FinVolution Group expands global footprint with launch of "Daira" in Pakistan

FinVolution holds the launch ceremony of Daira in Islamabad, Pakistan on October 10, 2024

Situated at a pivotal crossroads in South Asia, Pakistan has a large and youthful population. However, millions of individuals still lack access to basic financial services. With the country's fintech market rapidly digitalizing, this gap presents significant opportunities for growth and innovation.

Leveraging 17 years of technological expertise and extensive experience in market localization, FinVolution aims to drive digital financial inclusion in Pakistan through Daira. Earlier this year, FinVolution obtained a Non-Banking Financial Company (NBFC) license from the Securities and Exchange Commission of Pakistan (SECP), laying the foundation for compliant operations within the country.

Tiezheng Li, CEO of FinVolution Group, commented, "The launch of Daira in Pakistan is a key milestone in our global expansion. We have successfully established leading brands in several APAC markets through our advanced technology and localization strategies, and we believe we can replicate this success in Pakistan. Moving forward, we will continue to pursue new opportunities in other markets to further strengthen our global presence."

Xiaodong Sun, Senior Vice President of FinVolution, added, "With Pakistan's vast market potential and our proven experience in overseas expansion, we are confident in the success of Daira. We are committed to understanding the unique needs of local users and actively engaging with the community to develop tailored financial solutions. Our goal is to provide safer, more efficient, and inclusive digital financial services that empower individuals and small enterprises in Pakistan."

In 2024, FinVolution secured key financial licenses across various markets, including the NBFC license in Pakistan, a multi-finance license from Indonesia's Financial Services Authority (OJK), and has been accredited as a Special Accessing Entity (SAE) by the Credit Information Corporation (CIC) in the Philippines, a government-owned entity tasked with collecting and disseminating credit information.

Founded in 2007 in Shanghai, China and listed on the New York Stock Exchange in 2017, FinVolution has been a pioneer in the pan-Asian credit technology industry.

With a focus on the pan-Asian region, FinVolution has been actively expanding its fintech offerings globally since 2018. The company has established leading fintech platforms in China, Indonesia, and the Philippines. Through its AI chatbot SaaS platform, BLU AI, FinVolution has also extended its technology services to Latin America and Africa, serving nearly 40 fintech companies worldwide.

According to FinVolution's latest financial report, as of Q2 2024, the company had served 5.6 million overseas users, with international operations contributing nearly 20% of the group's total revenue, cementing its position as a key driver of growth.