Islamabad: January 06, 2020, On the directions of the Federal Minister for Information Technology and Telecommunication, special efforts are being taken by the Ministry of IT and Telecommunication to promote IT exports and encourage IT companies.
IT & IT enabled services (ITes) export remittances have surged to US $439.963 million at a growth rate of 23.35 % over the first five months of FY 2019-20 (July-November), in comparison to US $356.687 million during same period in FY 2018-19, according to Pakistan Software Export Board (PSEB), an organization under Ministry of IT and Telecommunication.
The number of PSEB registered IT & ITes companies has risen to 2163 as of 30th December 2019 compared to 1873 valid registrations as of December 2018 at growth rate of 15.5 %. PSEB facilitated 5 IT companies for attending Canada Pakistan ICT Forum, held in Toronto, Canada from September 23-27, 2019 besides facilitating participation of 20 IT companies in Pakistan Tech Summit 2019 in Norway on September 25 last year. PSEB organized participation of Pakistan’s IT companies participation at China Hi-Tech Fair 2019 held at Shenzhen, China on Nov 14-17 2019. It also facilitated participation of Pakistan’s IT companies in Arabnet 2019, Riyadh, Saudi Arabia on December 10-11 last year.
Karachi-based digital bookkeeping startup, CreditBook raises $1.5 million in seed funding
The Karachi-based digital bookkeeping startup CreditBook, which is trying to ensure that tracking of transactions goes digital, has announced that it has raised US$1.5 million in seed funding from international and local investors.
Key investors included Pakistan’s BitRate Venture Capital, VentureSouq from the United Arab Emirates, US-based Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures.
Established in June 2020 by Hasib Malik, Iman Jamall, and Hisham Adamjee, CreditBook strives to help microentrepreneurs digitalize and track their transactions.
CreditBook aims to utilize the funding to scale its user base and diversify its product offerings. As indicated by the startup, its registered client base grew 5x in the last six months to reach 500,000.
“Before the launch in June 2020, we had planned to use a mix of digital marketing and offline acquisition. But with lockdown restrictions, we pivoted to a purely digital strategy. We were surprised when we saw thousands of users come onto the platform in the first month with less than $1,000 in total spend,” Malik told Tech in Asia. Via TechinAsia
TIKTOK’s global growth and expansion : a bubble or reality ?
Social media has offered amazing tools and apps that have revolutionized the lifestyle of people. Social networks always keep you connected with your friends, colleagues and family. Some creative apps have become very popular in recent times especially among the enthusiastic youth who create funny clips with the help of TikTok.
Tiktok is the greatest platform for creating short mobile videos. These videos contribute to inspire creativity and bring smiles on the faces of people even amid pandemic and lockdowns. The app has become very popular even in Pandemic and as some of the best informative and educational content went Viral.
Tiktok is the subsidiary of Grand Tech Startup Byetdance -a leading Chinese Startup with mushrooming growth. TikTok has always been expanding its reach worldwide due to its aggressive expansion programs. At present, Tiktok has offices in Los Angeles, New York, London, Paris, Berlin, Dubai, Mumbai, Singapore, Jakarta, Seoul, and Tokyo.
Tiktok was founded in 2012 by Zhang Yiming. Video sharing is the most popular segment among youth and the company has tapped tremendous growth. The Company is also called douyin in China but its global version is called Tiktok. The continual growth empowered it to acquire its American rival app musical.ly. The Company has expanded its outreach globally.
New Dimensions i.e. Online Education
The covid-19 has affected the Education badly throughout the world and the online digital education has been getting ground. Most of the Schools, Colleges, Universities, Coaching centres and Academies have anchored to Online Education such as live lectures, quizzes, Presentations and Webinars. Tiktok has announced to enter the online Education in India as some of the content uploaded on Tiktok related to Education and learning has become viral earning millions of views and generating great revenue prompting Tiktok to enter the world of Education.
Tiktok has already interacted with content creators and firms in India to Provide innovative Learning material as all the educational institutions are closed for an indefinite period and Tiktok finds it the perfect time to enter the world of Education.
According to statistics that social Media app used by more than 200 million users every month in India and Tiktok will cover the range of Science and Math related topics to help students learn from this service.
It has partnered with tech startups Vedanta, Toppr, Made Easy and Gradeup that will produce educational content for TikTok. It is also collaborating with social enterprises Josh Talks and the Nudge Foundation to mentor 5,000 people across India.
Continuing Growth amid Pandemic
According to reports of Forbes and Bloomberg, Byetdance surpasses Uber growth as it has become the top Startup with value at $78 Billion. Byetdance is the parent company of Tiktok that runs various services. Byetdance has made London as its strong base owing to trade war of the US with China in the aftermath of the Wuhan covid-19 outbreak. Trump Administration has imposed limitations on Chinese companies to pressurize China to accept US’ demands. Byetdance has attracted many professionals from Google, Yahoo, Microsoft and Apple to establish a strong hub at London to expand its outreach in Europe.
Hiring than Firing amid Pandemic: A big surprise
It is really surprising that when the biggest companies and Franchises are constantly laying off their employees owing to prolonged lockdowns due to Covid-19, The Parent company of Tiktok, the Byetdance has gone on a hiring spree and plans to recruit 10000 professionals in engineering, software and marketing fields that has stunned the world as even tech giants Google, Yahoo, Microsoft have laid off their staff and closed their offices over the covid-19 outbreak advising their employees to work from home.
Increasing Visibility of Byetdance Globally
With the ambitious journey of growth and reaping the enormous benefits, the company has no more remained a secret for the world as its subsidiary Tiktok has broken all the records of usability and popularity exploring new frontiers with successful footprint. The recent leap of Tiktok to launch its Education initiative in India will further its grip in the Asian markets.
Will the bubble burst or Sustain Market Shocks?
The Byetdance has established footprints in Asia and Europe building strong basis and marketing its services, it is estimated that it can sustain the jolts of pandemic and will retain its position as some reports regarding bubble reputation will fade away forever as the popularity graph of the company maintains upward trend and keeps going.
The majority of the world population is youth so if Tiktok focuses on youth-related interests by adopting AI practices, it has already achieved the milestone.
The Tech experts argue that TikTok has foreseen opportunity amid pandemic when the entire markets have crashed, Offices, Business, schools, colleges have been closed and stock markets crashed, even in such circumstances, if a company keeps hiring that means it established its strong bases so the bubble is not going to burst likely in post-Covid-19 World provided that it adheres to its policies of customer retention, market intelligence and the most important Artificial intelligence to explore the interests of users and offering more relevant content.
Besides profits, Tiktok pledged a huge amount for Vaccine development for Africa under its Tiktok for Good endeavours.
Freelancer.com Q1 FY21: Record breaking-quarter
Freelancer Ltd., the owner of Freelancer.com, has reported a 39% rise in gross payment volume to $192.9 million (AU$249.7 million) in Q1 2021 and a 32.1% rise in net cash receipts year-on-year to $12 million (AU$15.6 million). Both figures have set record highs for the Sydney-based company.
Freelancer Ltd. includes both its freelancing marketplace and Escrow.com, an online escrow service founded in 1999 in San Francisco and purchased by Freelancer.com in 2015.
Freelancer.com’s Q1 gross marketplace volume (payments to freelancers) totaled $25.9 million, up 23.6% y-on-y, and its cash receipts set another record at $10.1 million, up 31.4% y-on-y. The group reports that 72% of its revenue is in USD and 4% is in AUD.
Freelancer (FLN) has traded on the ASX in Australia since 2013 and in March 2021 it began trading in the US on the OTCQX Best Markets under the symbol FLNCF, upgrading from the Pink market. At the time of writing, FLN shares were up 8.81% and FLNCF was trading at $.65, up 3.26%.
Freelancer Enterprise, the company’s virtual workforce management system, grew its gross marketplace volume by 83.4% y-on-y and the average spend by key accounts is up 2.3x y-on-y. In addition to financials, Freelancer.com reported reaching 52.7 million registered users and 19.7 million jobs, with 1.9 million users and 519,000 jobs added in Q1, and a 105.7% increase in website traffic y-on-y to 16.4 million users.
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