Cloudasset, Helsinki based Fintech company, has signed a 3-year agreement with Pakistan Mercantile Exchange (PMEX) on December 16, 2019, to digitise their Global Payments and fund flows for Domestic and International customers. Under the agreement, Cloudasset’s P3 global platform will provide real time payments with international fulfilment and settlement making transactions carried out at the exchange and its partners faster than ever before. P3 provides PMEX enhanced control over costs with complex orchestration of payment flows extending their reach to new markets, international exchanges as well as domestic trade transactions.
PMEX is Pakistan’s first and only multi-commodity futures exchange with recorded trading volume for financial year 2019 at PKR 2.912 trillion (16,7 billion euros). PMEX started its operations in 2007 and offers a diverse range of domestic and international products across multiple asset classes, including gold, silver and crude oil.
Mr. Ejaz Ali Shah, Managing Director of PMEX, commented on the partnership: “We are delighted to collaborate with Cloudasset for digitising all aspects of payments at the Exchange. This will help our market participants to settle transactions in real-time and track credit and debit flows with end-to-end transparency and convenience domestically and internationally. We are confident that this initiative will boost the confidence of the market participants to invest, trade and hedge in futures commodities at a regulated platform.”
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