Fauji Foundation, one of Pakistan’s largest and most diversified business conglomerates, has signed a Letter of Intent (LOI) with Binance, the world’s leading blockchain and cryptocurrency exchange by trading volume and user base, to explore commercial collaboration in blockchain, cryptocurrency, digital payments and the broader Web3 ecosystem in Pakistan.
The development was announced by the Pakistan Crypto Council (PCC) in a statement issued on Monday. According to the statement, the LOI was signed on December 12 at the Fauji Foundation headquarters in Rawalpindi. Under the agreement, both organisations will assess opportunities for cooperation across emerging digital finance and decentralised technology segments within the country.
As outlined in the statement, Binance will provide its industry expertise, advisory support, and technological and market insights related to the global crypto ecosystem. Fauji Foundation, in turn, will partner with Binance on payment infrastructure solutions that utilise digital assets, reflecting a growing interest among large institutional players in exploring blockchain-based financial models.
Beyond commercial collaboration, the LOI also places significant emphasis on education and capacity building. Both parties have agreed to promote cryptocurrency and blockchain education through their respective academic and training platforms. The objective is to equip learners across Pakistan, particularly young professionals, with the skills required to participate in the evolving digital economy while encouraging informed and responsible use of blockchain, cryptocurrency, payment systems and Web3-based products and services.
The signing ceremony was attended by senior leadership from both organisations and key stakeholders from Pakistan’s emerging digital assets ecosystem. The LOI was signed by retired Brigadier Irfan Khan, Secretary of the Committee of Administration at Fauji Foundation, and Binance Chief Executive Officer Richard Teng. Also present were Fauji Foundation Managing Director and CEO retired Lieutenant General Anwar Ali Hyder, PCC Adviser Changpeng Zhao, and Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib.
Fauji Foundation’s collaboration with Binance marks a notable step for Pakistan’s institutional engagement with blockchain and cryptocurrency technologies. Established in the 1950s with an initial capital of Rs18 million, Fauji Foundation has grown into a major welfare-oriented business and medical conglomerate. Today, it generates annual dividends exceeding Rs30 billion, which are used to support the welfare of former military personnel and their families.
The Foundation operates an extensive healthcare and education network across the country. Its medical footprint includes more than 1,800 beds spread across 74 medical facilities, comprising 11 hospitals and 63 clinics. In the education sector, Fauji Foundation runs 128 institutions, including Foundation University, medical, dental and nursing colleges, tertiary colleges, schools and vocational training centres.
On the commercial side, Fauji Foundation’s endowment fund is invested across multiple sectors such as agriculture, infrastructure, food and consumer goods, power and energy, and financial services. A significant portion of its commercial investments are listed on the Pakistan Stock Exchange, positioning the Foundation as a major institutional player in the national economy.
The LOI with Binance comes against the backdrop of increasing government-level engagement with blockchain and digital finance. Just last week, Finance Minister Muhammad Aurangzeb signed a memorandum of understanding with Binance Investments Co Ltd aimed at leveraging emerging financial technologies for Pakistan’s capital markets. The MoU focuses on collaboration around 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.
Together, these developments signal a gradual but deliberate move toward exploring blockchain-enabled financial infrastructure in Pakistan, with large institutions and policymakers seeking to balance innovation, education and regulatory oversight as the digital asset ecosystem continues to evolve.
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