Akhtar Fuiou Technologies, an emerging financial technology company (Fintech), has received approval from the State Bank of Pakistan (SBP) for its Electronic Money Institution (EMI) license, making it the third fintech company to obtain such license approval from the regulator.
With the EMI approval, the company now aims to digitize the way financial transactions in Pakistan are conducted, by launching an e-wallet to digitize payroll processing in industries, facilitate wallet transfers and provide Point of Sale (PoS) terminals for digital payment processing.
The statement from Akhtar Fuiou Technologies reads:
The principal EMI approval for e-wallets provided by SBP will allow AFT to connect and expand its services to a large Pakistani population without banks. AFT will effectively contribute to the further expansion of the digital payments ecosystem in Pakistan, taking advantage of a broad international reach with immediate access to the latest technologies, which are global technologies.
Akhtar Fuiou Technologies is a joint venture between One local and two Chinese companies. Pakistan’s Akhtar Group, having large industrial presence along with Chinese ‘Fuiou Pay’ and ‘ JollyChic’ have collaborated to raise the digitization of Pakistan’s growing financial payments infrastructure.
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