KARACHI: Haball, the B2B Islamic fintech, in partnership with Meezan Bank, launched its digital lending platform – “Wisaaq” on Wednesday.
In a first phase, the 550 distributors of Coca-Cola Beverages could finance their inventory via the Meezan bank while using the Wisaaq platform of the fintech.
This was stated at an event called “Cashless Supply Chain”, organized by Haball and Meezan Bank here at a local hotel.
“We are confident that Haball’s partnership with Coca-Cola Beverages Pakistan will help giant FMCG to increase its sales by 30-40%,” Haball CEO Omer Bin Ahsan told Business Recorder on the sidelines of the event.
He said Coca-Cola would be the first to use Haball’s financial services as some 22 entities currently use the digital platform for payments.
Speaking on the occasion, the Deputy Governor of the State Bank of Pakistan (SBP), Dr Inayat Hussain, said that most medium-sized businesses stay away from bank financing because they didn’t want to pay taxes.
He said Wisaaq covers the entire payment cycle, providing cross-selling opportunities to small and medium-sized enterprises (SMEs), adding that the fintech platform has the potential to cover the payment cycle of the entire the supply chain.
CFO of Coca-Cola Beverages Pakistan, Erdi Kursunoglu, said his company sees huge potential in Pakistan. He said the arrangement with Wisaaq would help boost the beverage company’s sales.
He said Coca-Cola Beverages Pakistan is a subsidiary of Coca-Cola Içecek, which is the second largest market behind Turkey and the 10th largest for Coca-Cola Global.
He said digital transformation will ultimately lead to business transformation.
“The biggest winner from cashless supply chain deals would be the treasury,” he added.
Meezan Bank Chairman and CEO Irfan Siddiqui said many distributors refrain from using conventional banking services for funding because it is not in line with their beliefs.
“The surveys conducted by the SBP clearly reveal that the market trend is towards Islamic banking,” he said.
Meezan Bank SEVP and General Manager-Commercial Banking Syed Tanveer Hussain said Haball is the country’s first digital finance platform.
He said SMEs in Pakistan mostly trade in cash as they have no papers.
In their presentation, Saqib Bashir and Ahsan Amjad pointed out that Haball reduced the entire fundraising process to 15 seconds.
They said that Haball is a scalable and instant funding system because the platform has real-time inventory data.
They also mentioned that the funding settlement will also be done through the fintech platform.
Copyright Business Recorder, 2022