A Memorandum of Understanding has been signed between Information Technology University (ITU) and Digital Financial Services Research Group (DFSRG) University of Washington (Seattle, USA) 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.
The aim of the research center is to help Pakistan flourish in financial technology space by making digital financial service across the country duly available. According to the signed MoU, research will be conducted in the domains of cyber security, authentication, fraud prevention, financial education, financial management, data analytics, and customer experience studies in digital financial services at the Fintech Center.
Another goal for fintech is to go digital and promote both Government-to-Person (G2P) and Person-to-Government (P2G) payments digitization 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.