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UAE company keen to promote financial inclusion of SMEs

By Our Correspondent
March 30, 2023

Islamabad: A delegation of UAE-based company visited Islamabad Chamber of Commerce & Industry (ICCI) to introduce their invoice management system on blockchain for promoting financial inclusion of SMEs in Pakistan, says a press release.

Founder & CEO, co-founder of the company and adviser on Artificial Intelligence to the Ministry of Human Resource & Emiratization of UAE, Founder BlockchainPunk Labs of Germany, co-founder & product design lead at company were in the delegation.

Rashida Bajwa, assistant director (ME-I), Ministry of Foreign Affairs of Pakistan accompanied the delegation.Speaking at the occasion, Ahsan Zafar Bakhtawari, president, ICCI welcomed the UAE delegation and assured them of full support in rolling out the blockchain powered financial inclusion for SMEs in Pakistan. He lauded the efforts of UAE company for revolutionising invoice financing by enabling financial inclusion of SMEs and informal businesses. He said that the financial inclusion of SME is very important to accelerate the economic growth in Pakistan. He said that SMEs get only around 6 per cent credit of the total private sector credit in Pakistan, which is less than 1 per cent of GDP and is a major hurdle in their growth and stressed that the government should increase credit to SMEs to at least 20 per cent that would boost business activities and put Pakistan on the path of sustainable growth.

Speaking at the occasion, the founder & CEO, co-founder of the company said that they are keen to create sustainable financial inclusion opportunities in the Pakistan market. They gave a detailed briefing to the business community about all the aspects of the world’s first blockchain-powered invoice management and financing solution that enables invoice automation.