Information Technology University (ITU), University of Washington (Seattle, USA) and Digital Financial Services Research Group (DFSRG) have signed a Memorandum of Understanding (MoU) to establish a pioneering FinTech center in Pakistan.
The agreement was signed by Dr. Richard Anderson (Head DFSRG, Washington University) and Dr. Umar Saif (V.C. ITU). The aim of the research center is to take Pakistan forward in financial technology space by adopting digital financial services countrywide.
Areas like cybersecurity, fraud prevention, authentication, customer experience, financial education data analytics, financial management and studies in digital financial services will be researched under the agreement. The digitization of P2G and G2P payments in Pakistan will also be conducted and promoted by FinTech.
Dr. Richard Anderson said that 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.
DFSRG is a research group at Washington University supported by the Bill and Melinda Gates Foundation. It aims to improve the abilities of banks and mobile operators by deploying Digital Financial Service (DFS) products and providing technological solutions.