MCB-Arif Habib Savings and Investments Limited (MCB-AH) has signed an agreement with Covalent Pvt Limited, an Access Group and TPS joint venture to launch Pakistan's first mutual fund with 1LINK enabled PayPak debit card. This technology partnership will enable MCB-AH investors to withdraw cash from any 1LINK enabled ATM and perform transactions at merchants just like a regular debit card in Pakistan.
Speaking on the occasion, Saqib Saleem, CEO MCB-AH said this is a ground-breaking innovation for the mutual funds industry of Pakistan. 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, he added. Sharing the inspiration at the signing ceremony, Imran Qureshi, CEO Covalent said that Covalent collaboration with MCB-Arif Habib Savings and Investments Limited is the first of its kind in the mutual fund industry of Pakistan.
"We are enormously proud that the liquidity paradigm for mutual funds investors will be redefined, where cash withdrawals and purchase will be instant. Investors can now be assured that their savings are available to them as and when they need funds", he added.
Also on this occasion Shahzad Shahid, Director Covalent said that with 60 percent 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.
He further said that 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.
It may be mentioned here that Covalent is the first local collaboration on the Cloud, formed with the objective of leading the way towards digital transformation of banks in the most cost effective and efficient way. While, MCB-Arif Habib Savings and Investments Limited (MCB-AH) is a strategic merger between two leading Asset Management companies of the country, created in June 2011 when sponsors of MCB Asset Management Company Limited and Arif Habib Investment Limited decided to join hands.
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