LAHORE: Octo3, a Hong Kong-based financial technology company, has announced to move its entire Research and Development (R&D) wing to Pakistan.
The company, which specialises in development and provision of modern payment and other transactional solutions, further announced that it will invest in the Pakistani market in order to transform its ICT landscape.
The announcements were made based on the robust developments in Pakistan’s Information Technology sector and a rising need of digital payment solutions due to the growing e-commerce segment in the country.
“We have decided to shift our entire R&D department and other core function to Pakistan from Hong Kong as the country offers a lot of talent in the IT sector,” said Group’s Chief Executive Officer Tyrone Lynch.
“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,” Lynch added.
The company, which started its operations in 2009, has its presence in Hong Kong, Singapore, Bangkok and now Pakistan with its clientele expanding in almost entire modern economies.
Since its founding chairman is a Pakistani, it aims to add a lot of value in CPEC-related and other projects by building database centres and other such ICT infrastructure both with government as well as with private and multinational companies.
The management is already in talks with local banks and financial institutions for provision of backend support to locally available payment solutions, which can be accepted globally as well.
“We are a solution provider company but in Pakistan we will work both on ICT as well as digital payment solutions,” said Ajmal Samuel, ,hairman and Co-founder Octo3 Group Holdings Limited while talking with The Express Tribune.
“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.
Talking about payment solutions, Samuel said that existing players offering different wallets have already paved their way and have established the market and “the next step for us is how we can transfer this existing customer base and wallets to e-commerce payment solutions, which can simultaneously be accepted in global markets”.
“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,” he claimed.
Published in The Express Tribune, April 16th, 2017.