An agreement was signed between MCB-Arif Habib savings and investment limited and Covalent Pvt Limited, a joint venture of TPS and Access Group. The purpose was to provide customers a 1Link enabled PayPak debit cards for Mutual Funds. This will be first of its kind in Pakistan. This recent development will allow the mutual fund investors of MCB-AH to withdraw cash and carry out transactions like the regular debit card. Only 1Link approved ATM’s would be used for cash withdrawal.
‘Ease and convince was the ultimate objective of this initiative and this joint effort with Covalent and 1LINK will serve as the breakthrough into new business dynamics’, said by Mr. Saqib Saleem, the chief executive officer (CEO), MCB-AH on the occasion.
The view was also shared by Mr. Imran Qureshi CEO of Covalent. He said, ‘this collaboration is the first ever initiated in Pakistan and this liquidity facility put in place with the joint effort from MCB-AH will improve the transaction cycle making it more efficient and fast. The Mutual Funds can be accessed by investors, whenever they need it’.
Most of the Tech savvy Pakistani’s are youngsters and the overall segment of youth that makes up sixty percent of the population would have access to Mutual Funds services online. This agreement would also bring the industry and new generation closer in terms of value-added services, according to Director Covalent, Mr. Shahzad Shahid.