Forbes Names Pakistan South Asia’s Most Ambitious Fintech Market in 2025

Pakistan is emerging as one of the most dynamic adopters of fintech and digital assets in the region, even as India continues to lead South Asia’s broader digital finance ecosystem, according to Forbes. Rapid regulatory reforms, renewed venture capital inflows, and early moves into digital assets are positioning Pakistan ahead of its neighbors in innovation and financial technology adoption.

Fintech funding in Pakistan has seen a sharp rebound, with investments doubling to US$26.3 million in 2024 and reaching US$52.5 million in the first half of 2025. The country’s 450 fintech firms have now collectively raised US$391 million. A landmark deal this year was the US$52 million pre-Series A funding for Haball, a B2B supply chain and payments platform. The deal is especially notable because Meezan Bank contributed US$47 million. Haball is Pakistan’s first fintech to secure a digital invoicing license from the Federal Board of Revenue and is aiming to become a regulated payment initiation service provider connected to Raast.

Regulatory support is further strengthening the sector. The Pakistan Startup Fund offers equity-free grants to attract venture capital, while the State Bank of Pakistan has introduced a licensing framework for digital banks. These initiatives are part of a broader strategy to increase adult financial inclusion from 64 percent in 2023 to 75 percent by 2028.

Pakistan is also making strides in digital assets. Unlike Bangladesh and Nepal, which have banned cryptocurrencies, Pakistan is developing a virtual asset framework and has avoided prohibitive measures. The country has secured international recognition in crypto governance, with Bilal Bin Saqib joining the World Economic Forum’s steering committee on digital asset regulations. His appointment is seen as strengthening Pakistan’s influence in shaping global blockchain and cryptocurrency policy.

Investor interest is rising alongside regulatory support. Venture capital firm Andreessen Horowitz recently led a US$12.9 million round for ZAR, a Pakistani startup developing a dollar-backed stablecoin aimed at mass-market use through retail shops, phone kiosks, and remittance agents. Pakistan also ranks third globally in crypto adoption, according to Chainalysis’s 2025 index, behind only India and the United States. Analysts note that the sector’s resilience will be tested by the country’s first major crypto shock, which will be a key measure of Pakistan’s long-term commitment to fintech and digital finance.