Karachi, Pakistan (April, 2023): One of Pakistan’s largest and leading mutual fund operators, UBL Fund Managers Limited (UBL), selected Codebase Technologies (CBT) to launch its omnichannel onboarding service for its mutual fund business. 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. The first-of-its-kind service in the country provides instant access to investments for over 220 million resident and non-resident Pakistani nationals. The service is available on both web and mobile, providing consumers with omnichannel onboarding to open UBL Mutual Fund accounts. 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, in order to uplift Pakistan’s financial services ecosystem and offer customers new investment experiences.

Until recently, 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, i.e., account opening and transacting in Mutual Funds, within a few minutes from the comfort of 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.

Yaser Qadri, Chief Executive Officer of 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.”

Raheel Iqbal, Managing Partner at Codebase Technologies, added, “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.

More information on the project is available in the UBL Mutual Funds case study.