Octo3, Hong Kong’s FinTech Company To Move R&D to Pakistan

Hong Kong based fintech, Octo3 announced the move of its Research and Development wing to Pakistan, also adding on that the company will invest in the Pakistani market in order to transform its ICT landscape.

Octo3 started its operations in 2009, with a market presence in Hong Kong, Singapore, Bangkok and now Pakistan. They specialise in development and provision of modern payment and other transactional solutions.

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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.

Group’s Chief Executive Officer, Tyrone Lynch said:

 “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. 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”

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.

Ajmal Samuel, Chairman and Co-founder Octo3 Group Holdings Limited while talking to a local newspaper 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”

Talking about payment solutions, Samuel acknowledged the market has already been established by existing players that offer different wallets, adding on to say:

“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.

Sourced from: Express Tribune