Karachi, Pakistan – Alchemy has been declared as the runners up in the MITCEF BAP Business plan competition. Alchemy came in second from a shortlist of 25 of the most promising startups and young businesses in the country.

The three month process pushed participants to hone and better their products, their sales pitches and finally appear before a tough panel of judges that included MIT professors, international business leaders and venture capitalists. The winner was Sofizar (Ticketnest.com), followed by Alchemy as the runners up. Other honourable mentions were Autosoft, Softech and Tohfay. Beyond this, Alchemy was also praised for having the best presentation in the competition.

Full details are available at MITCEF

About MIT-CEF (Massachusetts Institute of Technology Club of Pakistan Enterprise Forum)
MITCEF objective is to improve the economic well being of the people of Pakistan through development of an Entrepreneurship Promotion Program for Pakistan MITCEF, OPEN (Organization of Pakistani Entrepreneurs) and MIT Alumni of Pakistan and other Pakistani well wishers have joined together to help in development of an Entrepreneurial Ecosystem in Pakistan (EEP).

About OPEN (The Organization of Pakistani Entrepreneurs)
The Organization of Pakistani Entrepreneurs of North America is a voluntary not-for-profit association dedicated to the promotion of entrepreneurship within the Pakistani community.

OPEN was formed in 1998 by a group of Pakistani-American entrepreneurs and corporate executives with the aim of nurturing entrepreneurship and professional excellence in the nascent community. OPEN, Inc, registered in the state of Massachusetts in the year 2000, is a not-for-profit organization with the charter to provide networking opportunities for Pakistani entrepreneurs and professionals.

About Alchemy Technologies
Alchemy Technologies is a leading provider of Basel II compliant Risk management and central bank compliance solutions for financial market participants. With customers and partners in Pakistan, Middle East and Asia Pacific, Alchemy has been growing at 100% year on year, for the last four years. The company’s flagship product, the “Alchemy Risk Manager” has won multiple industry awards and has been successfully implemented at multiple client sites including banks and insurance companies.

Headquartered in Karachi, Alchemy is expanding into Lahore, Bangkok and Singapore to better serve its customers.