FrieslandCampina Engro Pakistan Ltd. & Standard Chartered Bank Pakistan join hands to launch first-ever digital ‘Supplier Financing Solution to support SME Sector’
FrieslandCampina Engro Pakistan Ltd (FCEPL) and Standard Chartered Bank Pakistan Ltd. (SCBPL) have extended their partnership to launch the first ever digital “Supplier Financing Solution” with the aim of fueling growth for the SME sector by supporting the working capital requirements for small businesses. This initiative enables FCEPL’s small-to-medium sized vendors to avail short-term financing via early payment of approved invoices at preferential rates.
The partnership between FECPL and SCBPL includes many other initiatives, aimed at establishing a permanent and sustainable financing model in line with the State Bank’s objectives. This enables small businesses that are otherwise unable to offer security / collateral to access bank financing at attractive rates.
Mr. Imran Husain, Chief Financial Officer for FCEPL, said:” This digital collaboration will yield positive results in allowing vendors and service providers to avail this promising opportunity to effectively overcome their short-term liquidity requirements by gaining collateral-free (clean) financing with FCEPL & SCBP playing the strategic roles of the anchor & financer.”
Mr. Arslan Nayeem, Head, Client Coverage, CCIB, Standard Chartered Bank, while underlining the importance of digital supplier financing solution said that, “Deployment of such cutting-edge products is enabling our bank to partner with clients and facilitate growth for integral sections of the economy, particularly the small and medium sized businesses, which are in dire need of quick and cost-effective financing to sustain and grow their businesses.”