Standard Chartered partners with Gatronova for cash management

KARACHI: Standard Chartered Pakistan has officially been awarded the cash management and supplier financing mandate by Gatronova, following the signing of a memorandum of understanding (MoU) at Gatronova’s head office.

This strategic partnership allows Standard Chartered to provide Gatronova’s distributors and customers with the ability to transact digitally around the clock through nearly 30 banks. The agreement aims to enhance Gatronova’s operational and cost efficiencies by streamlining its financial processes. It will enable the company to unify its operating accounts; match receipts with invoices; and easily reconcile collections across various product lines without the need for multiple physical accounts.

The partnership also opens avenues for Standard Chartered to cross-sell additional services, including supplier finance, financial markets, foreign exchange, corporate finance, sustainable finance, Islamic banking and trade. The supplier financing solution will allow Gatronova to offer early payments for approved invoices to their suppliers without requiring collateral, empowering them to focus on growth, innovation and long-term sustainability. This initiative is expected to improve Gatronova’s cash flows, strengthen relationships with suppliers, and fulfil its corporate social responsibility objectives.

The agreement was signed by Head of Client Coverage at CIB Pakistan Arslan Nayeem and Chairman of Gatronova Abdul Razak Diwan.

In his remarks, Arslan Nayeem expressed enthusiasm for the partnership, stating, “We are pleased to undertake this important cash management and supplier financing mandate, which highlights our dedication to providing cutting-edge digital financial solutions tailored to our clients’ needs.”Abdul Razak Diwan echoed these sentiments, noting, “We are confident that this partnership will streamline our operations and create lasting value for our stakeholders.”