About a year ago, Bank Alfalah set out to re-position itself as a platform that aims to extend its support in developing indigenous talent and taking innovation in Pakistan to the next level.
Five engineering students from National University of Sciences and Technology (NUST) were recently shortlisted for FSAE Electric competition after successfully designing a formula electric racing car within the rigorous standards laid out by the Society of Automotive Engineers International (SAE).
Bank Alfalah has sponsored the shortlisted team, the only one from Asia, and will introduce them at the event held in June. With the help of Bank Alfalah, the team intends to commercialize their vehicle and introduce Pakistan’s green electric car. To do this, they need to drop the vehicle weight under 250 kg and reduce the cost from a current US$ 28,846 to US$7,692 with scale.
Regardless of the competition outcome, many are excited to see a bank actually get behind innovation and clean energy, in a time when TESLA’s appeal and global value add is well known. It is unknown whether supporting the commercialization of clean energy would hamper Bank Alfalah’s corporate relationships, but the market is optimistic that the bank is truly interested in benefiting the citizens and innovators of Pakistan.