Last week, Akhtar Fuiou Technologies (AFT) and RapidCompute signed an MoU to offer cloud-based technology solutions to boost the digitalization of FMCGs and agriculture transactions. The partnership is in line with the State Bank of Pakistan’s vision to work towards the financial inclusion of the masses.
The agreement will enable AFT to provide their cutting-edge fintech solutions such as QR payments, POS technology, e-wallets, and cross-border payments on Rapid’s certified secure cloud platform. This will not only ensure the security of mission-critical data but also prove to be optimal for all parties.
The MoU greatly benefits AFT by saving significantly on infrastructure and support costs, as well as reduce their time to market.
“87% of Pakistan’s population is still unbanked, with a major proportion belonging to the rural areas. Most of the rural population either belongs to the agricultural sector or the labor class,” shared stated Shahzaib Khan, Regional Business Head, South & Central.”
Even though unbanked, they are also a part of the shift in the payment landscape by using mobile wallet services like Easypaisa and JazzCash. AFT and Rapid together aim to penetrate further into this market by AFT’s e-wallet services. This is where the cloud comes in – offering scalability and security at low costs.”
“Rapid’s cloud platform will enable AFT to scale their operations swiftly along with ensuring that the financial data of our people remain secure,” he added.
AFT is a joint venture between Akhtar Group and China’s Fuiou Pay and JollyChic. Their vision is to revolutionize the country’s commercial and technology environment which will rapidly increase the financial inclusion of the masses through its extensive international reach and accessible state-of-the-art global technology.
AFT’s e-wallets are a very convenient platform for domestic industries to digitize their operations. The aim is to provide access to financial services primarily to the unbanked rural population of Pakistan and digitize payments across the supply chain. This will not only provide value and efficiency but also convenience to consumers and businesses.
Rapid is a division of Cybernet and a member of Lakson Group. It has been Pakistan’s trailblazer in offering cloud computing, networking services, and management tools for digitizing all areas of business and industry. It continues to be one of the largest providers of cloud services to the government, financial sector, and large-scale enterprises.
The company also provides organizations with data and network security that meets global standards by being the only local CSP to be PCIDSS3.2 and ISO 27001:2013 Certified, as well as being GDPR Compliant.
Qasim Akhtar Khan, Chief Strategy Officer of Akhtar Fuiou Technologies, commented, “As a pioneer in providing technology infrastructure and digital framework to leading names in the industry, Rapid has positioned itself as a technology provider that gives its partners the strategic push required to establish their footprint in the digital landscape.”
“AFT strongly believes in developing strategic partnerships that translate into long-term relationships, the collaboration between Rapid and AFT will enable the rural market to experience seamless digital payments like never before. We are excited to start this journey with Rapid as our technology partner and we are confident that this will pave a way for other business verticals in the long run,” he added.