Akhtar Fuiou Technologies: A Step Towards A Digital Pakistan

SBP's in-principle approval has been received for the Electronic Money Institution License by Akhtar Fuiou Technologies, a new Fintech in Pakistan. AFT is about to begin its e-wallet pilot operation.

Akhter Fuiou Technologies (AFT) is a creative newcomer to the recent movement for digitalization in the region. Its aim is to revolutionize the commercial and technological climate in the country so that financial inclusion can rapidly grow.

AFT as a future powerhouse is a partnership between three main Pakistani and Chinese industry companies. The Akhtar Group, Shanghai Fuiou Payment Services Corp. Ltd (Fuiou Group), and JollyChic. These include the Akhtar Group. Akhtar Group is a local conglomerate held in Sugar, FMCG, ethanol, and textile manufacturing by a leading Pakistani business group. The company will be strengthened by its corporate experience and presence in the digitalization industry.

"To foster growth in the Fintech sector and improve FMCG digitalization and agricultural transactions, our vision is to include a variety of hardware and software solutions.

It is our firm belief that Pakistan's digital infrastructure would greatly benefit from the existence in Pakistan of established foreign players. You will, I am sure, have a chance to invest through local actors in our economy.

AFT focuses primarily on providing digital electronic wallets for the domestic industries. We would also provide an environment both internally and externally. This corresponds to the vision of the State Bank of Pakistan to introduce our diaspora into the banking system in Pakistan. The AFT will give you a clean, stable, easy, and economical climate," said the Akhtar Fuiou Technologies Chairman Mr. Humayun Akhtar Khan.

Fuiou is a technology-organized payment corporation with five applicable licenses in China that operates worldwide in six countries through thirty-seven subsidiaries. They partner in acquisition and cross-border transfers with well-known multinational players such as HSBC, Payoneer, Amazon, and Airbnb. With its technological muscles and payment services expertise, Fuiou Group aims to create a sustainable and vigorous footprint in Pakistan.

"This opportunity gives us the chance to incorporate technology that has helped China digitize its economy.

Our expertise in the area of QR, POS, e-wallets, and cross-border payments allows us to understand the complexities of market forces and develop customized solutions for Pakistani companies and individuals.

I am confident that our technologies will enable the domestic industry to deal with a large number of cases of usage related to its payment needs."

JollyChic, AFT Partnership's third participant, is founded on major markets worldwide. JollyChic is a Chinese business based in Hangzhou. It is one of the world's leading e-commerce sites in the Middle East, offering multi-category and one-stop global shopping.

AFT will bind to and expand its services to Pakistan's vast unbanked people with its concept EMI acceptance for e-wallets given by SBP. AFT will add successfully to Pakistan's digital payment ecosystem. It will then build on its broad international presence and will have ready access to cutting-edge world technologies.

Only if financial services become more friendly, affordable, and conveniently available to the forgotten unbanked community would a paperless economy become a possibility. Akhtar Fuiou Technologies will promote creativity as an in-house forum backed by Pakistani and Chinese powerhouses that fix local consumers and businesses' bottlenecks while upholding strictly the guiding principles of the SBP.
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