Karachi
– 12 January 2021: JazzCash, Pakistan's
leading digital payments platform, and KASB Securities, the country’s leading
brokerage firm, have signed a Memorandum of Understanding to promote retail
investment by easing access to investment products and stock market trading. The
MoU was signed by Erwan Gelebart, CEO, JazzCash and Ali Farid Khwaja, Chairman,
KASB Securities during a ceremony at the Pakistan Stock Exchange (PSX) today.
As per
the MoU, KASB Securities will assist JazzCash in offering its customers
investment access to stocks, exchange traded funds, gold, government bonds and
mutual funds. JazzCash will also work towards integrating KASB Securities’
popular investment application, KTrade, and KASB Varsity, a financial education
platform. These new services will be available to JazzCash customers through
its app in the second quarter of this year.
This
unique collaboration aims to increase financial inclusion and the retail
investor base, as currently less than 0.1% of the population has invested in
stocks and mutual funds with very limited access to investment products and
financial education.
Speaking
about the initiative, Erwan Gelebart, CEO, JazzCash said, “With more than 12
million monthly active users, JazzCash has played a pivotal role in providing
safe, reliable and convenient financial services to the masses. By leveraging
our technology and a customer-centric approach coupled with KASB Securities’
market expertise, now we are aiming to enable millions of people to start
trading to help foster a culture of investment in Pakistan.”
According
to Ali Farid Khwaja, Chairman, KASB Securities, “At KASB, our mission is to
bring the best investment products, market access and information to the
citizens. Until now this access has been limited to only large institutions and
high net worth investors. We think our partnership with JazzCash will deepen
financial penetration and help Pakistanis make better financial decisions. We
believe this is a major milestone for the country’s capital markets’
development.”
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