Bank of Khyber and Fauree (Saudi company) signed an MOU to support businesses in Pakistan through a Supply Chain Finance platform.
Peshawar: In a significant move towards promoting SME financing and economic development in Pakistan, the Bank of Khyber (BOK) has joined hands with Fauree Tech Pvt Ltd to establish a collaboration through a supply chain financing agreement. The Memorandum of Understanding (MOU) was signed in a small ceremony held at the BOK Head Office in Peshawar. BOK was represented by Mr. Muhammad Ali Gulfaraz, MD & CEO, Mr. Sher Muhammad, Group Head of Conventional Banking, Mr. Nahman Qayum, Head of Corporate and Commercial Lending, and other senior executives of the bank. Fauree, on the other hand, was represented by Dr. Saleh Alamr, the Group CEO of Jawa Investments (based in Saudi Arabia) and Co-founder/Board Member of Fauree, via a video conference from Saudi Arabia. Additionally, Mr. Nadeem Hussain, a Board Member, and Mr. Azhar Tasadduq, Co-Founder & CEO, along with their team members Mr. Moiz Mehta and Mr. Sohaib Dar, were present on the occasion.
Fauree, a renowned technology firm with a strong presence in the Middle East, Pakistan, and Africa has been successfully providing cutting-edge solutions across various industries. With its extensive reach and expertise, Fauree is uniquely positioned to contribute to the growth and development of SMEs in Pakistan through this collaboration.
Dr. Saleh Alamr, Group CEO of Jawa Investments and Co-founder/Board Member of Fauree, a prominent Saudi professional, expressed his enthusiasm for the newly formed partnership between Bank of Khyber and Fauree. He stated, “The collaboration between these two esteemed organizations marks a significant milestone, and we consider it a great honor. We are confident that both organizations will reap the benefits of this collaboration. As digital transformation is a key pillar of Saudi Arabia's Vision 2030, we are excited to deepen our relationship with Pakistan and contribute to its progress”.
Expressing his delight at the partnership, Mr. Muhammad Ali Gulfaraz, MD/CEO BOK, stated, "We are thrilled to announce our recent collaboration with Fauree Tech Pvt Ltd, aimed at facilitating SMEs. Aligned with our vision, we are consistently striving to become the most innovative and business-centric bank in Pakistan. In due time, we will unveil more such partnerships, expanding our horizons to provide ease and convenience to our valued customers. At BOK, we are committed to delivering premium value-added services and financial solutions."
Bank of Khyber's supply chain finance platform is set to play a pivotal role in bolstering SMEs and making a substantial contribution to the nation's economy. This platform will serve as a catalyst by offering SMEs access to vital working capital, promoting financial inclusivity, strengthening supply chains, mitigating risks, and fostering sustainable economic growth. By empowering SMEs to flourish and drive overall economic development, the Bank of Khyber reaffirms its unwavering commitment to supporting entrepreneurship and cultivating a resilient and inclusive economy in Khyber Pakhtunkhwa and beyond.
About FAUREE:
Fauree is a leading provider of supply chain finance and working capital solutions for companies around the world. The company offers a range of financial solutions, including Payables and receivables finance, to help businesses optimize their working capital and improve cash flow.
Fauree’s technology-driven approach to supply chain finance enables businesses to automate and streamline their financial operations, reducing costs and improving efficiency. The company's cloud-based platform offers a user-friendly interface, real-time reporting, and customizable workflows to meet the unique needs of each client.
Fauree has a presence in UAE, Pakistan, KSA & Oman and serves clients in a range of industries, including Manufacturing, Hospitality, Food & Beverages and Financial Industries. The company’s shareholders and core team have a strong track record of delivering innovative solutions and exceptional customer service, earning recognition from industry experts and winning numerous awards.
Overall, Fauree is a trusted partner for businesses looking to optimize their working capital and streamline their financial operations. With its advanced technology and hands on experience team. Fauree is well-positioned to continue driving innovation and delivering value to its clients in the years ahead.
About Bank of Khyber:
Bank of Khyber, a banking company established under the Bank of Khyber Act passed by the Provincial Legislative Assembly duly incorporated under the laws of the Islamic Republic of Pakistan, having its registered office at 24- The Mall, Peshawar Cantt, Khyber Pakhtunkhwa, Islamic Republic of Pakistan.
The Bank enjoys a unique position, stands out amidst other banks operating within Pakistan, and has the privilege of being bracketed among the only six government banks in the country. The bank has long been associated with business and commercial circles and has been actively engaged in catering to the financial needs of all sectors. It has successfully been involved in extending funded and non-funded facilities to its customers for various business needs. Today, BOK is an “A-1” rated commercial bank, operating across the country with a network of 240+ branches/Sub branches and still expanding. The provincial government is the major stakeholder and during our 25+ years of history, the Bank has always played a vital role in the development of Khyber