Pakistan’s leading microfinance institution, Mobilink Microfinance Bank Ltd. (MMBL) and MateSol, a blockchain-based invoice verification platform, have signed a Memorandum of Understanding (MoU) to offer better access to invoice financing for Micro Small and Medium-sized Enterprises (SMEs).
MMBL to Utilize MateSol’s Innovative Blockchain-Based Invoice Management System
As per the partnership agreement, MMBL will utilize MateSol’s innovative blockchain-based invoice management system ‘InvoiceMate’ to finance invoices, offering MSMEs swift, hassle-free, secure, and transparent invoice financing solutions. With Specialization in Web 3.0 and Enterprise Blockchain, MateSol offers solutions for different verticals of the industry. InvoiceMate being the world’s first-ever invoice management system on the blockchain, is the flagship product of MateSol.
MMBL’s Digital Operator Strategy
MMBL is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people’s lives by creating opportunities for increased digital inclusion and by driving economic growth across countries that are home to more than 8% of the world’s population.
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Streamlined and Agile Financing Process for MSMEs
Under the subject partnership, MMBL’s MSME customers will experience increased operational efficiency and reduced paperwork, resulting in a more streamlined and agile financing process. The Bank’s commitment to innovation and customer-centricity is reflected in its adoption of cutting-edge financing solutions, which will enable MSMEs to thrive in a rapidly evolving business landscape.
Collaboration Set to Revolutionize Financial Landscape for MSMEs
Speaking on the occasion, Sardar Mohammad Abubakr, Chief Operating Officer (COO) MMBL said that the collaboration with MateSol is set to revolutionize the financial landscape for MSMEs through digitized processes. By leveraging their combined expertise, they aim to facilitate the growth and success of these businesses and ultimately contribute to the development of the wider economy through digital financial inclusion.
Pakistan’s First Invoice Financing Marketplace
Mr. Muhammad Salman Anjum, CEO Matesol said that they are excited to announce Pakistan’s first invoice financing marketplace with the aim to improve cash flows for MSMEs and drive financial inclusion. Aided by blockchain and AI, they provide smart invoice financing that is quick, secure, and viable for customers and banks, and with the collaboration with MMBL, this will be taken a step ahead.
Tailored Financing Solutions for Businesses of All Magnitudes
As an industry leader, MMBL remains committed to bridging the gap in financial inclusion and enabling businesses of all magnitudes to access requisite financial resources to thrive. The bank’s tailored financing solutions are designed to cater to the evolving banking needs of each business, thereby empowering MSMEs to attain their financial objectives and foster growth in their respective industries. MMBL remains focused on partnering with like-minded organizations to develop innovative solutions that support the expansion of MSMEs and foster financial inclusion across the country.
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