Karachi: Pakistan's financial platform Abhi has been selected as one of World Economic Forum's (WEF) 'Technology Pioneers', becoming first in business from Middle East, Africa and Pakistan (MENAP) region to receive recognition, according to statement issued by company.

WEF's Technology Pioneers programme is global community which recognises early-stage companies from around world that are tackling issues such as sustainability, climate change and healthcare.

This year's Technology Pioneer cohort includes startups from 31 economies, with Pakistan and Malaysia represented for first time this year. China has second highest representation with 12 Technology Pioneers, behind US with 29 companies, it said.

"We're excited to welcome Abhi to our 2023 cohort of Technology Pioneers," Verena Kuhn, Head of Innovator Communities at World Economic Forum, was quoted as saying in statement.

"Abhi and its fellow pioneers are at forefront of innovation and disruption needed to help us solve world's most pressing issues," she added.

Karachi-based startup allows salaried employees to access funds before their payday. Platform enables employees of its partners to withdraw salary advances based on their accrued wages at any time. Fintech funds these advances and hence, it has no effect on partner employer's balance sheets and repayments are deducted from employee's salary.

Meanwhile, statement said Abhi's Group CEO and Co-Founder Omair Ansari will also be invited to engage with WEF.

"We are incredibly honoured to be recognised as Technology Pioneer by World Economic Forum," said Ansari. "This acknowledgment validates our mission to transform financial landscape by leveraging technology to create meaningful change," he said.