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 the 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 the presence of known international players in Pakistan. I am sure they will have the opportunity to invest in our economy through local players,” said Mr. Humayun Akhtar Khan, Chairman of Akhtar Fuiou Technologies.
“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 the State Bank of Pakistan’s vision to bring our diaspora into Pakistan’s banking system. AFT will offer them an environment that is safe, secure, simple, and cost-effective,” he added.
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.
“We are excited to work in Pakistan as this opportunity allows us to introduce technology that has helped China in digitizing its economy,” said Mr. Mick Wu, CEO of Akhtar Fuiou Technologies.”
“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,” he added.
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 services.
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.
A paperless economy will only become a reality when financial service becomes friendlier, convenient, and easily accessible for the so-far overlooked unbanked population.
As a home-grown platform backed by powerhouses of Pakistan and China, Akhtar Fuiou Technologies will drive innovation to address the bottlenecks faced by local users and businesses while strictly following SBP’s guidelines.