ISLAMABAD: Fauji Foundation \u2013 the country\u2019s one of the largest business conglomerate \u2013 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.<\/p>\n
The announcement was made by Paki\u00adstan 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.<\/p>\n
\u201cAs 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\u201d, the statement said.<\/p>\n
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.<\/p>\n
LoI signed to collaborate in blockchain, cryptocurrency, payments and Web3<\/p>\n
The LoI was signed by Foundation\u2019s Secretary of Committee of Administration retired Brigadier Irfan Khan and Binance Chief Executive Officer Richard Teng. Present on the occasion were Managing Dire\u00adctor and CEO Fauji Foundation reti\u00adred Lieutenant General Anwar Ali Hyder, PCC Adviser Changpeng Zhao and Pakis\u00adtan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.<\/p>\n
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.<\/p>\n
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\u2019s endowment fund is invested in the sectors of agriculture, infrastructure, food chain, power, energy and financial services, according to FF\u2019s website.<\/p>\n
Most of its commercial investments are quoted on the Pakistan Stock Exchange.<\/p>\n
Last week, Finance Minister Muham\u00admad Aurangzeb also signed a memorandum of understanding (MoU) with Binance Investments Co Ltd \u201cto leverage emerging financial technologies to Pakistan\u2019s capital markets and enhance global investor access\u201d through collaboration on the tokenisation and blockchain-based distribution of Pakistan\u2019s real-world and sovereign assets, including government bonds, treasury bills, commodity reserves and other federally owned assets.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: Fauji Foundation \u2013 the country\u2019s one of the largest business conglomerate \u2013 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 Paki\u00adstan Crypto Council (PCC) in a […]<\/p>\n","protected":false},"author":1,"featured_media":14229,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/14228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14228"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/14228\/revisions"}],"predecessor-version":[{"id":14230,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/14228\/revisions\/14230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/14229"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}