ACCA (The Association of Chartered Certified Accountants) and Cheezmall concluded an MoU to promote e-business in Pakistan. Cheezmall was founded and is operated by a group of market gurus from e-business giants Alibaba and Fortune 500.
With its headquarters in Shanghai- China, Cheezmall (Private) Limited has now launched its operations in Pakistan because like other developing countries, Pakistan also is a fairly consumption-oriented country. The country’s consumption expenditure has reached 79pc of GDP demonstrating the society’s affinity to spend.
“The e-business in Pakistan is growing on very fast pace, with 50% population less than 24 years of age with over 100m mobile phone users and government’s proactive initiatives for digital payment platforms, it is a key recipe of growth for e-business. E-commerce in Pakistan is expected to grow from $60m to over $1b by 2020 which is a very positive indicator,” said CEO Cheezmall, Aurangzeb Khan.
“This hyper-paced change shall require altogether a different governance and control environment, without which this growth would not be sustainable for the companies and the industry as whole” Aurangzeb Khan added.
“Our finance professionals have to support this new business environment and work toward learning its dynamic mechanism and prepare themselves accordingly. ACCA with its Think Ahead thought process would like to get engaged more profoundly and help students, affiliate and members to get proper insight of this industry segment. There is not only a change in process but it is indeed a step-change in mindset,” said Sajjeed Aslam, Head of ACCA Pakistan.
Board of directors of Cheezmall, Mr. Li Chenglong, Mr. haohuang and Mr Wang Qu are very positive about signing of this MoU with ACCA as this partnership shall help to generate general awareness of e-business and its dynamics. This signing will specifically work towards supporting the entire eco-system for development of finance talent, work on relevant legislations and policies, devise governance framework for e-business environment and raise awareness around finance and audit matters related to e-business environment.
ACCA is all set to propel this promising industry towards the right direction by providing the human capital needed to steer it as the e-commerce industry is poised to make a strong tech-based addition to the financial services sector.