In order to digitize Haier Pakistan’s value chain and maximize their cashflows, Standard Chartered Pakistan and Haier Pakistan have formed a strategic cooperation. For its 1300 dealers, Standard Chartered will replace Haier Pakistan’s paper-based payment system with a virtual account solution, allowing them to make payments electronically in real-time, 24/7. Additionally, the Bank offers Haier Pakistan an API-based service for real-time collection notifications, enabling them to promptly transfer goods and appliances to their dealers and give them early payment incentives. Standard Chartered Pakistan’s Head of Global Subsidiaries, Ali Haider Zaidi, and Head of Transaction Banking, Shiraz Hyder, were in attendance at the signing event. Haier Pakistan’s Mohammad Faraz Khan, Director of Finance, Zhang Hao, Chief Financial Officer, and Chief Executive Officer Feng Xianfa attended the event. Standard Chartered Pakistan’s Arslan Nayeem, Head of Client Coverage for Corporate, Commercial, and Institutional Banking (CCIB), stated: “We are dedicated to collaborating closely with our customers to elevate industry standards and give them more leverage as we bank the business models of the future. As we keep making investments in our digital platforms to work with customers like Haier Pakistan and provide them astute digital solutions to address issues in real time, we fulfill our worldwide pledge. Haier Pakistan’s CEO, Mr. Feng Xianfa, thanked Standard Chartered Pakistan for their assistance and for providing Haier Pakistan with a top-notch digital banking platform, top-notch products, and top-notch customer support. Haier Pakistan is now able to rapidly realize their receivables thanks to this ‘Virtual Account for Collection’ (VAC) solution combined with Credit notification API for real-time reconciliation. Haier Pakistan will be able to maximize its financial resources and create higher efficiencies with the use of this digital receivables solution.
