Karachi, January 15, 2024 – Standard Chartered Pakistan and Haier Pakistan have entered into a strategic partnership aimed at the digitization of Haier’s value-chain and the optimization of their cashflows.
The recent agreement signifies a commitment to modernize financial processes, enhance efficiency, and embrace digital solutions to meet the evolving needs of businesses in the contemporary landscape.
Under the collaboration, Standard Chartered will spearhead the transformation of Haier Pakistan’s traditional paper-based payment systems into a cutting-edge virtual account solution tailored for their network of 1300 dealers. This initiative will empower dealers to conduct real-time transactions, providing the flexibility to make payments digitally around the clock. In addition to this, the bank is set to introduce an Application Programming Interface (API)-based service for real-time collection notifications. This feature will facilitate the swift release of appliances and goods to Haier’s dealers, enabling them to promptly receive incentives for early payments.
Present at the signing ceremony were Shiraz Hyder, Head of Transaction Banking, and Ali Haider Zaidi, Head of Global Subsidiaries from Standard Chartered Pakistan. Representing Haier Pakistan were Feng Xianfa, Chief Executive Officer, Zhang Hao, Chief Financial Officer, and Mohammad Faraz Khan, Director Finance.
Arslan Nayeem, Head of Client Coverage – Corporate Commercial and Institutional Banking (CCIB) for Standard Chartered Pakistan, expressed the bank’s commitment to elevating industry standards and empowering clients in line with their strategic objectives. “We are dedicated to collaborating closely with our clients, such as Haier Pakistan, to deliver innovative digital solutions that address real-time challenges. Through investments in our digital platforms, we aim to support business models of the future and uphold our global commitment to be ‘Here for Good.'”
Feng Xianfa, Chief Executive Officer of Haier Pakistan, conveyed gratitude to Standard Chartered Pakistan for their support and for providing Haier Pakistan with an outstanding digital banking platform, world-class solutions, and exceptional customer service. He highlighted the significance of the ‘Virtual Account for Collection’ (VAC) solution and the Credit Notification API in optimizing financial resources and achieving greater operational efficiencies for Haier Pakistan.
“With this digital receivables solution, Haier Pakistan can now instantly realize their receivables, paving the way for streamlined financial processes. The partnership with Standard Chartered underscores our commitment to embracing digital transformation to stay ahead in a rapidly evolving business landscape,” stated Mr. Feng Xianfa.
The strategic collaboration between Standard Chartered and Haier Pakistan signifies a noteworthy step towards embracing the digital era in the financial realm, driving efficiency, and fostering innovation within the business processes of one of Pakistan’s leading electronic appliances manufacturers.
