HBL partners with PMEX

KARACHI: Habib Bank Limited (HBL) and Pakistan Mercantile Exchange (PMEX) have signed a memorandum of understanding (MoU) to create awareness of using PMEX trading platform for HBL clients, a statement said on Tuesday.

Under the understanding, both sides will work together to create awareness amongst the smallholder farmers for adoption of the electronic warehouse receipt financing (EWRF) to achieve a broader objective of financial inclusion and poverty alleviation.

Speaking on the occasion, Aamir Kureshi, head consumer, agriculture and SME banking at HBL said, “HBL has actively partnered with the stakeholders for uptake of EWRF regime in Pakistan. EWRF has been established as the most convenient and cost-effective system of farmer financing against the crop harvest stored under quality warehousing.” The partnership would help to facilitate the farmers with better market access, price visibility, and transaction settlement, he added.