National Institutional Facilitation Technologies (NIFT) and TPS have entered into a strategic partnership to build a digital financial services platform in Pakistan. The objective is to offer new age digital financial services that will bring ease and efficiency in the payments ecosystem. The agreement was signed recently by Haider Wahab, CEO NIFT, and Shahzad Shahid, CEO TPS.
Speaking on the occasion, Haider said, “NIFT, with its extensive experience in financial services is excited to lead in the new digital financial services space. The digital financial services platform envisioned by us will facilitate all key stakeholders of the industry including banks, telcos, corporates and fintechs to be a part of an inclusive, interconnected and shared digital services infrastructure.”
Building a digital financial platform on a nationwide scale is one of the key requirements in the current financial services space. The initiative is pivotal to achieve vision of promoting financial inclusion and driving economic growth in the country. The collaboration between NIFT, a payment service provider, and TPS, a leading payments technology company, will see both companies work together to foster fintech ecosystem in the country for accelerating innovation in the financial services space.
This will create an inclusive environment which will not only offer a secure and open access to start-ups but also revolutionize the digital financial services play in the country.
Shahzad commented, “TPS over the past 20 years has worked on developing an integrated payment ecosystem in Pakistan where real-time account transfers is now a norm. With an interbank switch functional in Pakistan, TPS is excited to partner with NIFT to develop a payments platform that promises uptake of mass scale digital payments.”