As the economic condition of Pakistan is improving, many foreign firms have started considering the country as an attractive investment destination. To support the claim, it is recently reported that Hong Kong’s Octo 3 has decided to move its entire Research and Development (R&D) department to Pakistan.
The move will likely have a positive impact on Pakistan’s economy and Hong Kong’s business and technology sector. Also, it is believed that Octo 3 is planning to invest heavily is Pakistani markets, which in turn transforms the ICT landscape.
For those who are not familiar, Octo 3 is a financial technology firms and the main domain of the company lies in developing and offering modern payment solution, that are believed to be extremely fruitful in the long run. Adding to that, the announcement about the transfer of R&D wing and the decision itself came at the right time since Pakistan is currently in the dire need of new forms of digital payment solution.
Moreover, the chief executive officer of the group, Tyrone Lynch, stated that to move company’s R&D wing to Pakistan is influenced and encouraged by the amount of talent observed in the IT sector of the company. Few years ago, a similar move was made to transfer Octo 3 R&D wing to India, however, it turned out to be a bad decision at the time, so the department returned to Hong Kong. Nevertheless, after analyzing Pakistani market, the company decided to transfer its R&D to the country, and its expected that the move will be beneficial to everyone this time.
In any case, we’ll keep a tab on the upcoming trends of the company to keep our readers updated.