Islamabad: Pakistan’s leading microfinance institution, Mobilink Microfinance Bank Ltd. (MMBL) and MateSol, a blockchain-based invoice verification platform with a global footprint, have signed a Memorandum of Understanding (MoU) to offer better access to invoice financing for Micro Small and Medium-sized Enterprises (SMEs). 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 world’s first-ever invoice management system on the blockchain, is the flagship product of MateSol.
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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.
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.
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Speaking on the occasion, Sardar Mohammad Abubakr, Chief Operating Officer (COO) MMBL said: “Our collaboration with MateSol is set to revolutionize the financial landscape for MSMEs through digitized processes. We understand the challenges faced by these enterprises in obtaining financing, especially in today’s uncertain economic climate. By leveraging our combined expertise, we aim to facilitate the growth and success of these businesses and ultimately contribute to the development of the wider economy through digital financial inclusion.”
Also sharing his thoughts, Mr. Muhammad Salman Anjum, CEO Matesol said: “We 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, we provide smart invoice financing that is quick, secure, and viable for customers and banks, and with our collaboration with MMBL, this will be taken a step ahead.”
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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.
