Japanese tech consortium to invest in Pakistan’s FinTech space
By Edil Corneille
A consortium of Saffran Group and Japan Communications Inc. (JCI) has decided to invest in the FinTech space in Pakistan. The announcement was made at the Embassy of Pakistan, Tokyo, by Imtiaz Ahmad, Ambassador of Pakistan to Japan. Mirza Asif Baig, Founder and CEO, Saffran Group and Naohisa Fukuda, President and COO of JCI, apprised that the consortium will introduce FPoS (FinTech Platform over SIM) in Pakistan, through which services such as banking security, digital money, Internet of Things (IoT) certification, neobanking, mobile virtual network operator (MVNO) and digital ID could be provided.
The consortium plans to move at the earliest to apply for requisite regulatory approvals. Heads of other Japanese companies, present on the occasion, informed that their companies would be providing technical support in the implementation of the project.
The embassy appreciated the decision of the consortium to train and utilize Pakistani IT professionals for the project. The projects are expected to add to the foreign investment profile of the country as well as to develop the technological and human resource base as per the requirements of the current times. Highlighting the improvement in the Ease of Doing Business Index of Pakistan over the past two years, the Ambassador urged Japanese companies to take benefit of the emerging business opportunities in Pakistan, allowing for more foreign investment, particularly in the field of digital financial technologies.
Ambassador Imtiaz Ahmad welcomed the decision by the Japanese consortium to invest in the upcoming area of FinTech in Pakistan, as reported in a press release. He underlined that it was the result of the pragmatic policies adopted by the current Pakistani government to encourage foreign investment. He hoped that such investments will increase Pakistan’s space at the digital map of the world.
FPoS enables safe and secure financial transactions with smartphones. With the Pakistani financial institutions enhancing the provision of digital services, particularly over smartphones, FPoS aims to provide reliable digital and cybersecurity solutions for the Pakistani market.
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