Karachi – Analysis Snipers 12 January 2021: JazzCash, Pakistan’s main digital funds platform, and KASB Securities, the nation’s main brokerage agency, have signed a Memorandum of Understanding to advertise retail funding by easing entry to funding merchandise and inventory market buying and selling. The MoU was signed by Erwan Gelebart, CEO, JazzCash and Ali Farid Khwaja, Chairman, KASB Securities throughout a ceremony on the Pakistan Inventory Alternate (PSX) at present.
As per the MoU, KASB Securities will help JazzCash in providing its buyer’s funding entry to shares, exchange-traded funds, gold, authorities bonds and mutual funds. JazzCash may also work in direction of integrating KASB Securities’ well-liked funding software, KTrade, and KASB Varsity, a monetary training platform. These new providers shall be obtainable to JazzCash clients via its app within the second quarter of this yr.
This distinctive collaboration goals to extend monetary inclusion and the retail investor base, as at the moment lower than 0.1% of the inhabitants has invested in shares and mutual funds with very restricted entry to funding merchandise and monetary training.
Talking concerning the initiative, Erwan Gelebart, CEO, JazzCash stated, “With greater than 12 million month-to-month energetic customers, JazzCash has performed a pivotal position in offering secure, dependable and handy monetary providers to the plenty. By leveraging our expertise and a customer-centric method coupled with KASB Securities’ market experience, now we’re aiming to allow thousands and thousands of individuals to start out buying and selling to assist foster a tradition of funding in Pakistan.”
Based on Ali Farid Khwaja, Chairman, KASB Securities, “At KASB, our mission is to carry the perfect funding merchandise, market entry and knowledge to the residents. Till now this entry has been restricted to solely massive establishments and excessive web price buyers. We expect our partnership with JazzCash will deepen monetary penetration and assist Pakistanis make higher monetary choices. We imagine this can be a main milestone for the nation’s capital markets’ growth.”
JazzCash is Pakistan’s main digital funds platform with greater than 12 million energetic cell account customers and over 80,000 stores throughout the nation. JazzCash affords a broad portfolio of branchless banking providers for patrons together with journey, ticketing, leisure, cash switch, invoice funds, debit card, insurance coverage, financial savings, and funds for quite a lot of providers.
About KASB: KASB’s platform KTrade is the most well-liked funding app in Pakistan with over 100,000 registered customers. KASB’s mission is to democratise investments and remodeling folks’s lives by serving to them make higher monetary choices. KASB is regulated as a buying and selling rights holder of Pakistan Inventory Alternate and a member of Pakistan Mercantile Alternate. KASB purchasers embody main international funds, banks, asset managers, insurance coverage and retail buyers. Its purpose is to attach capital with development corporations in Pakistan.