PAKISTAN’S FINANCIAL SOFTWARE INDUSTRY AN OVERVIEW POWERING GLOBAL FINANCENetSol Inc. became the first Pakistani technology company to enlist on the NASDAQ, and is one of the leaders of Pakistan’sfinancial services technology industry. Having won the National Software Export Trophy for several years on the basis of thesuccess of its singular product – LeaseSoft – Netsol has since successfully diversified – both regionally and sectorally – tobecome somewhat of a powerhouse of financial technology across a range of different financial applications and areas.Netsol, however, is not alone. A number of Pakistani companies – Systems, Mixit, TPS, Softech, Aerocar, Avanza,Autosoft Dynamics, PIBAS, THKS, and Sidat Hyder Morshed Associates – have created products that form the building-blocksof an increasingly tech-savvy and complex financial services industry, both at home and abroad. From software for themortgage industry to payment and ATM systems, trading systems, asset management systems, core banking systems andspecialised banking applications, Pakistan’s technology companies are powering the global financial industry across Asia,Europe, North America, Africa, and Oceania.
A varied financial services technology sector Serving the global financial services powerhouseFinancial services have long been an important pillar of The United States has been, and will continue to be forPakistan’s IT industry that has been overtaken, only some time, the global powerhouse of the financialrecently, by the boom in the telecommunications services industry, and a significant driver of the world’ssector. Pakistan’s financial services technology industry economy.is also quite diversified – both in terms of the 27% Bankinggeographical-market footprint, and the coverage ofvarious sub-sectors – and has shown considerable Commercial banking Mutual & close end fundsresilience in the wake of the recent global financial Savings institutions Credit unions Securities brokers / dealerscrisis, whose impact has been particularly severe andprolonged on the developed financial markets in the 21% Finance companies SecuritiesUnited States and Europe. Real-estate investment trusts Asset- backed securities issuers Funding corporationsFrom a market thrust standpoint, for instance, the finan-cial services technology companies have been varied,and can be divided into three distinct streams: 13% Other• Focussed towards the developed world, especiallythe European Union (EU) and the United States (US)• Focussed towards rest of the world, especially the Life insurance All other insurersAsia-Pacific (AP) region• Focussed towards the emerging markets and 10% 16%developing countries in the Middle East and North Insurnace PensionsAfrica (MENA), including, Pakistan’s domestic marketat home 14% Government Related Private pension funds State and local govt fundsIn each of these markets, Pakistani IT companies face Federal govt pension fundsand respond to a different set of drivers, challenges, Government sponsored enterprises Federally related mortgageand opportunities commensurate with the level of poolsmaturity, regulatory needs, demands of the end-consumer, and growth prospects. Figure 1: Size and Make Up of United States’ Financial Services Industry (FSI) (Source: Financial Services RoundTable) According to a study by McKinsey and Co., the UnitedCompanies profiled in this brochure States’ financial industry represented as much as 35-40% of the asset base of the global financial industry.1 The Financial Services Round Table – theNETSOL INC. P1 powerful lobby group of the US financial servicesMIXIT TECHNONOLOGIES P3 industry – puts its size at about $60.65 trillion in 2009.2 OfSYSTEMS LTD. P3 this, about 27% was in banking, 21% in securities, andTRANSACTION PROCESSING SYSTEMS (TPS) P5 16% in pension funds, among others. The United StatesAEROCAR P5 continues to be the most sophisticated and innovativeSOFTECH SYSTEMS P6 of all financial services industries in the world, and this,SIDAT HYDER MORSHED ASSOCIATES P6 combined with de-regulation and re-regulation, hasCENTRAL DEPOSITORY COMPANY P6 created a vociferous demand for InformationPAKISTAN REVENUE AUTOMATION LTD. Technology (IT). P6NADRA P6 According to Gartner Inc., vertical market IT spendingAUTOSOFT DYNAMICS P6 in financial services in 2009 stood at $554 billion – downPIBAS P6 0.7% - over the previous year, but still comprising almostALCHEMY TECHNONOLOGIES P7 20% of the overall global IT spending.3 The US financialAVANZA SOLUTIONS P7 services IT spending, although the hardest hit, stillTHK SOLUTIONS P7 constitutes a major share of this spending. Gartner has since revised its forecast for 2011 onwards, and nowOTHERS: projects greater financial services sector growth withinPAKISTAN SOFTWARE EXPORT BOARD the global IT spending of $2.8 trillion by 2014.4 P7PAKISTAN SOFTWARE HOUSES ASSOCIATION P7 A number of Pakistani companies have developedSTATE BANK OF PAKISTAN P7 products and services for the demanding consumer at cutting-edge financial markets in the developed world in the United States and in Europe. 02
Mixit Technologies (Pvt.) Ltd., for instance, provides For over ten years, Systems has developed andcritical product development and 24x7 support supported a suite of branded products that serve someservices to Mixit Inc. in the United States – a provider of of the leading players in the mortgage bankingmulti-asset trading systems for equity, options, and industry, from origination, to servicing, and secondaryfutures markets, and Order Management Systems marketing. Combined with near-shoring and off-shoring(OMS) to some of the industry’s leading securities and services, Systems’ products and service portfolios havebrokerage houses. Mixit’s secure and high- been at the centre of the automation, innovation, andperformance suite of products include order and cost-cutting revolution within the US mortgage industry.execution management workstations, and orderrouting networks supporting both buy-and-sell side The “new” emerging markets in Asia and the Pacificinstitutions and stock exchanges. Mixit’s productsconnect brokers/dealers, financial institutions, interna- While the United States and Europe have been globaltional routing networks, extranets, and exchanges. financial powerhouses for many years, they will not be alone as global economic centres for long. A McKinseyWith just over five years since the launch of its OMS, the & Co. study estimates that between 2005 and 2015,company has grown considerably to provide connec- China – with double the growth rate of the Unitedtivity to over 70 liquidity venues and 200 algorithmic States – will add approximately $2.2 trillion to its GDP indestinations. Mixit Technologies’ system services more real terms – compared with $3.7 trillion in the Unitedthan 200 brokerage firms, with over 800 deployed OMS States – and will likely reshape the global landscape.5 Aworkstations and 2500 FIX connections worldwide. PriceWaterhouse Coopers’ report on emerging markets identifies the seven emerging (E7) economies asMixit Technologies plays a significant role in the design against the G7 developed economies as serious chal-and development of this mission-critical flagship lengers to the economic weight of G7 countries (seeplatform, and is equally involved in daily operational Figure-2).6 Four out of these seven economies, namely,support, including technical support, client services, FIX Russia, China, India, and Indonesia (the others beingconnectivity and support services. The company’s Mexico, Brazil, and Turkey) form part of the Asia-Pacificdedicated technical team, headed by Yusuf Jan, region. A larger number of countries (such as, Malaysia,Director and CEO of its Pakistan operations, working out Thailand, Vietnam, the Philippines, Pakistan, and Iran)of its design and engineering facility in Pakistan, has from the Asia and Pacific region form a much biggerbeen solely responsible for this technical and group of thirty economies in another index (themanagerial feat, making it a serious contender in its “PWC30”)7 that are destined to draw a bigger share ofspecific market niche. financial services sector growth in the future (Figure-3). The importance of an emerging Asia is not lost onMixit exemplifies a small, but growing, number of Paki- Pakistan’s financial technology industry.stani companies that have demonstrated an ability todevelop and deliver software products and services for "The Karachi Stock Exchangesome of the world’s most sophisticated financial mar- (KSE) has selected Mixit’s products for theirkets. It has also played a pioneering role in introducing robustness and maturity gained in the US markets.the Financial Information Exchange (FIX) Protocol to This will standardize our offering, enabling globalPakistans capital markets. reach, hence providing mutual benefits to our members and their internationalSystems Limited precedes Mixit by more than a trading partners." – Managing Director, KSEdecade. It is the captive development operation of aUS company with a strong product portfolio for themortgage industry. NetSol Inc. is a leading player in this realm, with a signifi- cant claim to capturing the growing financial clout of 250,000 the Asian consumer. Netsol’s financial leasing software products – LeaseSoft and, later, the NetSol Financial Suite (NFS) – have automated the automotive leasing Domestic credit ($ 2994 bn) 200,000 industry across Asia-Pacific, Europe and North America, with virtually the “who is who” of the global automotive 150,000 industry, sach as, Daimler, Toyota Motors, Mercedes Benz, Yamaha, Volkswagon, BMW, Fiat, and Nissan 100,000 among its growing list of clientele. 50,000 NetSol’s financial products are used in Australia and New Zealand, Thailand, Japan, Singapore, Mauritius, Saudi Arabia, United States, United Kingdom and 0 China. 2004 2009 2014 2019 2024 2029 2034 2039 2044 2049 G7 E7 WorldFigure 2: Financial Services Growth in Emerging Markets (Source: PriceWaterhouse Coopers) 03
US EU Rest of World Nominal GDP (private debt and equity as % of GDP), 2004 per capital 350% $10,000 $25,000 Belgium Switzerland “Around 2020 to 2025, depending upon whether 300% Netherlands you’re a pessimist or an optimist, Asia will become the Spain 250% Malaysia UK world’s largest consumer market, with 40% of the Denmark S. Africa Singapore global consumption, and United States’ share will shrink Capital markets penetration 200% Australlia Sweden Taiwan France Canada Germany Ireland to 20%, UK and Germany to 4%, France and Italy to 150% Portugal Chile Itlay Finland Japan under 3% and Europe overall to 18%. This will constitute S. Korea 100% Thailand Isreal Austria Norway a vast set of changes happening in India China Brazil Russia Greece EUROPE the global economy” – 50% Philippines Former British Prime Minister, Gordon Brown at the Mexico Argentina New Zealand Indonesia Colombia Poland 0% 2.70 3.20 3.70 4.20 4.70 Bretton Woods Conference 2011 Amrket maturity (log nominal GDP per capital), 2004 Nascent Markets Emerging Mature NFS provides the complete coverage throughout the Figure 3: Future growth comes from Europe and Asia (Source: McKinsey & Co.8) life-cycle of the product. Netsol has taken the notion of It is the Asia-Pacific market, however, which represents quality in product development and support to its 67% of worldwide sales for the company, where NetSol ultimate extreme, having maintained a CMM Level 5 truly commands its position as one of the market certification over the years. While the company’s first leaders. NetSol’s great tour de force, perhaps, is its products have served it well, Netsol is currently in the entry into the rapidly-growing Chinese automotive process of rolling out its next generation of products market. Since entering only two years ago, NetSol has based on Service-Oriented Architecture (SOA) that has captured 94% of the domestic market addressable by involved several years of re-architecting the whole foreign companies. Having positioned itself for the product in order to meet the changing demands and ultimate prize in China, NetSol has recently signed an needs of the future. agreement in India, enabling it to offer its products in the Indian market. Plans for launch in the Middle East Where Netsol has ventured so successfully, many other are also in the offing. companies may seek to go as well. The emerging markets of Asia and the Pacific represent a future NetSol is gradually diversifying into other areas growth opportunity that Pakistan’s financial technology of asset-based finance, such as aircraft, marine, companies will ignore only at their peril. The process has agricultural machinery, and consumer leasing. only accelerated during the recent global financial crisis. It can draw strength by building upon its valuable The distinguishing feature of NFS™ is its ability to cover experience and expertise gained in the domestic the entire range of the auto-leasing operation. market. "Our initial confidence in NetSol was confirmed by the depth of industry expertise and openness we have found in its people during the business process analysis. The relationship with NetSol has been important - we formed an excellent partnership…It was reassuring to be able to access the top levels of NetSols management whenever we needed to. The bottom line is that we would strongly recommend NetSol." – CEO, Singers Healthcare Finance Ltd. COMPANIES DOMAINS SPECIALISATIONS NetSol Technologies Finance and leasing Automotive, aircraft, and marine leasing industry Systems Ltd. Workflow management and BPM Mortgage industry TPS Transaction processing Enterprise payment, switch and channel manager Mixit Technologies Multi-asset trading systems Order and execution management, FIX connectivity Sidat Hyder Morshed Associates Insurance and banking Insurance, asset management, banking, ERP, etc. Softech Systems Trading and asset management Stock and brokerage, mutual funds, margin financing Autosoft Dynamics Banking – core and applications Core banking, Islamic banking, treasury management Alchemy Technologies Risk management, compliance Basel II compliance, risk manager PIBAS Pakistan Banking Core banking, Islamic banking, anti-money laundering PRAL Tax automation and consulting Revenue automation, tax clearing, e-government services, etc. Avanza Solutions Transaction processing and banking Financial middleware, ATM controller, card production, banking applications Aerocar ATM systems Low energy and biometric ATM systems THK Solutions Banking and finance Compliance and audit automation, ITSM, etc. Kalsoft Banking and exchanges Core banking, currency exchanges Central Depository Co. Shares’ depository and registration Depository, registrar, investor managementTable 1: Specification and capabilities of the Industry’s leading players (Source: Technomics Compilation) 04
Driven by domestic demand Where TPS has chosen to integrate with its product offerings, Avanza Solutions has done the opposite.Pakistan has had a significant and rich tradition of Avanza builds upon its successful Rendezvous financialfinancial sector liberalisation and growth. Banking and middleware software, and also provides a host offinance has been, for much of the last decade, one of options to its clients, namely, Nimbus (ATM and POSthe major drivers of IT spending within the country.9 The controller), Vision (a card production system and 360last decade has seen continued intensification of a degree customer view), Unison (a contact centrederegulation process that began in the early 1990s. solution), and Ambit (an Internet banking suite). BothToday, among the commercial banks, 12 foreign and TPS and Avanza are significant regional players in this20 domestic banks together hold 80% of the banking category.system’s assets, and foreign banks enjoy the same rightsas local banks (including 100% ownership).10 The While TPS and Avanza delve into the software side ofKarachi Stock Exchange – with $25 billion of market ATM and card processing, Aerocar have developedcapitalisation and over 700 listed companies – had innovative integrated ATMs. In 2009, Aerocar wononce had the highest turnover and year-to-year gains MIT’s Business Acceleration Programme (BAP), anamong all emerging markets in the world. opportunity to spend a summer in the United States, participating in an entrepreneurship developmentIn the domestic market, the market characteristics, programme at MIT, and a whirlwind tour of the Unitedregulatory demands, and consumer choices have States. Aerocar has developed an ATM machine – at aoften created an opportunity for local players to com- significantly lower cost than its closest rivals, NCR andpete against more established global behemoths in a Diebold – that uses much less energy, and requiresrange of different product-market segments, and have even lesser maintenance.even managed to out-innovate some of these largerplayers. Particularly suited to developing country environments, the machine eliminates the need for constant coolingATM, channel management, and payment systems and environment management by working on a clever principle of creating positive pressure differentialA number of Pakistani companies have developed between the inside and outside of the machine. Aero-products and solutions for the ATM and payments car is now in the process of rolling out a range ofsystems category. Transaction Processing Systems (TPS) biometric ATMs to enhance the security of transactions.is one of the market leaders in this category, witharound 80% marketshare of self-service banking andswitching solutions. Today, TPS is the fastest growingcards and payment solutions company in the region,with direct and indirect presence in over 70 countries,and the customer base reaching 130 banks and telcos,spread across 30 countries worldwide. TPS has, over theyears, out-innovated its competitors by developingand launching a range of different products, includingATM controllers, POS switch, transaction switchingmiddleware, cash and cheque deposit suite, cardpersonalization and management system, EMVcompliance, reconciliation, online fraud detection andmonitoring, and help-desk agent-based solutions. IRIS,TPS’ ”next generation switching middleware” offers anintegrated solution to various delivery channels, such asATMs, IVRs, call centres, Points of Sale Network (atbranches/merchants), Internet banking, cellular bank-ing, bill payments, etc., and provides considerableease of scalability and functionality to its clients. “The synergies of TPS and 1LINK continue to redefine and reshape the e-banking business within Pakistan on a national basis. TPS’ switching platform is very reliable, robust and highly scalable, helping 1Link provide reliable and consistent services to 8.7 million customers of its 31-member bank with 99.9% uptime” – CEO, 1LINK 05
Capital markets, fund management, and insurance Other support applications for the capital markets and its related industries include the central depository andCapital markets, asset and fund management, and clearing systems by the Central Depository Companyinsurance are areas where Pakistani companies have (CDC) and Softech Systems, revenue automation bydominated the domestic landscape, and are Pakistan Revenue Automation Ltd. (PRAL), and identitybeginning to make serious inroads into the Middle East management systems by the National Database andand GCC markets. “Here, the needs for localisation Registration Authority (NADRA).and idiosyncratic regulatory requirements have‘levelled’ the playing field between domestic and While Softech, SHMA, and others have done well to rideforeign players”, says Salman Iqbal, the CEO of Softech on domestic demand, and dominate the local marketsSystems. Softech and others have moved in to fill the in their respective segments, the region is truly the nextgap in the local market. Softech’s capital market frontier for many of these companies. “Africa – and thesolutions capture a considerable share (70-75% in some Middle East to some extent – is a natural next step forsegments) of the domestic market. market dominance”, says Salman Iqbal of Softech Systems, “because of our similarities in regulatoryBackConnect™ – Softech’s flagship product – provides requirements and systems, and the overall level ofa range of offerings, such as a complete back-office as development of their capital markets. The confluencewell as front-office Internet trading functionality with of engagement size or the ability to pay, and the needorder management capability, equity and custody for customisation to meet regulatory needs create aservices, comprehensive exposure and authority ‘sweet spot’ that is quite attuned to where Pakistanicontrol, and is installed at over 45 clients across the companies have sought to operate on.” Softech enjoyscountry. Other products, such as, AssetConnect™, a strong position in Ghana with several deployments.InvestConnect™, CommodityConnect™, and Fund- Many companies have explored markets in Nigeria,Connect™ complete the entire range of capital Kenya, Saudi Arabia, UAE, and Bahrain, etc.markets products. On the whole, Softech’s productsare used by clients with a cumulative $2 billion under “National Investment Trust (NIT) has been running themanagement, including the largest, National AssetConnect system for over a year, at NIT’s headInvestment Trust (NIT) (PK Rs. 80 billion) with 18 branches office and its fifteen online branches, maintaining foliosand several ATM redeem units. of more than 57,000 units holders with a portfolio size of about Rs 80 billion. Softech Systems has supported usSidat Hyder Morshed Associates (SHMA) also offers ably, and responded to our operational andsoftware for the asset management and mutual funds customization requirements, and we are satisfied withindustries with its iPAMs and Capella solutions their product, service and expertise in this domain”respectively. While Softech enjoys a market dominant Chairman and President, NITposition in the capital markets, Sidat Hyder MorshedAssociates (SHMA) enjoys a similar position in theinsurance industry. SHMA’s suite of insurance solutions Core banking systems and banking applicationsspans the entire continuum of general (GiS), individuallife (iLAS), group life, and health sub-sectors. With Core banking systems and banking applications isnear-market dominance in Pakistan, and considerable another area where the local demand has created ansuccess in the Middle East and North Africa (MENA) industry specialisation. Here, though, unlike capitalregion (such as Zimbabwe, Lebanon, Syria, and UAE), markets and payment systems, the industry playersSHMA hopes to make a massive push for consolidation have, in recent times, found themselves beingin the Middle East, and new market entry in Europe and threatened by the onslaught of internationalthe Asia–Pacific region. SHMA also has a market competition. Many have developed core bankingleading position in ERP software for the financial applications for the consumption of the domestic andservices sector – with its own financials and human regional markets. Autosoft Dynamics and PIBAS arecapital management modules – that boasts the largest among the oldest players in this segment. Autosoft’senterprise applications installed base in Pakistan. Autobanker™ and PIBAS’ CORE™ have had a number of deployments in the small-to-medium-sized market segments. SHMA also has a Bank Essential™ core banking system. A number of small local banks have also developed in-house core banking applications – some using innovative open source platforms – for greater cost savings and flexibility. The last decade has witnessed a boom in core banking solutions in the domestic market, with a number of large and medium-sized banks spending millions of dollars on licensing and deployments alone.Figure 4: Dubai International Financial Centre 06
According to one estimate, upwards of $100 million a channels such as mobiles, the Internet, and telephone year has been spent over a period of several years by banking very attractive and receptive to their offerings. the domestic banking sector, with the four largest A number of products stand out in this category. These banks spending between $10-15 million per annum include Alchemy’s Risk Manager (BASEL II compliance); each.11 The majority of these deployments have gone Avanza’s Ambit (Internet banking) and Unison (contact to large international vendors such as Teminos, Misys, centre); Autosoft Dynamics’ iBanker (Islamic banking); Symbols, and others, and the local vendors have been THKS’ GraviDesk (IT service manager), AuditStream unable to compete in the large banks’ segment. (audit), and Vertex (compliance); and PIBAS’ Shariah However, deployment is where the local companies (Islamic finance), and SAML (anti-money laundering), have a clear advantage. Sadia Khan points to the etc. deployment of AutoBanker at 70 branches of Prime Bank in 24 weeks as a clear indication of the capability Pakistan’s financial services technology industry stands that exists locally. Many deployments by international today at a potential inflexion point in its history. A vendors have been botched, and taken much longer number of positive developments, namely, greater than planned wasting millions of dollars of shareholders‘ specialisation within particular sub-sector niches, a wealth. conscious attempt to target MENA and open up Asia-Pacific markets, and a culture of out-innovating The local vendors seem stuck in a cyclical “chicken competitors in a select number of small market and egg” dilemma. Clearly, there is room for creating a segments can position the industry to weather the more level playing field for Pakistani companies in this storm brought together by the broader global financial important market segment through proper regulation crisis, and position itself for a renewal. and public policy, as there is room for the local vendors to upgrade their capabilities through better A partnership between key industry leaders, users of partnerships, and collaboration with more established financial services technology, industry associations global players. They have also tended to focus on (such as P@SHA), Special Interest Groups (SIGs), and small-sized banks, where their systems seem to meet important government entities, such as the Pakistan the clients’ needs very well. They have also found the Software Board (PSEB), the State Bank of Pakistan (SBP) market for specialist and banking applications, such as and others can prove instrumental in bringing about Shariah-compliant modules, treasury modules, renewal and continued prosperity in the industry. microfinance modules, as well as alternate delivery PRODUCT GROUP PRODUCT FRANCHISE Leasing and Financing NetSol Financial Suite (NFS) and Leasesoft by NetSol BackConnect, Asset Connect, FundConnect by Softech Financial and Capital Markets iPAMS and Capella by SHMA Exchange Plus by Kalsoft Payment Systems IRIS and Phoenix payment and switching system by TPS Rendezvous, Nimbus, and Vision systems by Avanza Solutions AutoBanker by Autosoft Dynamics Core Banking Systems PIBAS Core By PIBAS Bank Essential by SHMA Vortex by Kalsoft iBanker Islamic Banking Module by Autosoft Dynamics Risk Manager by Alchemy Technologies Specialist Banking Solutions ADAMS Treasury Automation System by Autosoft Dynamics Ambit Internet Banking System by Avanza Mixit OMS (Order Management System) by Mixit Real Time Trading and FIX Connectivity Mixit FIX Network (Global FIX Connectivity Network) by Mixit ERP Financials and Human Capital Management (HCM) by SHMA AuditStream (audit) and Vertex (compliance) by THK Solutions Audit and Compliance SAML anti-money laundering solution by PIBAS Support Solutions GraviDesk IT service manager by THK Solutions Unison contact centre management by Avanza Insurance GiS (General), iLAS (individual life), and GroupLife by SHMATable 2: A Partial List of Leading Financial Services Technology Products of Pakistani Companies (Source: Technomics’ Compilation) ancial Netsol Fin nect™ Suite™ BackCon IRIS™ AutoBan ker™ OMS™ GiS™ MIXITFigure 5: Some of the Leading Products in Key Sectors 07
Pakistan Software Export Board (PSEB) Pakistan Software Houses Association (P@SHA)) 2nd Floor, Evacuee Trust Complex Suite 310, Business Centre Aga Khan Road, F-5 Block 6, PECHS, Karachi, Pakistan Islamabad, Pakistan Telephone: +92 21 3541 8121 and +92 21 3430 4796 Telephone: +92 51 111 333 666 and +92 51 9204074 Contact: Jehan Ara, President E-mail: firstname.lastname@example.org E-mail: email@example.com PSEB is the apex body created by the Government of P@SHA is the representative association for Pakistan’s Pakistan (GOP) within the Ministry of IT and Telecom IT and IT-enabled services industry. It is a platform for (MOITT) and charged with promoting Pakistan’s promoting, protecting and developing the software exports from IT and IT-enabled Services (ITES) industry. industry in Pakistan. It provides a focal point of PSEB does this by hosting and supporting foreign representation to a variety of outside agencies, finds delegations to conferences and events, match- ways to tackle issues confronting member making and networking of Pakistani companies with companies, and provides advocacy for the foreign partners and clients, and supporting interna- advancement of Pakistan’s IT industry. tional marketing and image-building activities. To learn more about Pakistan’s IT industry, please To learn more about Pakistan’s IT industry, please visit visit P@SHA’s website at http://www.pasha.org.pk the Industry Portal at http://www.IT.org.pk Disclaimer: This document is prepared by Technomics International’s Brand Intellect™ Service for the Pakistan Software Export Board (PSEB). It provides factual assessment and “best judgement” analysis of a dynamic and fast-changing industry. It is not intended as a sole means of advice for making investment decisions, and neither PSEB nor its Technomics International Ltd consultant assumes any responsibility for the same. 93 Century Court Woking, GU21 6DR References: United Kingdom1. McKinsey & Co., Sustaining New York and United States Telephone: +44 1483 901916 Financial Services Leadership, 2008 Fax: +44 1483 9019252. Financial Services RoundTable, Financial Services Fact- book, 2011, p2. E-mail: firstname.lastname@example.org. Gartner Inc., Gartner Says Worldwide Vertical Market IT Spending Will Be Flat in 2009, available at: Technomics International is a boutique strategy,4. http://www.gartner.com/it/page.jsp?id=893512 policy, and media advisory company. Technomics http://www.reuters.com/article/2010/10/18/us-gartner- Medias Brand Intellect™ Services provide a unique itspending-idUSTRE69H3FW20101018 approach to creating differential brand identities for5. McKinsey & Co., 2008 national, regional, and sectoral clients. Brand6. PriceWaterhouse Coopers, “Banking in 2050: How big will Intellect™ delivers bespoke brand marketing the emerging markets get?”, 20087. PriceWaterhouse Coopers, “The World in 2050: Beyond the campaigns based on strategic thought leadership BRICs – a broader look at emerging market growth and specialist marketing collateral. prospects”, 20088. McKinsey & Co., 20089. PSEB, Pakistan IT Market Assessment, 201010. Husain, Ishrat, Financial Sector Regulation in Pakistan, State Bank of Pakistan (SBP), undated11. PSEB, 2010 08