In a latest development, Information Technology University (ITU) has inked a memorandum with Digital Financial Services Research Group (DFSRG) University of Washington (Seattle, USA) for the formation of first Fintech Center in Lahore, Pakistan.
The agreement has been inked in the presence of the Vice Chancellor of ITU Dr. Umar Saif, Head DFSRG and Professor at Department of Computer Science and Engineering, University of Washington Dr. Richard Anderson.
Also Read: Pakistani FinTech generating $1 million in seed capital
Objective of Fintech Center in Pakistan
The prime purpose behind the establishment of the Fintech Center in Lahore is to assist Pakistan shine in the financial technology front. This objective will be accomplished by making digital financial services readily available across Pakistan.
The memorandum states that research will take place in the following spheres:
- Authentication
- Custome Experience Studies
- Cyber Security
- Data Analytics
- Financial Education
- Financial Management
- Fraud Prevention
All the aforementioned domains will be conducted in the digital financial services at the Fintech Center, Lahore.
In addition, another key aim behind the creation of the research center is to go build upon the digital reach in the country. Moreover, it will also promote Government-to-Person (G2P) and Person-to-Government (P2G) payments digitization in Pakistan. Additionally, the center will also aim at working closely with the industry, government institutions, academia and customers.
Quick Read: The future of FinTech in Pakistan
While commenting on the development, Dr. Richard Anderson stated:
“It was the first ever collaboration in the World with Pakistan. We will look to extend to the Africans and other Asian countries. Dr. Umar Saif stated that it would facilitate the Smartphone transactions and establish transparency in the system”
About DFSRG
DFSRG is a research group at the Department of Computer Science and Engineering, University of Washington. Bill and Melinda Gates support it and the goal of the research group is to develop and deploy technological solutions to specific challenges that hinder the introduction and wide-scale deployment of digital financial services.
Source: The Nation
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