LATEST NEWS   The RM5 billion microfinancing facility announced today is separate from the RM5 billion Special SME Assistance Facility by BNM as well as the RM5 billion under the SJPP - MoF | The MADANI Government is providing micro-financing facilities totalling over RM5 billion in 2026, expected to benefit over 400,000 micro-entrepreneurs, with loans of up to RM100,000 - MoF | At 6 pm, the ringgit depreciated to 3.9300/9330 against the greenback from 3.9285/9325 at Wednesday’s close. | 

Magna AI, Corvit Networks Partner To Advance AI Development In Pakistan

KUALA LUMPUR, April 10 (Bernama) -- Magna AI Inc, a global artificial intelligence (AI) transformation company, has announced the signing of a memorandum of understanding (MoU) with Corvit Networks (Pvt.) Ltd to accelerate national AI development in Pakistan.

In a statement, Magna AI said the agreement establishes a strategic collaboration framework to advance sovereign AI infrastructure, platforms, and workforce capabilities.

Magna AI Chief Executive Officer (CEO), Dr Moataz BinAli said the partnership aims to support the development of sovereign AI infrastructure, platforms and talent capabilities to help organisations across Pakistan unlock the full potential of AI.

Meanwhile, Corvit Networks CEO, Kashif Ul Haq said the collaboration combines the company’s nationwide reach in enterprise enablement and technology education with Magna AI’s global expertise in AI infrastructure and transformation to strengthen Pakistan’s digital capabilities and prepare the next generation of AI-ready talent.

The partnership combines Magna’s expertise in AI engineering, infrastructure, and governance with Corvit’s extensive nationwide reach across Pakistan’s government, enterprise, and academic ecosystems.

Together, both companies aim to support the development of scalable and secure AI capabilities designed to enable organisations across Pakistan to deploy AI at national and enterprise scale.

The collaboration will focus on developing foundational building blocks for Pakistan’s AI ecosystem, including the joint development of sovereign AI data centres and AI factories to support government, public-sector and enterprise workloads, while meeting national data residency and regulatory requirements.

Building on this foundation, the partnership will support the creation of next-generation AI applications across priority sectors such as predictive intelligence, agentic AI systems, digital twins and advanced operational analytics.

Both organisations will also provide end-to-end AI transformation services to support institutions from readiness assessment through to full-scale AI deployment while investing in workforce development through AI academies, professional certification programmes and executive education initiatives.

-- BERNAMA