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 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.
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.
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 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
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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