Ericsson and F.I.R.S.T., IIT Kanpur’s startup incubator, will propel advances in financial solutions
Delhi, New: The Indian Institute of Technology (IIT) Kanpur’s technology business incubator, the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T.), and telecom behemoth Ericsson announced on Wednesday that they would be collaborating for two years to drive innovation in Fintech and Mobile Financial Services (MFS).
The partnership will pinpoint new trends, technologies, and industry information to meet actual client demands.
Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, stated in a statement that “this collaboration reinforces Ericsson’s dedication to innovation and meeting evolving market demands in Financial Services, Payments, and Mobile Money.”
The partnership aims to create innovative solutions by using the worldwide experience of Ericsson and the innovation environment of F.I.R.S.T.
Prof. Ankush Sharma, Professor-in-Charge, SIIC, IIT Kanpur, stated, “This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions.”
The business said that by 2028, it is expected that the market for digital wallets will have processed over $16 trillion in transactions.
According to Nitin Bansal, MD of Ericsson India, “We aim to lead the way in mobile Money solutions, contributing to technological excellence and inclusive growth in India” by fusing global knowledge with regional knowledge.
More than 400 million mobile wallets are enrolled with Ericsson’s Wallet Platform, which processes 2.8 billion transactions worth more than $40 billion per month.
