Akhtar Fuiou Technologies: Another business giant to enter Pakistani Fintech Sector.
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, Akhter 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 Sugar, FMCG, Ethanol, and Textile manufacturing. The group’s business expertise and influence will power its expansion to 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 Mr. Humayun Akhtar Khan Chairman of Akhtar Fuiou Technologies.
Operating globally in six countries through thirty seven 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.
Checkout more news about Tech here