Karachi, Pakistan. Alchemy Technologies today announced that it won the best financial application award today at the PASHA ICT Awards 2005. Judged by an independent panel of technology and business professionals, the winners of the PASHA ICT Awards will now go on and represent Pakistan at Asia Pacific ICT Awards in Thailand in February 2006.

PASHA (Pakistan Software Houses Association) was formed with a mind to promote and develop the fast growing software and services industry in Pakistan, and to provide them with national and international exposure, and recognition. The PASHA ICT Awards serve to recognize and promote locally developed software applications and services. The applications are judged in terms of creativity, innovation and excellence. Participants include leading software houses, technology shops, ISVs and consulting firms in Pakistan.

Alchemy Risk Manager is a Basel II compliant market, credit and operational risk management solution targeted at Risk Management groups within financial service institutions. The solution is under implementation at two client sites within Pakistan, and has already picked up other prestigious technology awards and nominations in the business and professional categories earlier this year.

Jawwad Farid, Chief Executive at Alchemy, on the occasion said, "A good product has a great number of contributors and our thanks go out to our team members, customers, user groups, well wishers and industry sponsors who have all played a key role in helping us get where we are today. The PASHA ICT Award is an honour and testament to the hard work that has been put into this product over the last three years by all of us."

Alchemy is a boutique risk management and actuarial consulting firm with a growing portfolio of blue chip customers in Pakistan and Middle East.