Magazine : 
Ericsson, IIT Kanpur's F.I.R.S.T to Drive Fintech Innovations
Telecommunications giant Ericsson has announced a two-year strategic partnership with the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T), the technology business incubator at the Indian Institute of Technology (IIT) Kanpur. This collaboration aims to drive innovation in Mobile Financial Services (MFS) and Fintech solutions.
The partnership will focus on identifying emerging technologies, trends, and market insights to address real customer needs. Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, emphasized that the collaboration underscores Ericsson's commitment to innovation and meeting evolving market demands in Financial Services, Payments, and Mobile Money.
Ericsson's global expertise will be combined with F.I.R.S.T's innovation ecosystem to develop groundbreaking solutions. Prof Ankush Sharma, Professor-in-Charge of the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur, highlighted the collaboration's role in fostering technological advancements and empowering communities through inclusive solutions.
The partnership comes at a time when the digital wallet market is expected to surpass $16 trillion in transactions by 2028. Nitin Bansal, MD at Ericsson India, expressed the company's goal to lead the way in Mobile Money solutions by leveraging global expertise and local insights, contributing to technological excellence and inclusive growth in India.
Ericsson's Wallet Platform already supports more than 400 million registered mobile wallets, processing 2.8 billion transactions valued at over $40 billion monthly. This collaboration is expected to further accelerate innovation and growth in the MFS and Fintech sectors.
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