National Institution Facilitation Technologies (NIFT) recently signed a partnership agreement with HashMove (a multi-modal global logistics network) to promote the Global Commodity Trading & Multi-Model Logistics Platform payment solution.
The aim of this arrangement is to enter into a strategic partnership allowing hundreds and thousands of producers, traders, importers and exporters within Pakistan and the GCC to provide real-time commodity trading and logistics services.
Connectivity of HashMove’s digital logistics and commodity platform with NIFT will make it easier for companies, businesses, customers of HashMove’s logistics platform, such as importers of freight forwarders, customers of ground transportation and customers of warehousing companies, to trade and cargo services for the sea, air and land as well as commodity trading through digital media.
This is the first time any company in Pakistan, without any human interference, can have digital payment and settlement solutions for end-to-end commodity trading. This relationship would also remove the risk of any intermediary and create an atmosphere where consumers, sellers, and suppliers of these trades can have an immediate and digital payment settlement without any delay.
The joint solution will connect HashMove’s logistics network to all the banks in Pakistan and provide their settlement services digitally upon successful completion of the transaction. Similarly, for the entire track of their payments to the valued suppliers within Pakistan, the foreign buyers and regulators would have peace of mind.
Speaking on the occasion, Mr. Haider Wahab, CEO of NIFT said: “NIFT is proud to facilitate an initiative aimed at fully digitizing trade in commodities from Pakistan to the rest of the world. It is exciting to imagine the profound effect of this project on Pakistan’s trade and exports.”
“NIFT ePay will facilitate payments from local trade accounts and will provide full support for the implementation of this project, as we believe that this will greatly facilitate the growth of Pakistan’s domestic commodity exports and make it easy to do business,” he added.