Karachi,17 October 2024 : Standard Chartered Pakistan and Gatronova signed a Memorandum of Understanding at the Gatronova Head Office. Through this agreement, Standard Chartered was awarded Gatronova’s cash management & supplier financing mandate.
This mandate enables the Bank to deliver channel agnostic solutions by providing Gatronova’s distributors and customers the ability to transact digitally 24/7 with nearly 30 banks. The agreement will enable Gatronova to improve their operational and cost efficiencies, unify its operating account, match receipts with invoices and reconcile collections across multiple several product lines with ease and control, without the need for multiple physical accounts.
Standard Chartered’s solution opens doors for several cross-sell opportunities for Supplier Finance, Financial Markets, FX, Corporate Finance, Sustainable Finance, Islamic Banking and Trade. The Supplier financing solution enables Gatronova to offer their suppliers the opportunity to receive early payments for approved invoices without any collateral and empowers them to focus on growth, innovation, and long-term sustainability. This offering will benefit Gatronova group to improve cash flows, strengthen the buyer – supplier relationship and fulfil their corporate social responsibility.
The agreement was signed by Arslan Nayeem, Head Client Coverage, CIB Pakistan and Abdul Razak Diwan, Chairman, Gatronova.
Commenting on the agreement, Arslan Nayeem, stated, “We are pleased to undertake this important cash management and supplier financing mandate which highlights our dedication to providing cutting-edge digital financial solutions designed to meet the specific needs of our clients. At Standard Chartered, we prioritize offering streamlined support that enables our clients to focus on their core business with confidence. We are eager to continue this successful partnership and play a key role in supporting Gatronova’s growth.”
Commenting on the agreement, Abdul Razak Diwan stated, “Gatronova’s decision to award Standard Chartered the cash management and supplier financing mandate is a testament to their proven expertise, innovative solutions, and commitment to supporting our business growth. We are confident that this partnership will streamline our operations and create lasting value for our stakeholders.”
