the way for a prosperous and resilient Pakistan.

The National Youth Summit was inaugurated with great enthusiasm at a ceremony attended by esteemed guests, including Babar Yusufzai, spokesperson for the Chief Minister of Balochistan; Nawabzada Jamal Khan Raisani, Coordinator for Youth Affairs; Ms. Romina Khurshid Alam, Convener of the Parliamentary Task Force for Sustainable Development Goals (SDGs), Mr. Ishaq Jamali, Secretary of the Department of Sports and Youth Affairs nd Mr. Muhammad Shahzad Khan, Executive Director Chanan Development Association (CDA). The event commenced with the Grass-root Voices session, moderated by Balochistan’s young activist and entrepreneur, Mr. Khalid Hussain Mir During this session, inspiring young activists Zamnran Baloch, Sehrsh Kanwal, Aqila Yousafi, and Alisha Sherazi shared their struggle and inspiring stories with the young participants, providing them with motivation and encouragement. 

Addressing the gathering, Nawabzada Jamal Khan Raisani, Coordinator for Youth Affairs, expressed his heartfelt gratitude to the officials of the Department of Sports and Youth Affairs and the Chanan Development Association for convening dynamic youth from all over Pakistan in the beautiful city of Quetta. Raisani committed to expediting the approval of the Balochistan Youth Policy from the Provincial Assembly, ensuring that the voices and aspirations of Balochistan’s youth become an integral part of decision-making processes. The comprehensive Youth Policy Framework, developed through the efforts of the Youth Department, will empower the youth with necessary skills, enabling them to lead Balochistan and the nation towards a prosperous future.

Mr. Ishaq Jamali, Secretary for the Department of Sports and Youth Affairs, emphasized the historical role of young people as agents of change and progress worldwide. He recognized their unwavering determination, fresh perspectives, and boundless energy, stating that the National Youth Summit was an opportunity to amplify their voices, celebrate their aspirations, and recognize their dreams. Jamali highlighted the significance of the summit as a platform for the brilliant minds of Pakistan to ignite a flame of unity, cooperation, and transformation, ultimately shaping the future of a developed and prosperous nation.

Throughout the summit, notable personalities from various fields, including former MPA and central leader of the National Party, Ms. Yasmine Lehri, dedicated social activists such as Mr. Jhangir Bazai, Jayya Jagi, and Nimra Pirkani, along with other influential political and social leaders, shared their valuable insights. The thought-provoking addresses by Ex-Senator Mir Kabir Ahmed Muhammad Shahi, Ex-Speaker Balochistan Assembly Ms. Rahila Durani, and Provincial Chief of SAMEDA Balochistan Mr. Shakoor Ahmed Baloch further added to the summit’s significance, these engaging discussions not only enriched the participants’ knowledge but also inspired them to take proactive steps towards positive change. 

Under the exceptional guidance and the valuable contributions in the management of the event Mr. Abbas Ali Khosa, Director of Youth Affairs, and Muhammad Mustafa, Assistant Director, the National Youth Summit achieved great success, creating a platform that empowered and inspired young leaders from across Pakistan. 

Director of Youth Affairs, Mr. Abbas Ali Khosa, Providing Key Insights about the National Youth Summit to Minister of Youth Affairs


In addition to engaging sessions, the summit also featured a series of skill-building workshops, enabling young participants to enhance their abilities and broaden their horizons. These workshops covered diverse areas such as leadership development, entrepreneurship, technology, and social impact. The practical knowledge gained will empower the youth to contribute effectively to the development of their communities and the nation as a whole. 

Throughout the summit, the delegates actively voiced their recommendations, reflecting the collective aspirations of the young leaders across Pakistan. These recommendations include a call to finalize and launch the Balochistan Youth Policy, addressing the unique challenges and opportunities faced by the youth in the region. They also emphasize the need for prioritizing resources to enhance the skills of young people, promoting digital literacy, and creating entrepreneurship opportunities. The delegates express gratitude to the organizers and encourage the continuation of youth-focused events in Balochistan. They stress the importance of encouraging young leaders’ participation in the political process and urge the provision of resources through tailored funding mechanisms. The honorable Minister of Sports and Youth Affairs, along with the Secretary of Sports and Youth Affairs, endorsed these recommendations, demonstrating their commitment to championing youth empowerment in Pakistan. 

The Department of Sports and Youth Affairs of the Government of Balochistan and the Chanan Development Association express their heartfelt appreciation to all participants, speakers, sponsors, and partners for their invaluable contributions in making the National Youth Summit a resounding success. 

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Balochistan Youth Launch Pakistan’s First Urdu AI Platform, Gains Global Media Spotlight

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In an extraordinary feat, young activists from Balochistan have introduced UrduAI.org, Pakistan’s pioneering platform in the field of Artificial Intelligence (AI) conducted in the Urdu language. This groundbreaking initiative, led by visionary activists Mr. Qaisar Roonjha, co-founder of Wang Lab of Innovation (WALI), and Mr. Khalid Hussain Mir, a digital creator, entrepreneur, and co-founder of Peel Technologies Ltd., aims to revolutionize AI education and bridge the knowledge gap among individuals and communities.

UrduAI.org signifies a significant milestone in the pursuit of accessible AI education. Recognizing the language barriers faced by many, especially those in underprivileged communities, UrduAI.org endeavors to democratize AI knowledge by offering comprehensive educational resources in Urdu. Guided by Mr. Roonjha and Mr. Mir, UrduAI.org envisions a future where language and background pose no hindrance to harnessing the transformative power of AI.

“The launch of UrduAI.org is a momentous step towards making AI education inclusive for all,” declares Mr. Qaisar Roonjha, a prominent activist and co-founder of UrduAI.org. “We firmly believe that knowledge knows no linguistic boundaries. Our platform empowers individuals and communities to unlock the immense potential of AI.”

UrduAI.org provides a wide array of educational materials and engaging opportunities. Serving as a hub for the latest developments in AI, with a special emphasis on generative AI tools in Urdu, the platform caters to individuals at various levels of AI proficiency. It offers online courses, tutorials, webinars, and in-person workshops. Additionally, UrduAI.org actively collaborates with universities and educational institutions to integrate AI education into mainstream curricula, advocating for the integration of AI knowledge across disciplines.

Mr. Khalid Hussain Mir, a respected activist and key member of UrduAI.org, emphasizes, “Our mission extends beyond education alone. We strive to foster a supportive ecosystem for AI enthusiasts, promoting collaboration, research, and innovation. UrduAI.org will serve as a dynamic platform for networking, resource sharing, and showcasing success stories in the field of AI.”

UrduAI.org is dedicated to raising awareness about AI and its potential impact on society. Through strategic media outreach and advocacy efforts, the organization aims to spark discussions and facilitate informed decision-making regarding the benefits and risks associated with AI. As a result, UrduAI.org has gained global media recognition, including coverage on “TheInsiderCanada.com.”

Pakistani activists Mr. Qaisar Roonjha and Mr. Khalid Hussain Mir, at the forefront of UrduAI.org, invite individuals, communities, and organizations to join them on this transformative journey. Together, they aim to shape a future where AI education transcends linguistic barriers, empowering people from all walks of life.

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