MCB-Arif Habib Savings and Investments has partnered with Covalent, a joint venture between Access Group and TPS, to introduce a mutual fund with 1LINK-enabled PayPak Debit Card in Pakistan.

The new product is intended to allow MCB-AH Investors to withdraw cash from any ATM enabled with 1LINK.

PayPak is similar to any other debit card in the country that can be used for transactions at merchants.

Under the agreement, Covalent will be responsible for delivering a white labelled digital payments platform.

MCB-Arif Habib CEO Saqib Saleem said: “With the collaboration with Covalent and support of 1LINK we are pleased to bring this service that will change the transactional dynamics and most importantly bring ease and convenience to our customers.”

Covalent director Shahzad Shahid said: “With 60% Pakistani population under the age of 30, most of whom are tech savvy, the mutual fund industry must aim to deliver product and services digitally.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Signing up with Covalent is the first step towards providing those value added services like debit transaction facility which will bring us closer to our younger generation of investors.”