ISLAMABAD: Fauji Foundation – the country’s one of the largest business conglomerate – has signed a Letter of Intent (LOI) with Binance, the leading global blockchain and cryptocurrency exchange by trading volumes and users, for commercial collaboration in blockchain, cryptocurrency and payments in Pakistan.
The announcement was made by Pakistan Crypto Council (PCC) in a statement on Monday disclosing that the LoI was signed on Dec 12 at the Fauji Foundation Headquarters, Rawalpindi. The statement said the two sides will explore potential commercial collaboration on blockchain, cryptocurrency, payments and Web 3.0 ecosystem within Pakistan.
“As part of the LoI, Binance will deploy its expertise, advisory support and technological and market insights on the crypto industry, and Fauji Foundation will partner with Binance on payment infrastructure solutions utilising digital assets”, the statement said.
Both sides will further cryptocurrency and blockchain education through their academic wings to learners throughout Pakistan, empowering the youth with the necessary skill sets needed to work in this industry and act as responsible and well informed consumers of blockchain, cryptocurrency, payments and Web 3.0 products and services, the statement added.
LoI signed to collaborate in blockchain, cryptocurrency, payments and Web3
The LoI was signed by Foundation’s Secretary of Committee of Administration retired Brigadier Irfan Khan and Binance Chief Executive Officer Richard Teng. Present on the occasion were Managing Director and CEO Fauji Foundation retired Lieutenant General Anwar Ali Hyder, PCC Adviser Changpeng Zhao and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.
With a humble beginning from Rs18m in the 1950s, Fauji Foundation has grown into a leading medical and business conglomerate with annual dividends exceeding Rs30bn. Its portfolio includes over 1,800-bed medical facilities nationwide across 74 medical facilities.
This includes 11 hospitals, 63 clinics and 128 educational institutes, comprising Foundation University, medical, dental and nursing colleges, tertiary colleges, schools and vocational training institutions. The FF’s endowment fund is invested in the sectors of agriculture, infrastructure, food chain, power, energy and financial services, according to FF’s website.
Most of its commercial investments are quoted on the Pakistan Stock Exchange.
Last week, Finance Minister Muhammad Aurangzeb also signed a memorandum of understanding (MoU) with Binance Investments Co Ltd “to leverage emerging financial technologies to Pakistan’s capital markets and enhance global investor access” through collaboration on the tokenisation and blockchain-based distribution of Pakistan’s real-world and sovereign assets, including government bonds, treasury bills, commodity reserves and other federally owned assets.
