Ericsson and IIT Kanpur Forge Strategic Alliance to Advance Financial Innovation in India

Ericsson and IIT Kanpur Forge Strategic Alliance to Advance Financial Innovation in India

(IN BRIEF) Ericsson India and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur have announced a two-year strategic partnership aimed at driving innovation in Mobile Financial Services (MFS) and Fintech solutions. Leveraging Ericsson’s global expertise and F.I.R.S.T’s innovation ecosystem, the collaboration seeks to identify emerging technologies and market insights to address real customer needs in the rapidly evolving financial technology sector. With the digital wallet market predicted to exceed $16 trillion in transactions by 2028, this partnership signifies Ericsson’s commitment to strengthening its leadership in financial services technology and fostering local talent to drive impactful solutions in India and beyond.

(PRESS RELEASE) STOCKHOLM, 24-Apr-2024 — /EuropaWire/ — Ericsson (NASDAQ: ERIC) and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur 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.

Ericsson’s Wallet Platform supports over 400 million registered mobile wallets, processing 2.8 billion transactions valued at over $40 billion monthly. 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, 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.”

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.”

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

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About Ericsson
Ericsson enables communications service providers to capture the full value of connectivity. The company’s portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency, and find new revenue streams. Ericsson’s investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world. The Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

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.

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SOURCE: ERICSSON