MCB-Arif Habib Savings and Investments Limited (MCB-AH) signed an agreement with 1LINK (Guarantee) Limited (1LINK) which will result in MCB-AH joining the PayPak scheme as an Affiliate Member.
MCB-AH is the first PayPak Affiliate member and the first ever Non-Banking Finance Company to obtain membership of 1LINK’s PayPak Scheme in Pakistan. MCB-AH will be able to introduce the first ever proprietary card by any Asset Management Company in Pakistan due to this agreement.
PayPak is a local payment scheme that permits banks to promote Financial Inclusion. With State Bank of Pakistan Vision 2020, 1LINK launched Pakistan’s First Domestic Payment Scheme “PayPak” aimed at providing efficient, cost-effective, robust and ubiquitous payments solutions.
MCB-AH to issue debit cards to its customers, offering the convenience and quick access to their funds. This new card service will increase the range of facilities it offers to the customers by pushing the boundaries of technical excellence in the Asset Management Industry in Pakistan.
Mr. Muhammad Saqib Saleem, CEO, MCB-AH claimed ‘In the era, we stand today, the world has become entirely digitalized and to stay competitive, we must offer the best solutions to our customers. We are proud to be the pioneers in innovation and through our collaboration with 1LINK that our customers will appreciate the convenience that it will offer.”
Mr. Najeeb Agrawalla, CEO 1LINK stated that cooperation of MCB-AH with 1LINK is an ideal alliance and opens the door for the launch of the PayPak affiliate initiative. Therefore, millions of Pakistanis will be able to enjoy scheme related benefits as customers of any corporate entity, apart from banks. Consequently, the end consumers will be able to reap maximum benefits and allow our affiliate partner to offer best in class digital banking services to its customer base.