To launch a FinTech center in Pakistan, a Memorandum of Understanding (MoU) had been signed between Information Technology University (ITU) and Digital Financial Services Research Group (DFSRG) University of Washington (Seattle, USA).
Dr. Umar Saif who is working as the Vice Chancellor of ITU and Dr. Richard Anderson who is serving as Head DFSRG and Professor at Department of Computer Science and Engineering, University of Washington signed the agreement.
The purpose of the research center is to help Pakistan succeed in financial technology space by providing digital financial service across the country. According to the agreement signed, a research will be conducted in areas of cyber security, authentication, fraud prevention, financial education, financial management, data analytics, and customer experience studies in digital financial services.
The FinTech also aims to promote The FinTech center will also promote the Government-to-Person (G2P) and Person-to-Government (P2G) payments digitalization in Pakistan.
Dr. Richard Anderson said,
“It was the first ever collaboration in the World with Pakistan, which will be extended to the Africans and other Asian countries. Dr. Umar Saif stated that it would facilitate the Smartphone transactions and establish transparency in the system.”
Bill and Melinda Gates foundation supports the DFSRG research group. Its purpose is to help banks and mobile operators by Digital Financial Service products and providing them with best possible solutions towards the technical problems.