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KARACHI: YPay, a convenient and digital platform for enabling customers to invest digitally into asset management portfolios (mutual funds), has entered into an agreement with National Institutional Facilitation Technologies (NIFT), one of the largest payment processors in Pakistan for enabling digital payments (mobile/electronic commerce payments) through NIFT’s DFS platform under the brand name “NIFT ePay”. The collaboration will enable the customers to use NIFT ePay services for investing into asset management portfolio using YPay’s digital platform.

Both the organizations have focused to promote digital transactions in the recent past. NIFT ePay has established an interoperable and secure digital commerce payments gateway which works with any bank account or wallet in Pakistan and YPay has successfully acquired its approval from Securities and Exchange Commission of Pakistan through their Regulatory Sandbox to operate as an independent online mutual funds distributor in the country. This provides an opportunity to both these organizations to digitize a unique use case and removing manual processes for an investor.

The agreement was signed by Haider Wahab, CEO NIFT and Sarfraz Shahid Hussain, Co-Founder and CEO –YPay Financial Services (Pvt Ltd) at the head office of National Institutional Facilitation Technologies in Karachi.

Haider Wahab CEO NIFT said, “YPay is another unique use case being enabled with NIFT’s ePayment Gateway and we are very excited to enable these different use cases. NIFT will always focus to partner for unique and innovative ideas which will uplift the digital transformation in Pakistan. We believe that these young entrepreneurs and startups have a lot of potential and will be instrumental in bringing change and NIFT will continue to support these promising entities.”

Speaking on the occasion, Sarfraz Shahid Hussain, Co-Founder and CEO YPay Financial Services (Pvt Ltd) said, “NIFT’s ePayment Gateway will play an instrumental role in easing the investments in the mutual funds. With the help if NIFT’s ePayment Gateway, YPay, for the first time in Pakistan, is enabling 1-tap investments into the mutual funds from their bank accounts. We look forward to working with NIFT and their bright vision for the country.”—PR

Copyright Business Recorder, 2021

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