Information Technology University (ITU) and Digital Financial Services Research Group (DFSRG) University of Washington (Seattle, USA) signed a Memorandum of Understanding (MoU). This MoU has been signed for the establishment of Pakistan’s first Fintech Center in Lahore.
Dr. Umar Saif, Vice Chancellor of ITU and Dr. Richard Anderson, Head DFSRG and Professor at Department of Computer Science and Engineering, University of Washington signed the agreement.
Pakistan to Open its First Ever FinTech Center in Lahore. The objective of the research center is to benefit Pakistan in financial technology space by creating digital financial facility accessible countrywide.
Pakistan to Open its First Ever FinTech Center in Lahore
Under the signed MoU, research will be piloted in areas of cyber security, verification, fake deterrence, financial education, financial management, data analytics and customer experience studies in digital financial services.
The Objective of the Research center is to Benefit Pakistan in Financial Technology Space
The research center will also stimulate the digitization of both Government-to-Person (G2P) and Person-to-Government (P2G) payments digitization in Pakistan.
While talking at signing ceremony Dr. Richard Anderson said that,
“This partnership was the first ever in the World with Pakistan that will be extended to the Africans and other Asian countries.”
Dr. Umar Saif also informed that it would facilitate the Smartphone dealings and institute clearness in the system.
The government not only targets at revolutionizing the authority techniques through transparency made methods but also at increasing the digital knowledge of the people. Technological advancements are on its way in Pakistan. If this pace remains, soon our country will enter into more advanced countries list in the region.
The Digital Financial Services Research Group (DFSRG) is a research group at Washington University. It investigates technologies that improve the ability of banks and mobile operators to deploy Digital Financial Service (DFS) products that reach the poor.
The aim of DFSRG is to establish and deploy technological solutions to specific challenges. That impede the introduction and wide scale deployment of digital financial services.