July, 2023 – Karachi: Haball, The leading provider of digital supply chain financing solutions, and Faysal Bank, one of Pakistan’s largest banks, today announced a partnership to accelerate the adoption of digital supply chain financing for SMEs in Pakistan. The signing ceremony was held at Faysal Bank head office, Karachi.
This partnership is to launch digital supply chain lending in Pakistan. The partnership allows Faysal Bank to scale digital supply chain financing for its corporate customers and enable it to deliver across 270 cities efficiently using cash flow transparency. Through this initiative, Faysal Bank is committed to supporting the growth of SMEs in Pakistan.
With this partnership Faysal Bank is able to scale its digital supply chain financing platform to reach more SMEs across Pakistan. This will provide their customer base of SMEs access to Haball’s platform, which will enable them to obtain financing against their invoices in a more efficient and transparent manner.
Haball’s flagship product, Wisaaq, has already achieved remarkable success. By empowering manufacturers and SMEs to reduce reliance on cash-based transactions and streamline the reconciliation and Financing process, which is completely Shariah compliant. Within 5 months of Commercial launch, Haball had processed $21Mln and facilitated digital collections of $12Mln in repayments.
The State Bank of Pakistan has recently selected Haball to act as the Supply Chain Finance (SCF) Multibank Technology Platform Service Provider. This marks a milestone for Haball for demonstrating their dedicated commitment to revolutionizing Digital Supply Chain Finance and enabling credit in the SME Sector in Pakistan.
The partnership between Haball and Faysal Bank is a significant step forward in the development of digital supply chain financing in Pakistan. The partnership will help to increase access to financing for SMEs, which will in turn boost economic growth.