National Institution Facilitation Technologies (NIFT) recently signed an understanding for collaboration with HashMove (a global multi-modal logistics platform) to facilitate the payment solution for Global Commodities Trading & Multi-Model Logistics Platform.
The purpose of this arrangement is to enter into a strategic partnership, enabling the real-time commodities trading and logistics services offered by hundreds and thousands of suppliers, traders, importers, and exporters within Pakistan and GCC.
The connectivity of HashMove digital platform for logistics and commodities with NIFT will facilitate the trading and cargo service for the sea, air, and land, as well as commodities trading via digital mediums allowing corporates, businesses, customers of HashMove logistic platform such as importers of freight forwarders, customers of ground transportation, and customers of warehousing companies within Pakistan.
This is the first time any company in Pakistan will be providing digital payment and settlement solutions for end-to-end commodities trading without any human intervention. This collaboration will further eliminate the risk of any middleman and create an ecosystem where the buyers, traders, and suppliers of these tradings can have an instant and digital payment settlement without any delays.
The joint solution will connect the logistics platform of HashMove with all the banks in Pakistan and digitally provide their settlement services upon the successful completion of the trade. Similarly, the international buyers and regulators will have peace of mind for a complete track of their payments to the respected suppliers within Pakistan.
Speaking on the occasion, CEO of NIFT, Mr. Haider Wahab, said: “NIFT is proud to be facilitating an initiative designed to completely digitize the trade of commodities from Pakistan to the rest of the world. It is amazing to envision the profound impact of this project on trade and exports of Pakistan.
“NIFT ePay will facilitate payments from local accounts for the trade and will provide complete support in the execution of this project as we believe this will immensely facilitate the growth in exports of domestic commodities of Pakistan and in-line with ease of doing business,” he added.
Sarfaraz Alam, CEO HashMove, stated; ” The future success of Pakistan’s economy lies in the fundamental of out of the box and new ways to approach and conduct business with the world. Instant Trade and Instant Payments is the new order of the world and Pakistani suppliers are required to be adopting this new phenomenon sooner or later.”
“At HashMove, our mission is to grow the export of Pakistan by connecting all the services around commodities trading and logistics digitally. We’re grateful to NIFT who understand the importance of becoming a pillar of this approach and joined hands with us to facilitate all kinds of payment solutions with our platform for the commodities and logistics suppliers, traders, business houses, importers, and exporters in Pakistan and GCC,” he added.