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