Ericsson and F.I.R.S.T (Foundation for Innovation & Research in Science & Technology) at the Indian Institute of Technology (IIT) Kanpur, have announced a strategic partnership to drive innovation in Mobile Financial Services (MFS) and fintech solutions. The partnership is said to be focused on catering to the real customer needs, by identifying emerging technologies, trends and market insights. Ericsson is a major player in processing mobile wallet transactions. Its platform actually processes 2.8 billion transactions valued at $40 billion monthly. There are over 400 million registered mobile wallets.
This collaboration represents a significant stride for Ericsson in affirming its leadership in technology and innovation within the Financial Services space. Teaming up with F.I.R.S.T at IIT Kanpur, renowned for fostering technological innovation, this partnership leverages Ericsson’s global experience to drive meaningful advancements in the financial technology sector.
Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, said, "This collaboration reinforces Ericsson's dedication to innovation and meeting evolving market demands in Financial Services, Payments, and Mobile Money. We're excited about the possibilities this partnership unlocks for our customers and the broader Fintech ecosystem."
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Nitin Bansal, Managing Director at Ericsson India, emphasised, "Our collaboration with F.I.R.S.T at IIT Kanpur represents a significant milestone in Ericsson's commitment to fostering local talent and driving impactful solutions. By combining global expertise with local insights, we aim to lead the way in Mobile Money solutions, contributing to technological excellence and inclusive growth in India."
Prof. Ankush Sharma, Professor-in-Charge, SIIC, IIT Kanpur, remarked, "We are thrilled to embark on this transformative journey alongside Ericsson, leveraging our combined expertise to drive innovation in Mobile Financial Services." He also stated, "This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions."
