A Growing Technology

KARACHI: To support the development of Web3 technologies in Pakistan, it is essential to invest in research and development efforts, promote collaboration and partnerships, provide access to funding and resources and support education and training programmes, said Batool Aamir, founder and chief executive officer of Oval, a Web3 blockchain startup.

“Overall, the future of Web3 in Pakistan looks bright and we believe that with the right support and investment, these technologies have the potential to drive significant innovation and economic growth in the country, she added.

Batool leads Oval, which is working with enterprise clients across a range of industries to help them resolve business problems by utilising the cutting-edge technologies such as blockchain, Metaverse, artificial reality (AR), virtual reality (VR) and non-fungible tokens (NFTs).

Following are the excerpts of an exclusive talk with her:

Tell us about your professional background, achievements and inspiration?

During my school days, I attended a science class where the teacher informed us that the school would start optional coding lessons for those students interested in coding and technology. As the only girl in my class to raise her hand, I was excited about the opportunity to learn more about coding and technology.

However, in hindsight, I realised that I was entering a male-dominated field, where a lack of women colleagues were not uncommon.

This began my journey to explore new and emerging technologies such as artificial intelligence (AI), machine learning and blockchain. It has been a challenging but rewarding journey and I am grateful for the opportunity to pursue my interests in these fields.

We won several awards and recognitions, including the Shell Tameer Award 2022 for technology innovation, Allied Bank’s Fintech Hackathon 2022, organised by the National Incubation Centre (NIC), Islamabad and the UBL’s BuiltByHer 3.0 Hackathon, organised by the NIC Karachi.

We have also made significant progress in other areas of our business. For example, our Metaverse banking solution has been recognised for its impact on women’s financial inclusion and literacy and we have been steadily growing our customers’ base and revenue.

As an entrepreneur and a startup founder, I am constantly inspired by the life of Bertha Benz, who was the first person to drive an automobile over a long distance. Her story is a testament to the power of innovation and the importance of perseverance in the face of challenges.

As I embark on my own journey as an entrepreneur and a startup founder, I am constantly reminded of Bertha’s pioneering spirit and her willingness to challenge the status quo.

I am driven by a desire to innovate and create value in the world and not afraid to take risks to achieve my goals. And there are many parallels, I see between my entrepreneurial journey and her journey.

Through my work at Oval, a Web3 blockchain startup focused on helping enterprise clients navigate the waters of the Metaverse. I have had the opportunity to push the boundaries of what is possible and to create new and innovative solutions for our clients.

This journey has not always been easy but it has been incredibly rewarding and I am grateful for the opportunity to be a part of this exciting and rapidly evolving space.

What was the vision behind Oval?

At Oval, we envision being the go-to brand for enterprise clients’ looking to unlock the full potential of the Metaverse and Web3 space and to help drive the development and adoption of these technologies on a global scale.

I saw a clear market gap in the rapidly evolving Metaverse and Web3 space and recognised the opportunity to create a startup that could provide the expertise and support needed to help businesses succeed in this space.

I was also motivated by the potential of Web3 technologies to revolutionise the way that the businesses and individuals interact and create value in the digital world and by the possibility of building a successful and sustainable technology company in Pakistan.

In which verticals, Oval works? Services and operations.

Our services include everything from concept development and prototyping to full-scale implementation and execution. We work closely with our clients to understand their specific needs and challenges and to develop custom solutions that address their business objectives.

We work with the clients across a range of industries, including finance, healthcare, retail and more.

What challenges did you face in establishing your company?

Nothing out of the blue or anything I was not expecting. Instead of being bogged down by challenges, I view them as something that makes this entrepreneurial journey more exciting.

How important are the regulators for Web3 and are they playing their due role in the current scenario?

I believe regulation is important and vital for the long-term health of the ecosystem. However, before regulation, we need education. It is important that the regulators understand and are familiar with the technologies they are regulating, otherwise their decisions could have adverse impacts on the industry.

A regulator who never used social media or the internet for that matter should not be making decisions about the future of the internet or how tech companies should operate.

I would like to give credit to State Bank of Pakistan (SBP) former governor Dr Reza Baqir, who had the foresight to appreciate the long-term vision and potential of these new technologies.

It was due to his guidance that we did not see a ban-unban saga for blockchain in Pakistan, as we did for TikTok or YouTube in the past decade. Instead, the central bank only issued an advisory to commercial banks not to facilitate transactions involving cryptocurrency.

It was only when the traders pressed the courts to legalise crypto that the SBP had to take a stand. I believe that traders are not the stakeholders of this industry and; therefore, their aggressive attempts at legalisation were shortsighted.

Do you think conventional businesses will find it hard to shift to Web3?

While it is true that some conventional businesses may face challenges in transitioning to Web3 technologies, we believe that these technologies offer numerous benefits that can help the businesses thrive in the digital world.

At the Oval, we are committed to help businesses of all sizes and industries to understand and leverage the power of Web3 and to overcome any challenges they may face in the process.

As a Web3 blockchain startup, we have the expertise and experience needed to guide businesses through the transition to Web3 and to help them maximise the potential benefits of these technologies.

Whether it is through enterprise services, training programmes or customised solutions, we are dedicated to help businesses succeed in the Web3 space.

Overall, we believe that the adoption of Web3 technologies is an exciting and transformative opportunity for the businesses and we are here to help them navigate this journey.

How can Web3 be beneficial for the public or private sectors of Pakistan?

The Web3 technologies, such as blockchain and decentralised applications, have the potential to bring numerous benefits to both the public and private sectors in Pakistan.

In the public sector, it could be used to improve the efficiency and transparency of the government processes and services such as tax collection, land registration and voting systems.

By leveraging the immutability and decentralised nature of blockchain, Web3 could help reduce corruption and improve trust in the government systems.

In the private sector, the Web3 technologies could be used to streamline supply chain management, facilitate secure and efficient transactions and enable new business models and revenue streams.

Overall, the adoption of Web3 has the potential to bring numerous benefits to the public and private sectors in the country and we believe that these technologies have the potential to drive innovation and create value in the digital economy.

How do you compare Web3 adoption in Pakistan to the rest of the world?

It is fair to say that Pakistan is currently lagging behind in terms of the adoption and implementation of these technologies. Several factors may contribute to this, such as the availability of infrastructure, the level of regulatory support and the level of awareness and understanding of these technologies among the businesses and individuals.

However, the adoption of Web3 technologies is still in the early stages globally and there is a significant potential for growth and development in this space.

By working with the public and private sectors to create solutions that leverage the power of Web3, we believe that we can help Pakistan catch up with the rest of the world and realise the full potential of Web3.

Have you achieved what you desired? What are your future plans? Current projects.

At the Oval, we are constantly striving to achieve our vision of being the go-to brand for enterprise clients. While we believe that we have made significant progress towards this goal, we also recognise that it is an ongoing journey and that there is always room for improvement.

Last year, we have focused on laying the groundwork for our future growth and development by working with numerous organisations of all shapes and sizes from a variety of industries.

We believe this has put us in a strong position to take our work to a whole new level in 2023 and to make a real impact on the masses through our efforts.

As far as future projects are concerned, we have numerous exciting initiatives in the pipeline. These include the development of innovative solutions for our clients, the expansion of our team and capabilities and the continuation of our efforts to drive the development and adoption of Metaverse and Web3 on a global scale.

Overall, we are committed to constantly evolve and improve our position as an organisation and to help our clients succeed in the digital economy through the adoption of Web3.

How important are incubators and accelerators in the success of startups?

Incubators and accelerators can be beneficial for the startups by providing access to resources, mentorship and networking opportunities. These programmes can help the startups develop their ideas and business models and can provide valuable support in launching and growing a business.

 Reasons behind less number of cutting-edge technologies (Web3, AI and VR) startups, compared with ecommerce and fintechs in Pakistan?

As a nation, we are more inclined towards well-established sectors, rather than taking risks on new and emerging technologies. Also, we still have a lack of awareness about these new frontiers, which can make it difficult for the startups to assess the viability of their ideas and build a solid business plan.

It is also challenging to work in emerging or untested technology sectors such as Web3, AI and VR.