Octo3, The Hong Kong Based Fintech Firm Announces Moving Its R&D to Pakistan

In a major business and technology development a Hong Kong based financial technology company has moved its entire Research and Development wing to Pakistan. Announcing the move, the firm, Octo3, said that it would invest heavily in Pakistani markets in order to transform its ICT landscape. The forte of this Hong Kong based fintech firm lies in development and provision of modern payment and other transactional solutions in the long run.

These announcements can be seen in the wake of ever developing robust Pakistan’s Information Technology sector and a persistent need of new digital payment solutions.

Also Read: ITU Announces Building Pakistan’s First Fintech Center in Lahore

Group’s Chief Executive Officer Tyrone Lynch said,

”We have decided to shift our entire R&D department and other core functions to Pakistan from Hong Kong as the country offers a lot of talent in the IT sector. Few years ago, we outsourced our R&D wing to India, but after working a while we realized that things didn’t work as per expectation, and we once again moved back to Hong Kong. After analyzing the Pakistani market and the rapid developments and upcoming scope of ICT and digital payment solution, on the back of China-Pakistan Economic Corridor (CPEC), we decided to shift our R&D wing to Pakistan.”

Started off in 2009, the company has a much diversified portfolio in regards to investment in countries, having presence in Hong Kong, Singapore, Bangkok and now in Pakistan. Its clientele is expanding to every modern economy on this side of the Pacific.

The company’s main aim is to add value in CPEC-related and other projects by building database centers and other ICT infrastructures including government as well as private and multinational companies.

Quick Read: TiE workshop: The future of FinTech in Pakistan

The company has already taken a step forward and is in touch with local banks and financial institutions for provision of backend support for locally available payment solutions. 

Ajmal Samuel, Chairman and Co-founder Group Holdings Limited added,

”We are a solution provider company but in Pakistan we will work both on ICT as well as digital payment solution. Existing players offering different wallets have already paved their way and have established the market, next step for us is how we can transfer this existing customer base and wallets to e-commerce payment solutions, which can simultaneously be accepted in global markets. The e-commerce growth is so huge in Pakistan that some global players like Amazon have asked us whether our company can provide any digital payment solution from Pakistan”

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