MCB-AH Savings, 1Link sign deal

KARACHI: 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, a statement said on Wednesday.

This is the first such agreement in Pakistan and 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, it added.

This agreement will also result in MCB-AH being able to introduce the first-ever proprietary card by any asset management company in Pakistan. PayPak is a domestic payment scheme that allows banks to promote financial inclusion.

In line with the 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, it added.