EP 23: Fintech Flywheel: Payments → Data → Credit | Mubariz ft. Saad, Omer, & Ahson

What does it take to build a digital payments ecosystem in Pakistan—from scratch, without laws, funding, or precedent? In this episode, three of the sharpest minds in fintech—Saad Niazi, Ahson Saeed, and Omer bin Ahsan—join for a fascinating and brutally honest conversation about the evolution of payments, the origins of Keenu, failures that shaped the future, and what Pakistan must do next. From ATM wars and proprietary networks to Visa, UnionPay, and Raast, this episode explores: The forgotten history of payments in Pakistan—and why local innovation often went unrecognized. The story of Keenu—and what it taught about grit, timing, and team building. How big is the fintech (payments) opportunity really? And what’s holding it back? Why white-label ATMs, POS machines, and local routing matter more than we think. Business models that work in Iran, and what Raast still hasn’t solved. The deep tensions between regulation, innovation, and political volatility. A frank take on why VCs are skittish about fintech in Pakistan—and what needs to change. Whether you’re a policymaker, founder, investor, or someone trying to decode the digital economy—this episode offers rare insight and real lessons from people who’ve been building it from the ground up. In this episode: Mubariz Siddiqui - Founder, Carbon Law LinkedIn:   / mubarizsiddiqui   Twitter: https://x.com/mubarizsiddiqui?lang=en Website: https://linktr.ee/mubarizs Omer Bin Ahsan - Founder/CEO, Haball LinkedIn: https://www.linkedin.com/in/omer-bin-... Website: https://haball.pk/ Ahson Saeed - General Manager, TPS Arabia LinkeIn: https://www.linkedin.com/in/ahson-sae... Saad Niazi - Co-Founder/CEO, Keenu LinkeIn: https://www.linkedin.com/in/saad-niaz... Website: https://keenu.pk/ Chapters: 00:00:00 — Introduction 00:02:29 — Origins of Digital Payments 00:22:22 — Diners, Citibank & Local Routing 00:41:10 — UnionPay & Card Wars 00:49:28 — Keenu’s Beginnings Without Laws 01:02:36 — The Big Pie & The Market Gaps 01:21:51 — Keenu’s Model, Raast & QR Issues 01:42:22 — Making Cash Expensive 02:04:08 — Visa & VC Challenges 02:13:00 — Fintech Players & Opportunities