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.
“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.”