Degree

Master of Business Administration Executive

Faculty / School

School of Business Studies (SBS)

Year of Award

2024

Advisor/Supervisor

Dr. Mohsin Zahid Khawaja, Assistant Professor, Department of Finance

Project Type

MBA Executive Research Project

Access Type

Restricted Access

Keywords

Finqalab, Financial Revolution, Savings and Investments, Multi asset Platform, Financial Education

Executive Summary

The EMBA Project pertained to analyzing the proposition and scope of ‘Finqalab’ which was founded by Syed Irtaza Ali (Founder) and pre-seeded by Next Capital Limited (a brokerage and investment banking firm of Pakistan). Finqalab has been initiated with an aim to address Pakistan’s low financial participation through a smartphone based “savings, investments, and payments platform” which will essentially unify the disjointed financial system existing in the country. It is being developed in the form of a mobile application that will enable investors to manage their savings & investment needs by participating in multiple asset classes and availing complementary financial solutions via a single platform. While the idea of Finqalab is noble, there have been discussions among the core team members regarding its scope. On one hand it appears too ambitious because it encompasses seven (7) different businesses, each having its distinct opportunities and challenges but on the other hand, feedback from founders and industry experts suggests that excluding any of these 7 modules might seriously affect the proposition of Finqalab and the final product wouldn’t cater to the problem it was built for in the first place. Considering the above, the team was presented with various questions, however, two of them were critical as they directly impact the overall strategy and direction of the project. Those two questions are listed below which the MBA Project aimed to answer: 1. Whether Finqalab’s strategy of venturing into 7 different businesses (modules) is too broad and too diversified? Is this diversification necessary for the project’s success? 2. If venturing into 7 different modules is necessary, what should be the sequence of modules? Answer this question by considering Finqalab's vision, firm’s resources, market acceptability, and global examples. The Authors utilized mixed methods approach where interviews from ten (10) industry experts, survey from public (150 participants participated including students, working professionals, housewives/house husbands, small business owners), and secondary research on five (5) products in other countries were conducted. Secondary research reflected that similar stories are witnessed around the world and in the region as well where products like Finqalab have been successful such as Zerodha in India, Ajaib in Indonesia, Thndr in Egypt, XP Investimentos in Brazil, and Robinhood in US. Detailed review of these products showed that initially the apps were launched with basic and easier asset classes such as equities and mutual funds and kept on adding various complementing features and asset classes over time. It was also concluded that the USPs common across these products include user friendliness of the app, educational initiatives, and low/no fee/capital requirements. Cryptocurrencies were also identified during the secondary research as a potential addition. However, the timing of their inclusion remains beyond Finqalab's control. The result of the interviews suggested that venturing into multiple asset classes is a great concept and should be pursued as the world is moving towards super apps and one stop solutions. It was highlighted that the real challenge would be around execution in terms of technological compatibilities and compliance. The interviewees also highlighted that considering our low income and low awareness level, it will be a long journey for Finqalab, and creating a new class of investors will require significant time and effort. As per the interviewees, the three most critical factors which should determine Finqalab's success include educational initiatives, user experience, and credibility/trust. Further, there was a consensus on prioritizing safer investment options like mutual funds and fixed income securities followed by digital wallet (because it adds convenience for the users), and then going for more complex products like insurance and commodities. The result of survey shows that there exists a huge potential for Finqalab because of low penetration of savings and investment products in the country. The very first question of the survey showed that 57% of the 150 participants only have current accounts (despite being well educated and working professionals) which indicates that by creating awareness around the need for savings and investment to fight inflation and providing a superior user experience through digital means, Finqalab can capture this huge market. The survey also indicated the need for prioritizing products like mutual funds and digital wallets. It also endorsed the need for educational content and finally the users’ willingness to pay for a product like Finqalab.

Pages

viii, 67

Download

Available for download on Saturday, October 24, 2026

The full text of this document is only accessible to authorized users.

Share

COinS