CNBC recently announced the “Top 200 Global Financial Technology Companies,” showcasing the names of 200 fintech companies which included those providing electronic payments, digital assets, digital banking, and digital business from around the world. The list includes prominent companies such as Ant Group, Tencent, PayPal, Stripe, Klarna, and Revolut, as well as some emerging startups with great growth potential. Financial technology platform OPay has also successfully made it to the list.

The “Top 200 Global Financial Technology Companies” list is a global ranking launched by CNBC in collaboration with the independent research firm Statista. According to the official introduction, to identify the top 200 fintech companies, Statista analysed over 1,500 companies from nine different market segments worldwide and conducted detailed evaluations for each company based on a series of key performance indicators, including business model, revenue, number of users, and more. To ensure the authority of the list, Statista also developed a rubric to calculate the total score of each company’s performance and their respective key performance indicators (such as revenue and revenue per employee), as well as the individual scores of specific key performance indicators in their respective market segments. From each segment, 5-40 companies were selected. Only the companies with the highest scores in each market segment ultimately made it onto the list.

Since its establishment in 2018, OPay has consistently adhered to the concept of “making finance more inclusive with technology.” Through innovative financial technology based on Artificial Intelligence (AI) and big data, OPay provides digital payment, digital wallet, and other financial services to emerging market customers in Africa and Asia. The market coverage includes countries such as Nigeria, Egypt, and Pakistan. In less than five years, OPay has rapidly become one of the most competitive fintech unicorns in emerging markets. Since the launch of OPay’s digital wallet business in 2018, it has provided efficient and convenient financial services to people without bank accounts in Africa, becoming a key driving force for achieving inclusive finance in Africa.

Currently, OPay has nearly 40 million registered users, and its transaction volume reached USD 50 billion in 2022. In May 2023, the Monthly Active Users (MAU) of OPay’s wallet business surpassed 10 million, achieving remarkable results. In May 2022, OPay partnered with MasterCard to establish a strategic partnership, aiming to promote the further development of an interconnected payment ecosystem and accelerate the global progress towards inclusive finance.

Pakistan, as the world’s sixth most populous country, has a relatively low bank account coverage with cash payments accounting for about 80% of the entire society due to the inadequate payment infrastructure. The government highly values the digital transformation of society and, in 2019 and 2021, the State Bank of Pakistan (SBP) successively released the “National Payment System Strategy (NPSS)” and the “Instant Payment System (Raast)” to encourage the development of cashless payments, creating a favorable environment for the digital wallet industry.

President Arif Alvi met with Mr. Zhou Yahui, CEO of OPay earlier this year. Mr. Zhou believed that digital banking would rapidly develop in Pakistan, requiring strong technological support, particularly AI technology. The digital economy holds great development prospects in Pakistan, and OPay’s Fintech technology can aid Pakistan in achieving “decashisation” and accelerating digital transformation. OPay also plans to provide technological assistance for the development of electronic payment in Pakistan, helping Pakistani society embrace the faster arrival of cashless payment and the digital era.

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