Hong Kong’s Octo3 company has made an unexpected move and decided to transfer their entire Research and Development wing to Pakistan. This is a major development for both Pakistani and Hong Kong’s business and technology, and the decision is expected to invest heavily in the markets of Pakistan, and therefore transform the ICT landscape.
Octo3 is a financial technology company, and their forte lies mostly in developing and providing of modern payment solutions and similar projects, that are expected to be extremely useful in the long run. The announcement about the transfer and the decision itself came at exactly the right time since it’s established that Pakistan is in dire need of a newer form of digital payment solutions.
Tyrone Lynch, the Chief Executive Officer of the group has stated that the decision to move R&D department to Pakistan was influenced and even encouraged by a lot of talent detected in the IT sector of Pakistan. Several years back, a similar move was made and the R&D wing was moved to India, but unfortunately, this turned out to be a bad decision at the time, so the department returned to Hong Kong. However, after analyzing the markets of Pakistan, the company decided that another such transfer was in order, and it’s expected that the move will be beneficial to everyone this time.
The company has been known to try and expand to other countries in search of talented workers and fruitful market. The presence of the company is already established in Hong Kong, Bangkok, Singapore and now even Pakistan. The main goal of the company itself is adding value in CPEC-related and even some other projects. This is expected to be done by building database centers and similar infrastructures and it would include government, as well as private and multinational companies.
The market has already been analyzed, and steps like getting in touch with banks were taken. Not only is the market in Pakistan in need of digital payment solutions, but even the other, global companies have asked Octo3 if there is a chance of them providing support. The company is more than happy to oblige and help out with transferring the customer base to the e-commerce payment solutions.