Pakistan Mercantile Exchange (PMEX), country’s first and only multi-commodity futures exchange, signed an agreement with Cloudasset on December 16, 2019. Under this agreement, Cloudasset will provide a unified digital transaction service platform to PMEX. This platform will be based on cloud native technologies that will seamlessly integrate all forms of financial systems, methods and tools to rapidly enable digital payments initiation and acceptance services.
Mr. Ejaz Ali Shah, Managing Director of PMEX, speaking on the occasion said, “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.”
Commenting on the occasion, Mr. Hasan Malik, CEO Cloudasset, said, “We are proud to work with the Pakistan Mercantile Exchange to digitize their global payments and the flow of funds. P3 global platform will provide real time payments with international fulfillment 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 payment processing.”