Tiger Global Management LLC has jumped into the booming startup market in Pakistan with an investment in the small business-focused digital accounting platform CreditBook, Bloomberg reported on Friday (December 17th).

Tiger Global and Firstminute Capital LLP led the CreditBook fundraiser, which totaled $ 11 million. Existing investors Better Tomorrow Ventures LLC, VentureSouq, Ratio Ventures Ltd. and i2i Ventures joined the tour.

Pakistani startups have seen more than $ 300 million in investment in the tech sector this year, more than the total fundraising in the past six years, Bloomberg reported.

“We have studied the country and understand that the country is at an inflection point seen before in other emerging markets,” said Sam Endacott, partner of Firstminute.

Small businesses in Pakistan mostly operate using a manual ledger and handwritten entries in a mostly money-based country, but the glut of tech startups could transform this long-standing structure. Pakistan has around 30 million micro, small and medium-sized enterprises which operate manually and use cash.

Related: Pakistani company QisstPay obtains $ 15 million to develop its BNPL platform

Pakistan’s premier buy now, pay later (BNPL) platform, QisstPay, recently raised $ 15 million through pre-seed and seed funding rounds to develop its adaptable, interest-free platform for installments. When chosen at checkout, QisstPay allows buyers to pay in installments with no interest or late fees.

The remittance tool gives Pakistanis the power to pay for the items they need every day and helps them manage their money better.

Read also : Thai central banker’s “Red-Line” crypto payments as digital baht pilot looms

Meanwhile, Thailand will soon be testing a central bank digital currency (CBDC) and does not want private competition in the payments industry, with Bank of Thailand Governor Sethaput Suthiwartnarueput dismissing cryptocurrencies as an option viable.

Thailand joins China and India among Asian countries that have formally banned crypto or are considering considering it while working on a CBDC.

The Bank of Thailand (BoT) will release a document on the country’s financial landscape in January that will establish red lines prohibiting certain activities in the area of ​​digital currency, as well as other areas such as environmentally conscious finance, possibly including a ban on trading activities with banks having “direct involvement” in cryptocurrency trading due to their volatility.

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