(17-07-2020): A consortium of two Japanese companies, Saffran Group and Japan Communications Inc.(JCI), has decided to invest in Pakistan in FinTech (Financial Technologies). The announcement was made today at the Embassy of Pakistan, Tokyoby Mr. Imtiaz Ahmad, Ambassador of Pakistan to Japan. He was accompanied by Mr. Naohisa Fukuda, President and COO of JCI, Mirza Asif Baig, Founder and CEO, Saffran Group,Mr. Hiroyuki Sawada, Chairman and CEO of Brian and Capital Holdings, Inc. andMr.Osamu Kanai, Representative Director, CLIMB Co., Ltd.
Speaking at the occasion, Ambassador Imtiaz Ahmad warmly welcomed the decision by the Japanese consortium to invest in the upcoming area of FinTech in Pakistan. 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. Ambassador Imtiaz particularly appreciated the decision of the consortium to train and utilize Pakistani IT professionals for the project. Such projects will not only add to the foreign investment profile of the country but will directly help Pakistan to develop its 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.
Giving jointbriefing on the project, Mirza Asif Baig (Saffran) and Mr. Fukuda (JCI) informed that the consortium had decided to introduce FPoS (FinTech Platform over SIM)in Pakistan, through which services such as Banking Security. Digital Money, Internet of Things (IoT) Certification, Neo Bank, 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 implementation of the project. They also expressed theirconfidence in the investment environment of Pakistan.
FinTech Platform over SIM (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 cyber security solutions for the expanding Pakistani market.
Tokyo, PR# 16/2020