SBP directs banks to establish SCF function, offer digital solutions

MG News | June 11, 2024 at 11:05 AM GMT+05:00

0:00

June 11, 2024 (MLN): Recognizing the importance of Digital Supply Chain Finance (DSCF) in increasing SMEs' access to finance as well as digitization of retail payments, the State Bank of Pakistan (SBP) has directed banks to create a SCF function having requisite resources for developing and offering the DSCF products to their customers.

Moreover, banks are further asked to develop and offer a digital solution for SCF within 6 months of issuance of this Circular.

For this purpose, the banks shall either develop their own digital solutions or partner with any Fintech, Service Providers to provide digital SCF.

Additionally, the central bank has mandated commercial banks to develop a strategy for building the bank's capacity in SCF and DSCF and share the same with SBP within 3 months of issuance of this Circular.

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