This Hong Kong Based Fintech Firm is Moving its R&D to Pakistan

Hong Kong based fintech company, Octo3 has decided to move its entire R&D department to Pakistan. Octo3 specializes in developing and supplying payment and transactional solutions.

The company also announced that it will invest in the IT and communications technology sector in Pakistan. According to company CEO Tyrone Lynch, Pakistan has a lot of talent in the IT sector, he added,

A few years ago, we outsourced our R&D wing to India, but after working a while we realised that things didn’t work as per our expectation, and we once again moved back to Hong Kong.

After analysing the Pakistani market and the rapid developments and upcoming scope of ICT and digital payment solutions, on the back of China-Pakistan Economic Corridor (CPEC), we decided to shift our R&D wing to Pakistan.

It bears mentioning that one of the founding chairmen of the Octo3 group is Pakistani. The company is also aiming to add value to CPEC and non-CPEC related projects through its move. They will be building database centres and other IT infrastructure in collaboration with the government and business institutions in the country.

Their management is already holding talks with banks and other financial companies to provide back-end support for existing payment solutions in Pakistan. This will enable them to be accepted globally as well.

E-Commerce, The Next Initiative?

Ajmal Samuel, Co-founder and Chairman of Octo3 said,

We are a solution provider company but in Pakistan we will work both on ICT as well as digital payment solutions.

I have access to foreign players who are willing to invest in emerging economies, however, due to the negative perception of the country they hesitate to visit.

He added that Pakistan already has well established payment solutions and that the next step is to transfer the existing customer base to e-commerce payment solutions.

Samuel further said,

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 solutions from Pakistan.

Via Express Tribune

A techie, Overwatch and Street Fighter enthusiast, and Editor at ProPakistani.

    • Pakistanis have quality and mind to bring best out of things. Tata industries hired all Pakistanis software developers on one Middle East Financial Solution ERP…and Rattan Tata loudly said in speech that he found that Pakistanis out class Indians in the field of software development. They have better logic and understanding and brings best out of it. Only problem with us is JEALOUSY that is killing us… we get ready to stab other pakistani just because he is more smarter than us… MASHAL case is one example. He was smart and loud, so they couldnt digest his bravery and smartness so planned to get rid of him. We have to control this bad habit and understand everybody. Also to avoid bringing politics and religion in every discussion.

  • We had a label of Terrorism that helped our neighbouring country to take a lead and malign our image all over…now clouds are clearing so Indians are in trouble. I see many Middle East companies start preferring Pakistani doctors, engineers, Chartered Accountants, Nurses and other professional people…over Indians. We have mind to use and innovate..Indians are more to follow like Robots and afraid to add their mind (if they have little one). Pakistanis are open heart people…in general. Great friends that can be trusted. I learnt all this in 10 years of international experience.

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