Promoting Financial Inclusion: UAE Company InvoiceMate Presents Blockchain-Powered Invoice Management System in Pakistan
A group of representatives from UAE-based company InvoiceMate visited the Islamabad Chamber of Commerce & Industry (ICCI) to introduce their blockchain-based invoice management system.
Their goal is to promote financial inclusion among small and medium-sized enterprises (SMEs) in Pakistan.
The delegation included the company’s Founder & CEO, co-founder, and an adviser on Artificial Intelligence to the Ministry of Human Resource & Emiratization of UAE, as well as the founder of BlockchainPunk Labs in Germany and the company’s co-founder and product design lead. An assistant director from the Ministry of Foreign Affairs of Pakistan also accompanied the delegation.
During the visit, Ahsan Zafar Bakhtawari, president of ICCI, welcomed the UAE delegation and pledged his support for their blockchain-powered financial inclusion initiative for SMEs in Pakistan.
He praised the company’s efforts to revolutionize invoice financing and enable financial inclusion for SMEs and informal businesses. He also emphasized the importance of financial inclusion for SMEs in accelerating economic growth in Pakistan.
Currently, SMEs only receive around 6% of total private sector credit in Pakistan, which is less than 1% of GDP, and this hinders their growth.
Bakhtawari stressed that the government should increase credit to SMEs to at least 20% to boost business activities and put Pakistan on the path of sustainable growth.
The founder & CEO and co-founder of InvoiceMate spoke about their commitment to creating sustainable financial inclusion opportunities in Pakistan.
They provided a detailed explanation of their blockchain-powered invoice management and financing solution, which enables invoice automation and is the world’s first of its kind.