The State Bank of Pakistan, Tuesday, instructed banks to develop and implement digital solutions for supply chain finance within six months to leverage the technology for increasing the SMEs’ access to finance and digitizing retail payments.
In view of the critical importance of Digital Supply Chain Finance (DSCF), the central bank’s SME, Housing and Sustainable Finance Department, through a circular, instructed banks to develop and build their capacity in the DSCF and take measures for promoting DSCF on priority.
The circular requires banks to establish effective Supply Chain Finance (SCF) function having suitably trained HR and systems to develop and offer digital SCF products to the SMEs, said a statement issued here.
The banks have been advised to either develop their own digital solutions for SCF or partner with any Fintech or service providers for providing digital SCF.
The SBP hoped that DSCF solutions would not only increase access of SMEs to finance but also improve operational efficiency, reduce costs, and strengthen risk management practices.
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