Paysys Labs Company Profile

Background

Established in 2016, Paysys Labs is a leading provider of digital financial services headquartered in Karachi, Pakistan. The company specializes in delivering innovative and secure technology platforms that enable banks, telecommunications companies, and businesses to offer a wide array of payment solutions across multiple channels. With a mission to drive digital transformation and financial inclusion, Paysys Labs has become a trusted partner in the fintech industry, offering robust and scalable platforms that facilitate seamless digital interactions for millions of customers.

Key Strategic Focus

Paysys Labs focuses on developing and implementing comprehensive digital payment solutions, including instant payment systems, card management, and mobile banking platforms. The company's core objectives include enhancing financial accessibility, improving transaction security, and fostering innovation in digital financial services. By leveraging cutting-edge technologies, Paysys Labs targets markets seeking to modernize their payment infrastructures and expand financial services to underserved populations.

Financials and Funding

As of the latest available data, Paysys Labs reports annual revenue of approximately $6.7 million and employs around 122 individuals. Specific details regarding funding history, recent funding rounds, and notable investors are not publicly disclosed.

Pipeline Development

Paysys Labs has a history of successful project implementations, including:

Mobile Banking Application for National Bank of Pakistan (2017): Developed a comprehensive mobile banking solution to enhance customer engagement and service delivery.

Digitization of Central Directorate of National Savings (2017): Led the digital transformation of Pakistan's largest government financial institution.

Consulting for 1LINK (2017): Provided expertise in developing a pull payment-based platform for Pakistan's national payment switch provider.

Instant Payment System for State Bank of Pakistan (2018): Served as subject matter experts for the development and implementation of "RAAST," an inclusive instant payment system.

Mobile Banking Application for Dubai Islamic Bank (2019): Developed a mobile banking application to enhance digital banking services.

Acquiring Platform with UnionPay International (2019): Partnered to set up an acquiring platform enabling banks to manage various acquiring form factors and merchants in a unified manner.

Consultancy for EthSwitch in Ethiopia (2020): Acted as technical consultants for the design and implementation of an Instant Payment System, Electronic Payment Gateway, and a shared wallet platform.

Integration of BUNA with RAAST (2020): Provided technical consultancy for the integration of cross-border payment systems.

Instant Payment Solutions for Multiple Banks (2021): Signed agreements with 13 banks to provide instant payment solutions.

Partnership with Careem UAE (2022): Implemented the AANI instant payment system to enhance digital payment capabilities.

Development of Scheme Rules for IPSL Kenya (2022): Developed scheme rules for the operator of PesaLink in Kenya.

Partnership with Mashreq (2023): Collaborated to introduce innovative digital payment solutions in Pakistan, integrating instant payment systems like RAAST and RTGS.

Collaboration with Raqami Islamic Digital Bank (2023): Partnered to revolutionize digital payment solutions in Pakistan.

Partnership with Hugo Bank (2024): Created a comprehensive integration hub to redefine payment experiences through the Paysys unified payments platform.

Technological Platform and Innovation

Paysys Labs distinguishes itself through a suite of proprietary technologies and innovative solutions, including:

OpenConnect: A middleware switch facilitating seamless integration between various payment systems.

Open Acquiring: A merchant payment solution enabling efficient management of merchant transactions.

Open Digital: A digital banking platform offering comprehensive online banking services.

Open CMS: A card management system for issuing and managing payment cards.

Open ACS: A 3D secure system enhancing transaction security.

Open Wallet: A wallet management system supporting digital wallet functionalities.

These platforms are designed to be robust, scalable, and secure, ensuring compliance with industry standards and addressing the evolving needs of the digital financial services sector.

Leadership Team

Paysys Labs is led by a team of seasoned professionals with extensive experience in digital financial services:

Karim Jindani, Chief Executive Officer: With 25 years of diverse experience, Karim has managed large-scale digitization projects related to digital financial services, product development, IT management, and operational strategies. He has collaborated with central banks, multilateral organizations, banks, and fintech companies.

Azeem Yaseen, Chief Technology Officer: Bringing 17 years of experience in the financial payments industry, Azeem has worked with local and regional banks, payment systems, and telecommunications companies. He specializes in technology architecture for high-performance systems and infrastructures, focusing on innovation and the latest technologies.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within the company's leadership team.

Competitor Profile

Market Insights and Dynamics

The digital financial services market is experiencing rapid growth, driven by increasing demand for secure and efficient payment solutions. Key trends include the adoption of instant payment systems, mobile banking, and digital wallets, with a focus on enhancing financial inclusion and customer experience.