Omnichannel service available on both web and mobile offers instant access to investments for over 220 million residents and non-residents.
UBL Fund Managers Limited (UBL), one of Pakistan’s largest mutual fund operators, has partnered with Codebase Technologies to launch an omnichannel, digital onboarding service for its mutual fund business.
The mobile and portal application developed by Codebase integrates with UBL Funds’ existing infrastructure, allowing new customers to open mutual fund accounts quickly and securely.
The service, which is available on both web and mobile, is the first of its kind in Pakistan and offers instant access to investments for over 220 million residents and non-residents.
Customers can complete the account opening and transaction process from their homes or workplaces.
The solution was built using Codebase Technologies’ Digibanc fintech platform and it fully complies with Pakistan’s regulatory requirements.
Yaser Qadri, Chief Executive Officer, UBL Fund Managers Limited, said: “Financial technology solutions are outpacing traditional methods of providing financial services and products; to maintain their market leadership, financial institutions must harness technology to provide customers with seamless onboarding and ease of use. Partnering with Codebase Technologies enables us to evolve and adapt at a fast pace, driving digital onboarding and empowering us to introduce new means of access for our customers.”
UBL ranks amongst Pakistan’s largest and leading mutual fund operators.
Codebase Technologies developed a dynamic mobile and portal application that integrates with UBL Funds’ existing infrastructure, facilitating a quick and secure way for new customers to open mutual fund accounts with omnichannel onboarding.
In 2020, Codebase Technologies partnered with a leading Islamic bank in Pakistan to launch the country’s first digital onboarding experience for Roshan accounts.
The Security and Exchange Commission of Pakistan (SECP) has facilitated investments and mutual funds institutions to digitize their products and services to uplift Pakistan’s financial services ecosystem and offer customers a new investment experience tailored to their needs.
Until a few months ago, customers looking to invest in mutual funds in Pakistan were required to meet a mutual fund company representative or physically visit a mutual fund company office or branch, inquire about a fund, fill out account opening and other forms physically and decide on their investment before submitting their application.
With UBL Funds’ innovative approach, customers can complete the entire process within a few minutes from their homes or workplaces.
The new service is also an opportunity for customers concerned about physical contact and public spaces in the wake of the COVID-19 pandemic to digitally invest in Mutual Funds.
Customers can digitally onboard for UBL Funds’ JhatPat E-Account, including both the Sahulat Account (basic, with transaction limits) and the Sarmayakari Account (unlimited, subject to KYC).
The recently launched omnichannel onboarding solution has been built using Codebase Technologies’ award-winning Digibanc fintech platform and features smart customer journey flows with in-built logic, smart eKYC flows, external and internal API integration, full API integration with UBL Funds’ existing app, CNIC scanning, video call scheduling as well as back-office management workflows for processing digital onboarding applications with exception flows and user management.
Currently, Codebase Technologies is one of only a few providers of digital onboarding solutions in Pakistan that fully comply with the Security and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) requirements.
Raheel Iqbal, Managing Partner at Codebase Technologies, said: “Our partnership with UBL Fund Managers is a testament to our expertise as a leading financial technology enabler. We are proud to have been selected as the technology partner of choice and to help UBL launch an effortless onboarding experience for both resident and non-resident Pakistani nationals, leveraging our award-winning Digibanc fintech platform.
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UBL Fund Managers
UBL Fund Managers Limited is a leading investment management company and wholly owned subsidiary of United Bank Limited.
As a market disruptor with a strong investment performance track record across 20 years, UBL Fund Managers Limited has a comprehensive portfolio of around PKR 153 billion as of March 31, 2023 – excluding Separately Managed Account mandates.
Offering both conventional and Shariah compliant investment solutions across all major asset classes to institutional and individual clients, UBL Funds has been recipient of nine Lipper Fund Awards since 2014.
Last year, Al-Ameen Shariah Stock Fund and Al-Ameen Islamic Aggressive Income Fund (under UBL Funds management) won the Lipper’s best performing Fund awards, 2022 for 10 years period in the Pakistan Equity and Bond PKR Fin Global Islamic category.
Codebase Technologies
Codebase Technologies is one of the world’s fastest-growing open API banking solution fintechs.
With a vision to “disrupt the way technology is utilized for a greater purpose,” the company engineers impactful digital financial experiences for conventional and Islamic banks, fintechs, neobanks, lenders and startups.
Codebase Technologies has launched several digital, challenger and neobank financial propositions worldwide with a proven success rate and unparalleled speed to market, exponentially growing as a digital banking technology pioneer in the global banking industry.
The company’s award-winning Digibanc fintech platform is a cloud-enabled, API-driven and highly adaptable digital banking platform allowing institutions to deliver inclusive digital financial experiences.
The platform’s open architecture embraces a diverse ecosystem of partners and vendors, driving collaborative experiences across the financial services landscape.
Built on a component-based, micro-services architecture, Digibanc is pitched as providing a robust and agile environment to launch new financial products and services at speed and scale.
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