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Friday, November 29, 2024

Home Business Engro Fertilizers, MCB introduce first Electronic Bank

Engro Fertilizers, MCB introduce first Electronic Bank

by News desk
September 11, 2020
in Business

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Staff Reporte

Lahore

Engro Fertilizers Ltd and MCB Bank Ltd have partnered to accelerate digitization of financial products and developed Pakistan’s first-ever solution to electronically manage bank guarantees. With businesses adopting virtual operations and enforcing minimal physical interaction in the wake of covid-19, Engro Fertilizers Ltd engaged MCB Bank Ltd, one of the leading Banks in the country, to develop an electronic bank guarantee management solution that will promote digitalization and enhanced corporate service delivery. The Bank, in consultation with Mohsin Tayebaly and Co, managed legal and regulatory concerns to provide a SWIFT-based mechanism to Engro Fertilizers Ltd at nominal cost and minimal impact to business operations.