HBL partners with PMEX to promote electronic warehouse receipt trading
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HBL and PMEX collaborate to promote electronic warehouse receipt business
KARACHI: HBL and the Pakistan Mercantile Exchange (PMEX) signed a Memorandum of Understanding (MoU) to create awareness for HBL clients on how to use the PMEX trading platform, said a press release.
HBL and PMEX will work together to create awareness among smallholder farmers to adopt Electronic Warehouse Receipt Financing (EWRF) to achieve the broader objective of financial inclusion and poverty alleviation.
Speaking on the occasion, Aamir Qureshi, Head Consumer, Agriculture & SME Banking, HBL said, “HBL is the market leader in Electronic Warehouse Receipt Financing (EWRF) and has actively partnered with stakeholders to drive adoption of the EWRF regime in Pakistan. EWRF has been established as the most convenient and cost-effective system of farmer financing against crop harvest stored under quality warehouses.Through this partnership, we aim to provide farmers with better market access, price visibility and transaction settlement facilities. hope to do.
Ejaz Ali Shah, Managing Director, PMEX, said on the occasion, “We are delighted to enter into a strategic partnership with HBL. We are committed to creating a vibrant, integrated national market for indigenous agricultural commodities to drive economic growth. HBL Together, we look forward to working on the dissemination of the EWR to help farmers achieve greater financial inclusion, avoid distress sales, improve earnings, and provide the Government of Pakistan with access to agricultural commodities. Help in getting business documents.