KARACHI: Akhtar Fuiou Technologies, a new Fintech in Pakistan, has received SBP’s in-principle approval for an Electronic Money Institution License. AFT will soon launch a pilot operation for its e-wallet business.
In the recent push for digitization in the country, Akhtar Fuiou Technologies (AFT) is a dynamic new entrant. Its vision is to revolutionize the country’s commercial and technology environment to rapidly increase financial inclusion.
A potential powerhouse, AFT is a collaboration between three large business groups of Pakistan and China. They include the Akhtar Group, Shanghai Fuiou Payment Services Corp Ltd (Fuiou Group) and JollyChic.
Akhtar Group is a local conglomerate owned by a prominent business family of Pakistan involved in commodities, FMCG, ethanol, industrial gases and textile manufacturing. The group’s business expertise and influence will power its expansion in the digitalization sector.
“Our vision is to provide a range of hardware and software solutions to promote growth of the Fintech sector and boost digitalization of FMCGs and agriculture transactions.
“We firmly believe that the digital infrastructure of Pakistan will benefit greatly from presence of known international players in Pakistan. I am sure they will have the opportunity to invest in our economy through local players.
“AFT’s first focus is to offer e-wallets for domestic industries to digitize their operations. We will also work towards creating an ecosystem for inward and outward remittances. This is in line with State Bank of Pakistan’s vision to bring in our diaspora into Pakistan’s banking system. AFT will offer them an environment that is safe, secure, simple, and cost-effective,” said Humayun Akhtar Khan Chairman of Akhtar Fuiou Technologies.
Operating globally in six countries through 37 subsidiaries, the Fuiou Group is a technology-driven payment company having five relevant licenses in China. They partner with known global players such as HSBC, Payoneer, Amazon and Airbnb, in the acquiring and cross-border remittance businesses. Fuiou Group plans to establish a lasting and forceful footprint in Pakistan through its technology muscle and experience in payment services.
“We are excited to work in Pakistan as this opportunity allows us to introduce technology that has helped China in digitizing its economy.
“Our experience with QR payments, POS technology, e-wallets and cross- border payments will allow us to understand the market dynamics and introduce tailor made solutions for the businesses and people of Pakistan.
“I am confident that with our technology the domestic industry will be able to tackle many use cases pertaining to their payment needs,” said Mick Wu CEO of Akhtar Fuiou Technologies.
JollyChic, the third member of the AFT partnership, has its footprint in major markets across the globe. JollyChic is a Hangzhou based Chinese company. It is one of the top-ranked e-commerce platforms in the Middle East providing multi-category and globalized one-stop shopping service.
The in-principle EMI approval for e-wallets provided by SBP will allow AFT to connect with and extend its services to Pakistan’s large unbanked population. AFT will effectively contribute to further the digital payments ecosystem in Pakistan. In doing so, it will bank on its extensive international reach with ready access to state-of-the-art global technology.—PR
Copyright Business Recorder, 2021
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