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Kanpur, 24 April, 2024: The Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology Kanpur (IITK) & Ericsson India have announced a two-year strategic partnership to drive innovation in Mobile Financial Services (MFS) and Fintech solutions. The partnership will identify emerging technologies, trends, and market insights to address real customer needs. This collaboration comes at a pivotal moment as the digital wallet market is predicted to surpass $16 trillion in transactions by 2028. Teaming up with F.I.R.S.T at IIT Kanpur, known for fostering technological innovation, represents a significant stride for Ericsson's Wallet Platform. By leveraging Ericsson’s global experience and the cutting-edge research capabilities of IIT Kanpur, this collaboration aims to drive meaningful advancements in the financial technology sector. Ericsson's Wallet Platform, supporting over 400 million registered mobile wallets and processing 2.8 billion transactions valued at over $40 billion monthly, reinforces Ericsson's leadership in technology and innovation within the Financial Services space. 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 that “This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions." Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, highlights, "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." Nitin Bansal, Managing Director at Ericsson India, emphasized, "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." Through this partnership, both Ericsson and F.I.R.S.T at IIT Kanpur are poised to make meaningful contributions to the rapidly evolving financial technology landscape, driving economic growth and digital inclusion globally. About F.I.R.S.T, IIT Kanpur: The Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur has established itself as a leading force in fostering technological innovation. Founded in 2000, SIIC has cultivated a robust ecosystem that supports the entire lifecycle of groundbreaking ideas. In 2018, SIIC further solidified its commitment to translating research into real-world impact by establishing the Foundation for Innovation and Research in Science and Technology (FIRST). A not-for-profit Section 8 company, FIRST serves as IIT Kanpur's technology business incubator, providing critical resources and mentorship to budding entrepreneurs and intrapreneurs. FIRST demonstrably contributes to societal progress and technological breakthroughs through its comprehensive services, including support for patenting and commercialization. ABOUT ERICSSON: Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company’s portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson’s innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com About IIT Kanpur: Indian Institute of Technology Kanpur was established in 1959 and declared to be to be an Institute of National Importance by the Government of India through an Act of Parliament. IIT Kanpur is best known for the highest standard of its education in science and engineering and seminal R&D contributions over the years. The institute has a sprawling lush green campus spread over 1055 acres with large pool of academic and research resources spanning across 19 departments, 25 centers and 3 interdisciplinary programs in engineering, science, design, humanities, and management disciplines with more than 570 full-time faculty members and approximately 9000 students. For more information, visit www.iitk.ac.in. |
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