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Synopsis : Ericsson partners with IIT Kanpur's F.I.R.S.T. to drive innovation in Mobile Financial Services, emphasizing market responsiveness and local talent development.
At a critical moment, as the digital wallet market is projected to surpass $16 trillion in transactions by 2028, Ericsson and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur have entered a two-year strategic partnership. This collaboration aims to drive innovation in Mobile Financial Services (MFS) and Fintech solutions by identifying emerging technologies, trends, and market insights to meet genuine customer needs. Ericsson's Wallet Platform, powering over 400 million registered mobile wallets and processing 2.8 billion transactions monthly worth over $40 billion, spearheads this venture. This partnership signifies a significant advancement for Ericsson in reinforcing its leadership in technology and innovation in the Financial Services domain. Teaming up with F.I.R.S.T at IIT Kanpur, renowned for its technological expertise, Ericsson aims to leverage its global experience to make substantial progress in the financial technology sector.
Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, emphasizes the significance of this partnership, stating, "This collaboration underscores Ericsson's dedication to innovation and responsiveness to evolving market demands in Financial Services, Payments, and Mobile Money. We are excited about the potential this partnership holds for our clients and the broader Fintech ecosystem."
Echoing this sentiment, Nitin Bansal, Managing Director at Ericsson India, highlights, "Our collaboration with F.I.R.S.T at IIT Kanpur represents a major milestone in Ericsson's commitment to nurturing local talent and fostering impactful solutions. By combining global expertise with local insights, we aim to lead in the Mobile Money solutions space, contributing to technological excellence and inclusive progress in India."
Prof. Ankush Sharma, Professor-in-Charge at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, expresses enthusiasm about the journey ahead, stating, "We are thrilled to embark on this transformative journey alongside Ericsson, leveraging our combined expertise to drive innovation in Mobile Financial Services." He also emphasizes, "This collaboration not only showcases our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions."
