Pakistan Mercantile Exchange (PMEX) signs with HashMove® to revolutionize the commodity exchange industry

Pakistan Mercantile Exchange (PMEX), country’s first and only multi-commodity futures exchange, signed a Memorandum of Understanding (MoU) with HashMove® on April 12, 2019, the smart multimodal logistics marketplace, for cooperation in developing a digital multimodal logistics platform connecting buyers and sellers of commodity futures virtually anywhere around the globe.

At present, the Exchange is actively working towards developing an ecommerce platform namely Global Trading Platform (GTP) that will show case local commodities of the country to the global market by offering an end-to-end one-window solution. The platform will enable the foreign buyers to purchase agricultural as well as non-agricultural commodities with convenience and confidence of quality assurance as per international standards. The GTP will cover: trading, storage, packaging, transport and export of the commodities with accessibility as convenient as a click of a button.

Mr. Ejaz Ali Shah, Managing Director of PMEX, speaking on the occasion said, “We are delighted to collaborate with HashMove® for exploring the possibility of handling the logistic arm of our upcoming Global Trading Platform (GTP). The Global Trading Platform would enable international buyers to purchase quality assured local commodities conveniently and have them delivered to a port of their choice. By removing the middlemen in the process, the platform would be able to offer a better price to both, buyers and sellers. Convenience and reliability being the key in the success of this initiative, joining hands with HashMove® would hopefully further enrich the product and go a long way in achieving these objectives.”

Commenting on the occasion of MoU signing, Mr. Sarfaraz Alam, CEO & Co-Founder of HashMove®, said, “It is indeed an honor & privilege for HashMove® that a technology-driven mercantile exchange of a country finds significant value in our smart logistics platform to provide complete end-to-end, multimodal and fully-tracked logistics fulfillment to their buyers worldwide. The HashMove® platform will play a pivotal role in Pakistan Mercantile Exchange’s overall vision to become a fully digitalized commodity exchange in the region where they would offer a seamless and frictionless buying and logistics experience to their consumers, intending to buy any commodities directly from the suppliers within Pakistan. Once our integration completes, Pakistan Mercantile Exchange will be the first Exchange in the South Asian & Middle Eastern region that has the ability to provide a unique opportunity to their buyers to search and book their shipment instantly, without the need of any middle man, along with complete visibility of pricing, scheduling and tracking of the same shipment right from the place of purchase till their warehouses.”

PMEX Continues on its Growth Path in First Half of FY19

Pakistan Mercantile Exchange Limited (PMEX), the country’s only multi-commodity futures exchange, reported record financial performance for the first half of FY19 since commencement of operations in 2007.

The Exchange earned profit after tax of PKR 38.817 million for the first half of FY19 as compared to PKR 12.342 million for the corresponding period of FY18, posting an increase of 214.5 percent. The operating income of the Exchange grew to PKR 171.391 million from PKR 118.732 million during the period under review, posting an increase of 44.35 percent.

The increased profitability can primarily be attributed to growth in trading volume, which grew to PKR 1,577.09 billion in the first half of current financial year from PKR 639.46 billion for the same period last year, posting an increase of 146.63 percent. The exponential growth in trading volume was the accumulative result of expansion of product suite, induction of new members and liquidity providers and introduction of world renowned trading terminal – MetaTrader 5.

Commenting on the financial performance, Mr. Ejaz Ali Shah, Managing Director PMEX, said, “We are delighted to report an outstanding performance in the first half of FY19. The results indicate that the positive trend from FY18 is continuing. We have become more focused and committed to creating a robust, transparent and efficient futures market in the country by capitalizing on our outreach, diversifying product suite and providing a state-of-the-art technology platform. We are thankful to Securities & Exchange Commission of Pakistan (SECP) and Board of Directors of PMEX for their support and guidance.”