ISLAMABAD: Askari Bank has partnered with a Pakistani financial technology company CashNow to expedite the financing process of small and medium enterprises in the country.

As part of Askari Bank’s supply chain finance initiative, this partnership is in line with the bank’s strategy of employing technology to enhance its support for Small and Medium Enterprises (SMEs) that accounts for a significant portion of the country’s GDP.

Through this digital platform, not only will the financing process become quicker and cheaper, but the associated risks will also be reduced significantly. The platform also provides ancillary benefits of being a repository of information, electronic invoicing and B2B digitization.

The agreement was signed by Shehryar Ali Shah, Chief Digital Officer, Askari Bank and Saeed Iqbal, Director, CashNow in the presence of Moazzam Ahmed, Chief Executive Officer, CashNow, Talat Rabia, Head Transaction Banking, Askari Bank and other senior executives from both the organisations.

Commenting on the partnership Shehryar Ali Shah, Chief Digital Officer, Askari Bank said: “This is yet another milestone achieved by Askari bank in its journey to be the best digital bank for its customers. We are excited to onboard CashNow on our digital journey. This partnership will enable us to bring operational efficiencies and offer a quality digital experience to our clientele.”

Saeed Iqbal, Director, CashNow said: “CashNow’s unique cloud-based technology allows for a significant reduction in transaction risk and cost, thereby allowing financiers and businesses to connect efficiently and conveniently.”

Moazzam Ahmed, Chief Executive Officer, CashNow commented: “CashNow is thrilled to partner with Askari Bank as our third financing partner. We are excited to be a part of the fundamental transformation in Pakistan where innovation in the fintech space is tackling long-standing problems like SME Finance.”

Copyright Business Recorder, 2022