Industry snapshot: content creators at the heart of storytelling
Walee’s Rizk Haddad explores the shift away from vanity metrics to authentic, ROI-driven storytelling in the content creator economy.In this industry snapshot, Rizk Haddad, Head of Monetization & Operation – MENA at Walee, explores the shift in the role of content creators in influencer marketing. He also shares how the industry is moving away from vanity metrics and moving towards authentic, ROI-driven storytelling that builds lasting brand connections.
How important is it to move beyond followers and focus on local content creators who reflect brand values?
In today’s landscape, brands must prioritise genuine connection over vanity metrics. At Walee, we champion storytelling that goes beyond manufactured narratives, placing values-aligned, local content creators at the heart of brand storytelling. Real brand impact now lies in trust-building actions and emotionally compelling, human-driven narratives.
How can influencer marketing balance creativity with measurable ROI?
Walee’s influencer solutions bridge storytelling with measurable results. Our tech and data stack aligns with media and business KPIs, ensuring campaigns deliver trackable ROI. Tools like UTM links, pixels, and promo codes allow end-to-end funnel tracking, while predictive performance modelling empowers ongoing optimisation.
Is the focus shifting from whom the influencers or creators are to how content is shared?
The industry is evolving – from chasing follower counts to crafting content that resonates. Today, it’s about strategic content delivery: the right creators, platforms, formats, and audiences. Walee’s approach blends cultural resonance with data insights, ensuring each piece of content drives both emotional and business outcomes.
Are influencer campaigns optimised for full-funnel impact?
Too many campaigns stop at awareness. At Walee, we integrate influencer strategies across the entire funnel – from discovery to conversion. Through data-led targeting and strategic creator alignment, we help brands turn influencers into conversion drivers, not just storytellers.
Are AI influencers a passing trend or the future?
AI influencers offer scalability and control, but they still lack true human relatability. Walee’s upcoming launch of an authentic Arabic AI persona merges cultural relevance with innovation, offering brands a new way to connect – without losing the power of emotion-driven marketing.
Are influencers or content creators now defined by impact rather than celebrity?
The definition of ‘influencer’ is expanding. Today, trust is built through expertise and relatability – whether in sports, science, arts or aviation. Walee partners with creators across diverse sectors to deliver deeper, value-led engagement that resonates with real audiences.
What’s the biggest influencer marketing challenge for 2025?
Trust and relevance. With audiences growing more discerning, the focus must shift to authenticity, platform-native content and micro-engagement. Walee’s data-first approach ensures content is not just seen – but trusted, felt, and acted upon.
SECP Certifies Walee Financial Services as a Fully Shariah-Compliant NBFC
The Securities and Exchange Commission of Pakistan has officially certified Walee Financial Services as a fully Shariah-compliant Non-Banking Financial Company. This milestone positions Walee Financial Services among a select group of financial institutions in Pakistan that operate entirely in accordance with Islamic finance principles.
With this certification, Walee Financial Services becomes the only NBFC in the digital nano-financing space to achieve Shariah compliance status from SECP. All future financial products launched under the Walee umbrella will follow Islamic finance models, ensuring every aspect of design, delivery, and operation adheres to the principles of fairness, transparency, and social responsibility.
From Islamic Nano-Finance to Broader Innovation
Walee Financial Services first made its mark through Hakeem, Pakistan’s first & only Islamic digital nano-financing platform launched in 2024. Built on an innovative unorganised Tawarruq model, Hakeem trades mobile airtime to make nano-financing fully Shariah-compliant.
Within its first year of operations, Hakeem has achieved millions of downloads and hundreds of thousands of active customers, helping Pakistanis meet their financial needs with ease, dignity, and trust.
Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, highlighted the broader significance of this achievement for Pakistan’s Islamic fintech ecosystem.
“Alhamdolillah, the SECP’s certification of WFS as a Shariah-compliant company marks a defining milestone for Islamic fintech in Pakistan. It demonstrates that technology and innovation can thrive fully within the bounds of Shariah, free from Riba and grounded in ethical integrity. This achievement reaffirms our conviction that digital finance must serve faith and fairness, setting a precedent for others to build financial solutions that reflect both modern efficiency and divine guidance, In Sha Allah.” he stated.
Mufti Usama Ehsan, Shariah Advisor at Walee Financial Services, also praised the certification as a step toward strengthening Pakistan’s Islamic finance identity.
“I am honored to be part of Pakistan’s first SECP approved unorganised Tawarruq model and one of the few Shariah-compliant NBFCs. This innovation sets a valuable precedent for the industry. With strong Shariah governance and visionary leadership, In sha Allah, it will grow into a model that strengthens Islamic finance.”
Building a Purpose-Driven Islamic Finance Platform
Building on this milestone, Walee Financial Services is preparing to launch a diverse portfolio of Shariah-compliant digital products, including solutions in takaful distribution, remittance financing, women and MSME empowerment, and community-based financing. Each initiative is designed to strengthen financial resilience and expand access to Islamic finance across Pakistan.
As a multi-country Islamic financing platform in the making, Walee Financial Services aims to bring faith-aligned innovation to new markets, with Pakistan as its first and foundational base. Alongside product innovation, the company is also advancing financial literacy initiatives to help consumers and SMEs better understand and benefit from Islamic finance, empowering communities and contributing to a fair, inclusive economy.
Leading the Future of Ethical Digital Finance
Speaking on the achievement, Noshad Minhas, Chief Executive Officer of Walee Financial Services, reaffirmed the company’s mission to build ethical financial systems that are both innovative and inclusive.
“We are deeply grateful to the SECP for their continued efforts to advance financial inclusion and innovation while remaining true to the spirit of Islamic finance. By aligning ourselves with Pakistan’s 2028 vision for the elimination of riba, Walee Financial Services aims to lead by example and help enable the transformation of financial institutions and businesses toward fully Shariah-compliant models,” he said.
With SECP’s endorsement, Walee Financial Services is now well positioned to expand its presence in Pakistan’s growing Islamic finance market. The company aims to build a sustainable ecosystem of Shariah-compliant digital products that empower consumers, create opportunity, and promote financial justice.
About Walee Financial Services
Walee Financial Services is a licensed Non-Banking Financial Company in Pakistan dedicated to creating innovative and inclusive financial solutions rooted in Islamic principles. Through data intelligence, technology, and strong Shariah governance, the company aims to redefine access to finance for millions of Pakistanis. Its flagship product, Hakeem, is Pakistan’s first Islamic nano-financing platform and continues to serve underserved communities nationwide.
Download the Hakeem App:
Android:
Google Play Store
iOS:
Apple App Store
For press inquiries, contact:
press@hakeem.tech
For further information about Walee Financial Services, please visit www.hakeem.tech.
Walee Financial Services and EFU Life Partner to Expand Takaful Access Across Pakistan.
Walee Financial Services has announced a strategic partnership with EFU Life through its Islamic digital nano-financing platform, Hakeem, to distribute affordable Takaful solutions, providing Shariah-compliant financial protection and inclusion opportunities for families across Pakistan.
With over 1.3 million downloads in its first year, the partnership connects Hakeem’s rapidly expanding digital user base with EFU Life’s trusted portfolio of Takaful products. Together, they aim to make access to financial protection simpler, more transparent, and easier for millions of Pakistanis seeking inclusive solutions.
Through this collaboration, Hakeem will offer a suite of innovative Takaful products designed by EFU Life to provide comprehensive life and health protection tailored to its users’ needs. The portfolio includes plans covering natural and accidental death, hospitalization, disability, and critical illness, along with income continuation and family support benefits, ensuring long-term financial stability and peace of mind.
Commenting on the partnership, Mr. Azeem Iqbal Pirani, Executive Director and COO of EFU Life, added:
“Hakeem represents a forward-thinking partner with a clear vision for empowering underserved communities through Shariah-compliant financial solutions. We are excited about the potential this partnership holds and look forward to seeing it evolve into a model for how digital innovation and Takaful can help masses across Pakistan”.
Expanding Access to Ethical Financial Protection
The initiative introduces EFU Life’s Takaful protection offerings directly into the Hakeem Easy Finance mobile app, allowing users to subscribe to Takaful coverage seamlessly without paperwork, branch visits, or complex processes. For many low-income Pakistanis, this represents their first-ever access to formal financial safety nets that align with Islamic principles.
“This collaboration opens the door to a range of future opportunities, including the development of women-focused and savings-oriented Takaful products. Together with Hakeem, we aim to make Shariah-compliant financing and protection more accessible and inclusive, ultimately helping more Pakistanis benefit from ethical financial solutions”, shared Nilofer Sohail, General Manager at EFU Life, highlighting the partnership’s focus on inclusive digital delivery.
Through this partnership, both organizations are helping redefine how Islamic financial products reach underserved markets; transforming what was once a privilege for the few into a right for every household.
Empowering Communities Through Faith-Aligned Innovation
Both organizations share a mission to promote financial inclusion grounded in Islamic ethics. Through this collaboration, individuals who previously lacked access to formal insurance can now safeguard their families, income, and health in a manner consistent with their beliefs.
With Hakeem’s strong digital infrastructure and EFU Life’s credibility in the Takaful sector, the partnership delivers a practical model of how innovation and faith can work together to build financial dignity and resilience.
Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, remarked,
“True financial security is not achieved through transactions, but through trust, transparency, and shared responsibility. Takaful embodies these values, ensuring that protection comes without compromise to faith. Alhamdolillah, this partnership with EFU Life is more than a product launch — it is a step toward nurturing a generation that is financially aware, ethically conscious, and spiritually secure.”
A Milestone for Pakistan’s Islamic Fintech and Insurance Ecosystem
This partnership stands as a milestone in advancing Pakistan’s Islamic finance ecosystem, expanding financial protection to communities historically left outside the system. By combining digital reach with institutional expertise, EFU Life and Hakeem aim to empower millions of low-income families with affordable, faith-aligned financial security.
Noshad Minhas, Chief Executive Officer and Co-Founder of Walee Financial Services (Hakeem), remarked,
“Hakeem is built for underbanked communities, empowering them with access to fair, faith-based finance that helps them move upward on the economic pyramid. Earlier, reaching the lowest segments of society — the most deserving — was not easily possible. With Hakeem’s success and deep digital market penetration, we’re now enabling our partners in Islamic finance to extend their reach through our app. Our collaboration with EFU Takaful marks the first of many such partnerships, making protection and prosperity more inclusive, digital, and truly Shariah-aligned.”
About Walee Financial Services
Walee Financial Services is a licensed & Shariah Certified, Non-Banking Financial Company in Pakistan dedicated to creating innovative and inclusive financial solutions rooted in Islamic principles. Through data intelligence, technology, and strong Shariah governance, the company aims to redefine access to finance for millions of Pakistanis. Its flagship product, Hakeem, is Pakistan’s first Islamic nano-financing platform and continues to serve underserved communities nationwide.
Download the Hakeem App:
Android:
Google Play Store
iOS:
Apple App Store
For press inquiries, contact:
press@hakeem.tech
For further information about Walee Financial Services, please visit www.hakeem.tech.
Hakeem by Walee Financial Services Nominated for 2025 APAC Payments Excellence Award
We’re proud to share some exciting news: following its win at the 2024 Singapore FinTech Festival (SFF) Excellence Awards as the Emerging FinTech, our flagship Islamic nano-financing solution, Hakeem, has been nominated for the 2025 APAC Payments Excellence Award!
Organised by the Emerging Payments Association Asia (EPAA), the APAC Payments Excellence Awards shine a spotlight on the most impactful and innovative payment solutions in the financial sector across the Asia-Pacific region. These awards celebrate advancements that redefine how payments work – whether it’s through real-time processing, B2B or B2C experiences, QR Code innovations, or digital wallets.
Now in its fourth year, the awards continue to attract entries from some of the most forward-thinking companies in the industry and from a competitive pool of submissions across 12 diverse categories, Hakeem has been named a finalist alongside global powerhouses like Mastercard, HSBC, Standard Chartered, Commonwealth Bank, Thunes, IDEMIA, and others.
In a country like Pakistan, where inclusive financial solutions are scarce, especially in underserved regions; Hakeem’s 100% digital model bridges the gap, bringing access to users from bustling cities to remote villages. This nomination in the Sustainable and Inclusive Payments Innovation category affirms our progress toward true inclusion.
Why Hakeem Stands Out
I have spent over two decades working in banks and financial institutions. And what I saw was that the vast majority were neglected, left out, or made to feel that banking wasn’t for them”, said Noshad Minhas, CEO of Walee Financial Services. “At Hakeem, we wanted to change that. To make a system where no one feels intimidated by big banks or formal suits, but instead feels served, respected, and empowered, all from the comfort of their home
What’s Next?
Walee Financial Services is dedicated to designing financial products that drive inclusion, accessibility, and empowerment. Hakeem, our Islamic nano-financing product, stands at the heart of this mission, offering rapid, ethical financial solutions to those often left out of traditional banking systems.
About the APAC Payments Excellence Awards
Stay tuned for updates as we head to Hong Kong for the awards ceremony, and thank you to everyone who has supported Hakeem’s journey so far. Let’s continue building a more inclusive financial world, together.
Unlocking the Future of Digital Lending in Emerging Markets: Reflections from the SixPoint Capital Summit in Dubai
Our CEO Noshad Minhas recently had the opportunity to attend the Annual Emerging Market Fintech Lending Summit, hosted by SixPoint Capital in Dubai. Unlike any other fintech summit I’ve attended globally, this workshop style event was intense, insight-packed, and raised the collective learning curve of all attendees to an entirely new level.
Session 1: Navigating VC Funding & Scaling Fintechs
Moderated by the ever-articulate AJ Davidson (CEO & Co founder SixPoint Capital ) the opening session set the tone by addressing one of the most pressing challenges in our space venture capital funding for emerging market fintechs. AJ shared compelling data:
- Global private markets stood at $1.5 trillion in 2024, expected to reach $2.8 trillion by 2028.
- Asset-based lending is projected to grow from $625 billion to $1.3 trillion by 2030 (Source: Morgan Stanley).
- Fintechs are forecasted to grow 3x faster than traditional banking between 2022–2028 (Source: McKinsey).
- Lending-related fintech revenue is poised to reach $400 billion, with fintech lenders contributing over 30% of this by 2030.
Perhaps the most striking figure: the potential lending demand in emerging markets is a staggering $11 trillion, with $8.9 trillion from SMEs alone. This is the untapped frontier we’re all working to unlock.
Session 2: My Favourite : A Masterclass in Market Wisdom
This session was the absolute highlight of the summit for me. AJ brilliantly deconstructed the inimitable Mr. Matin Khalif, also known as Dr. Gloom, whose blend of deep financial insight and razor-sharp wit left the room both enlightened and entertained.
Dr. Gloom’s reflections were both sobering and empowering:
- “Forecasting emerging currencies is like guessing the ending of a Bollywood film—full of drama, rarely logical.”
- He made a strong case for fintech as a force of liberation, freeing entrepreneurs from predatory lending.
- He emphasized the data-driven revolution, where alternative data and technology are finally enabling credible credit assessments in markets long underserved by traditional institutions.
Other Noteworthy Sessions: A Deep Dive into Lending Innovation
The subsequent panels were equally enriching:
- Panel 2: Explored the evolution of private credit and emerging alternatives.
- Panel 3: Highlighted how AI and unconventional data sources are reshaping credit scoring and risk management in real time.
- Panel 4: “From Vision to Term Sheet” dissected hybrid capital strategies perfect for early-stage fintech founders.
- Panel 5: Covered the legal and structural nuances of closing a debt deal. I appreciated the discussion around structuring back-leverage with group companies—a vital lens for digital lending startups.
- Panel 6: The summit ended strong with fintech founders and CEOs discussing how to chart the future of digital finance in the Global South.
A shoutout to Omar Saleh (CEO Khazna ) whose insights on consumer lending truly resonated with me. His argument was simple yet profound: consumer lending is the first step to financial inclusion. By including individuals in the financial system through basic lending, we create the foundation for credit histories that unlock home, car, and business loans a virtuous cycle of economic empowerment.
Closing Reflections: How Hakeem is Building the Future
As I reflect on the summit’s key takeaways, one thing is clear: emerging markets hold the greatest untapped potential in global finance—but realizing that potential requires localized, ethical, and inclusive solutions.
That’s exactly what we are building at Hakeem.
At Hakeem, we’re on a mission to make digital credit a reality for the world’s underbanked and unbanked communities. By offering Shariah-aligned digital financial services, we’re not just lending, we’re enabling lives, empowering entrepreneurs, and creating pathways to sustainable growth.
Through our data-driven underwriting, alternative credit scoring, and inclusive product design, Hakeem is bridging the $11 trillion lending gap in emerging markets while staying true to the values of Islamic finance.
This summit reminded me why we do what we do.
The future of finance isn’t just digital , it’s ethical, inclusive, and built for the billions still waiting on the sidelines.
Hakeem Participates in ICIB–2025 Pre-Conference Workshop on Ethical Digital Finance
“Transforming Pakistan’s Economic System: A Shariah-Compliant Approach to Digitalization and Ethical Governance”
Team Hakeem was honored to participate in the prestigious pre-conference workshop of ICIB–2025, an event designed to catalyze meaningful change in Pakistan’s financial landscape through Islamic ethical governance and digital innovation.
Workshop Objective
Key Themes Explored
- Transitioning the Financial System
Lessons from Faysal Bank’s conversion and the broader shift from conventional to Islamic banking, including operational and compliance challenges. - Islamic Ethical Governance for Financial Systems
Principles to ensure Shariah compliance during digital transformation and governance models for balancing innovation with justice and profitability (Value-Based Intermediation). - Digitalization in Islamic Finance and Capital Markets
The role of Islamic social finance in driving equity and inclusion; use of digital tools for crowdfunding, Takaful, and access to finance for SMEs and underserved communities.
Target Audience
The workshop brought together a diverse mix of:
- Financial policymakers and regulators
- Islamic banking and Shariah advisory professionals
- Researchers, academicians, and students in Islamic finance and digital transformation
Proposed Outcomes
- Development of actionable strategies to advance a Shariah-compliant digital financial system
- Fostering cross-sector collaboration among stakeholders
- Identification of key policies and technologies to support efficiency, innovation, and inclusion
Hakeem’s Participation
Representing our values-driven approach to fintech, Team Hakeem actively engaged with industry leaders, scholars, and regulators to contribute to the broader conversation on ethical financial transformation. Each of our team members received a certificate of participation, reflecting their commitment to learning and ethical innovation.
This experience reinforced Hakeem’s mission to deliver digital financial solutions rooted in justice, inclusion, and Shariah principles. We remain inspired and aligned with the national vision of building a more equitable financial future.
Hakeem at ICIB – 2025: Advancing Ethical and Inclusive Finance in the Digital Age
Hakeem participated in the 7th International Conference on Islamic Business (ICIB–2025), Islamabad, from April 22–23, 2025.
Organized in collaboration with the Centre for Excellence in Islamic Finance (CEIF) at IMSciences, Sakarya University (Turkey), and the Securities and Exchange Commission of Pakistan (SECP), this year’s conference brought together over 800 delegates – including policymakers, regulators, financial institutions, and academic leaders from around the globe.
Thought Leadership at the Forefront
Mr. Noshad Minhas, CEO and Co-Founder, delivered a keynote speech on “The Role of Islamic Fintechs in Advancing Digital Equity for Marginalized Communities,” offering a compelling view of how fintech can serve as a bridge to financial inclusion.
Dr. Rashid Mansoor, Head of Shariah, presented on “Revolutionizing Islamic Social Finance Through Fintech,” highlighting how technology can uplift communities through ethical and socially-driven financial tools.
Mufti Usama Ehsan, Member of Hakeem’s Shariah Board, addressed “Fatwa Automation: Balancing AI and Human Jurisprudence in Islamic Finance,” exploring the thoughtful integration of artificial intelligence with Shariah-compliant governance.
Deepening Partnerships, Strengthening Purpose
Engagements with representatives from SECP, State Bank of Pakistan (SBP), AAOIFI, IBA CEIF, and several global institutions reaffirmed the importance of collaboration in shaping policy, technology, and customer experience frameworks that serve both ethical standards and modern needs.
This event also reinforced a critical insight: the future of Islamic finance is not just digital – it is deeply human-centered. As we continue to grow, Hakeem remains committed to crafting financial solutions that build trust, transparency, and dignity into every client interaction.
Moving Forward with Impact
We extend our sincere thanks to the organizing partners and all those who visited, connected, and contributed to the dialogue. Platforms like ICIB–2025 reaffirm our belief that the convergence of Islamic values and fintech innovation can unlock transformative change – for individuals, families, and entire communities.
Together, we’re reimagining finance – for good.
Walee Financial Services App “Hakeem” awarded by Monetary Authority of Singapore : A major milestone for Islamic finance & Pakistan.
In a proud moment for Walee Financial Services and the broader Islamic finance ecosystem, our pioneering Islamic digital financing product, Hakeem, has received top honors at the 10th-anniversary Singapore FinTech Festival (SFF) Awards. This prestigious recognition, awarded by the Monetary Authority of Singapore (MAS) in collaboration with PwC and the Singapore FinTech Authority, underscores not only the growth and promise of Islamic digital finance but also places Pakistan on the global map for financial technology and innovation.
With over 200 submissions this year, MAS winners & criteria only eight winners were selected across six award categories by a distinguished panel of global industry experts. Walee Financial Services was recognized among an elite group of winners, including Tencent, one of the world’s largest and most influential FinTech companies. In a memorable moment, Walee was the first company called to the stage to receive this award, highlighting the early success of our Hakeem app. This award is more than an accolade; it is a testament to our relentless dedication to innovation, the power of Islamic finance, and the enduring impact of inclusive, shariah-compliant solutions.
- A Win for Islamic Finance Islamic finance, projected to be a $7 trillion industry by 2027, is a rapidly expanding field that aligns finance with ethical principles, providing shariah-compliant alternatives to traditional financial products. Hakeem, our digital Islamic financing app, was designed to meet the needs of underserved communities and those still financially excluded, offering ethical, accessible financing on a digital platform.
- A Breakthrough for Pakistan’s FinTech Sector This recognition also shines a spotlight on Pakistan’s thriving tech and innovation sectors. Pakistan’s inclusion in this global recognition highlights the country’s evolving capacity for innovation and its commitment to excellence. As the country attracts attention from foreign direct investment (FDI) and banking partnerships, it holds great promise for opening doors to global banking collaborations and funding opportunities that will fuel FinTech growth.
- The Unique Team Behind Hakeem The success of Hakeem is a result of the unique blend of experience and innovation that defines our team at Walee Financial Services. We are proud to have a core team of seasoned Islamic bankers who were instrumental in establishing banks like Emaan Islamic Bank and Dubai Islamic Bank from the ground up. Their expertise in Islamic banking is complemented by the knowledge of our data scientists, developers, and tech specialists. Together, we combined deep-rooted Islamic finance principles with cutting-edge technology to create Hakeem, a solution designed to empower underserved communities with access to ethical financing.
- The Journey and Vision Behind Hakeem Launching a successful, shariah-compliant digital financing solution has been no easy feat, requiring years of hard work, innovation, and a tireless commitment to building an ethical financial system. The name Hakeem, meaning “wise,” was chosen by our mentor, Mr. Rehan Merchant, who has been instrumental in shaping our journey. The name resonates with our goal of empowering users to make wise financial decisions while providing a service that aligns with the shariah. In this way, Hakeem offers much more than a product—it is a financial tool designed to uplift communities, SMEs, and individuals while reflecting one of the noble attributes of Allah (Al Hakeem).
Our journey with Hakeem included the implementation of an unorganized tawarruq model under a classical framework based on the murabaha principle. This innovative approach simplifies access to finance for underserved communities, MSMEs, and consumers. Hakeem offers easy access to funding through a transparent, shariah-compliant model that makes the dream of financial inclusion for all a reality.
Thanks to the support of our shariah advisors, global mentors in Islamic finance, and technology innovations in artificial intelligence and machine learning, this framework has come to life in 2024. This groundbreaking milestone is a testament to the combined efforts of our shariah, tech, operations, finance, customer service, compliance, and business teams who shared this vision.
Acknowledgments to Industry Enablers and Supporters By 2028 Islamic Finance is a must in Pakistan
This achievement could not have been realized without the collaboration of regulators, notably the SECP, who stood firmly against predatory lending practices, enabling ethical, innovative solutions like Hakeem to flourish under clear shariah guidelines. The State Bank of Pakistan and the Ministry of Finance have also played essential roles in creating an ecosystem where Islamic finance can thrive, furthered by the recent 26th constitutional amendment bill to eliminate riba (interest) by 2028. This measure is expected to foster the growth of Islamic banking in Pakistan, creating a positive environment for financial inclusion.
A Personal Reflection: The Evolution of Islamic Finance and the Path Forward Reflecting on the early days of Meezan Bank, Dubai Islamic Bank, Faisal Bank, and Bank Alfalah, I remember the initial challenges and immense innovation that drove these institutions to launch pioneering Islamic financial products. Despite the difficulties of those early years, Islamic banking now leads in customer satisfaction, profitability, and business growth. Today, history is repeating itself with a modern twist. This time, with the integration of advanced technology and the collective experience we’ve built, the journey of Islamic finance is unfolding faster, more efficiently, and with even greater promise. Together, we’re shaping a new era in “Islamic FinTech” to solve real problems on the ground, bringing inclusive, shariah-compliant finance to those who need it most.
GFTN Role: A New Era for Global FinTech Innovation
As we celebrate this win, we look forward to new avenues of collaboration, particularly with GFTN. Previously known as Elevandi has now evolved with four strategic arms:
- GFTN Forums: A global conference convenor dedicated to finance and technology.
- GFTN Advisory: A knowledge center offering practitioner-led advisory services and research on innovation policies and ecosystems.
- GFTN Platforms: A digital platform service provider for businesses, especially small and medium enterprises.
- GFTN Capital: An investment fund for technology start-ups with high potential for sustained growth and positive social impact.
GFTN Capital will look to invest in disruptors likes of Walee Financial Services, leading in Islamic FinTech innovations.
With gratitude and optimism,
Noshad Minhas CEO, Walee Financial Services
MAS and SFA Announce FinTech Award Winners at Singapore FinTech Festival 2024
Global FinTech Hackcelerator
2. The Global FinTech Hackcelerator, organised by MAS in partnership with the Global Finance & Technology Network (GFTN)[1], sought innovative and market-ready solutions, to address problem statements centred on “Improving Financial Health”. The winners of the competition were selected on Demo Day, held on 6 November 2024 during SFF. The 18 finalists pitched their solutions to a panel comprising industry experts across multiple domains (further details on the competition and the judging panel can be found at Annex A).
3. The top three teams (in alphabetical order and in no order of merit) that will receive S$50,000 each in prize money are:
| Company Name | Solution Name | Country |
| KaiOS Enable Tomorrow | KaiOS | China |
| WeGro | WeGro | Bangladesh |
| Your Financial Wellness | Your Financial Wellness | Australia |
4. KaiOS aims to transform financial literacy with a gamified, interactive approach that is accessible to everyone – even those without mobile phones. With their personalised learning experience on feature phones, KaiOS ensures users gain practical and enduring financial skills. KaiOS’s ‘learn-to-earn’ model provides real incentives to embark on a digital journey, step by step. Users convert the points they earn into coins with monetary value, which can then be used for savings and other financial services. Recognising that many individuals still rely on cash, the platform utilises existing cash-digital bridges like airtime and mobile money agents.
5. WeGro is a pioneering Agri-FinTech platform that leverages Open Banking and peer-to-peer (P2P) lending to offer tailored financial products, including loans, savings accounts and agricultural insurance, specifically designed for smallholder farmers. The platform integrates all aspects of the farmer’s financial journey, including onboarding, KYC verification, loan origination, product purchasing and repayment within a single digital marketplace. Additionally, WeGro facilitates P2P lending, enabling individuals and investors to directly fund farmers, aligning their interests, and fostering community-driven financial support.
6. Your Financial Wellness (YFW) offers a scalable, personalised platform designed to tackle the global challenges of financial literacy and wellness. The platform is a turn-key solution made available through financial institutions and employers and helps users articulate and achieve their financial goals and aspirations. By leveraging advanced data analytics and algorithm-driven personalisation, YFW delivers content that is uniquely relevant to each user’s financial situation, ensuring greater engagement, improved financial literacy and better decision-making.
SFF FinTech Excellence Awards
7. The Awards, jointly organised with SFA and supported by PwC Singapore, recognises innovative FinTech solutions by corporates and individuals. These solutions seek to harness new technologies, create new growth opportunities, promote financial inclusion, and enhance the delivery of financial services.
8. Over 200 submissions were received this year, and eight winners across six award categories were eventually selected by an international panel of industry experts across multiple domains (more details on the competition and the judging panel are in Annex B).
9. The winners for the Corporate categories for the SFF FinTech Excellence Awards 2024 are[2]:
| Award Category (Corporates) | Company Name |
| Emerging FinTech Award | Walee Financial Services |
| Financial Inclusivity Award | PolicyStreet |
| Regulatory Leader Award | Napier AI |
| Sustainable Innovator Award | Rizal Commercial Banking Corporation |
| Thematic–Artificial Intelligence, Quantum Champion | Tencent |
| Award Category (Individual) | Individual Name | Company Name & Position |
| FinTech Mentor Award | Andrea Baronchelli | Aspire, CEO and Co-founder |
| Dr Dorian Selz | Squirro AG, CEO and Co-founder | |
| Frans Wiwanto | Flywire (Singapore), CEO – APAC |
11. Mr Sopnendu Mohanty, Chief FinTech Officer, MAS and Group Chief Executive Officer (designate), GFTN, said, “Once again, the Global FinTech Hackcelerator and FinTech Excellence Awards highlight the immense potential within the FinTech sector, showcasing exceptional innovations that address pressing challenges in the financial industry. We are proud to see this platform continue to foster impactful solutions that bring meaningful benefits to the financial industry and communities it serves. Our heartiest congratulations to all our winners!”
12. Mr Shadab Taiyabi, President of SFA, said, “I want to extend my deepest congratulations to the winners of the Global FinTech Hackcelerator and the SFF FinTech Excellence Awards. As Singapore strives to be a global FinTech leader, the solutions developed by FinTechs today will play a crucial role in addressing real-world challenges and driving future growth across various sectors. We look forward to seeing how these advancements will continue to shape the future of Singapore’s FinTech landscape.”
Walee Financial Services’ Hakeem Wins Singapore FinTech Festival Excellence Award for Emerging Fintech Products
Historic Win for Pakistan’s Fintech Sector as Hakeem’s Pioneering Islamic Nano-Financing Solution Garners Global Recognition
Singapore, November 7, 2024 – Walee Financial Services proudly announces that its groundbreaking fintech product, Hakeem, has won the Emerging FinTech Award at the 2024 Singapore FinTech Festival (SFF) Excellence Awards. Presented by the Monetary Authority of Singapore (MAS) in collaboration with PwC Singapore and the Singapore FinTech Association (SFA), this honor spotlights Hakeem as a transformative force for financial inclusion through its innovative, ethical approach to nano-financing.
As Pakistan’s only representative among a distinguished pool of global finalists, Hakeem’s recognition is a milestone for the country’s fintech industry and underscores its potential on the global stage. Hakeem is the world’s first Shariah-compliant nano-financing app, uniquely designed to empower underserved communities with ethical, accessible financial solutions. Built on a Shariah-compliant trading model, Hakeem provides individuals with financial opportunities that respect their values, establishing a pathway to financial empowerment that is both inclusive and responsible.
“Winning the Emerging FinTech Award at the Singapore FinTech Festival is a proud achievement for Walee Financial Services and for Pakistan,” said Noshad Minhas, CEO of Walee Financial Services. “This award affirms our mission to provide impactful, Shariah-compliant financial solutions that promote financial empowerment and inclusion.” said Waqas Ramzan who is Head of Operations at Hakeem. “Hakeem is more than a product—it’s our promise to build financial independence and dignity for those that need it most.” added Khushba Hayat who is Partner, Investments at Walee Financial Services.
Link to MAS’ finalists announcement for SFF Excellence Awards: https://www.mas.gov.sg/news/media-releases/2024/mas-announces-finalists-for-the-2024-global-fintech-hackcelerator-and-fintech-excellence-awards
About Walee Group
Walee Financial Services is a subsidiary of Walee Technologies, it is a licensed Non-Banking Financial Company (Investment Finance Services) fintech offering innovative financial solutions with a focus on Islamic finance. Through its digital Islamic nano-financing products, Walee Financial Services aims to provide accessible and ethical financial support to individuals and small businesses. By leveraging advanced technology and aligning with Islamic principles, Walee Financial Services empowers communities, promotes financial inclusion, and contributes to sustainable economic development in Pakistan.
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