JazzCash, KTrade join forces to enhance stock trading access for 13 million users

BARCELONA: JazzCash, has entered into a strategic partnership with KTrade to offer seamless access to stock trading via the JazzCash application, as announced by officials during the Mobile World Congress (MWC).

The accord was formalised by Murtaza Ali, President of JazzCash, and Ali Farid Khwaja, Chairman of KTrade, with the esteemed presence of Aamir Ibrahim, CEO of Jazz.

According to nukta.com, this collaboration empowers JazzCash’s 13 million active app users to establish a stock trading Sahulat Account, facilitate fund deposits, engage in stock trades, and effortlessly manage their investments—all within the app.

KTrade’s integration as a mini app enables users to open a Sahulat brokerage account with funding capabilities of up to Rs1 million, in accordance with the regulations set forth by the Pakistan Stock Exchange (PSX).

Murtaza Ali, President of JazzCash, underscored the significance of fostering inclusive investments, remarking, “Our partnership with KTrade represents a pivotal milestone in expanding stock trading opportunities for millions. By incorporating stock trading into JazzCash, we are not only simplifying the investment process but also actively aligning with the vision of the SECP and PSX to enhance retail participation in the stock market. This collaboration will be instrumental in advancing financial literacy and nurturing a more inclusive investment ecosystem in Pakistan.”

At present, a mere 0.15 percent of Pakistan’s 240 million populace is actively engaged in stock investments. This partnership aspires to bridge this gap by streamlining participation in the stock market.

With the rise of digital adoption and burgeoning interest in alternative investments, regulatory support from the Securities and Exchange Commission of Pakistan (SECP) and PSX is paving the way for greater opportunities in financial inclusion.

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“This alliance with KTrade constitutes a significant milestone in expanding the avenues for stock trading,” stated Khwaja.

“By integrating stock trading into JazzCash, we are reinforcing the SECP and PSX’s vision of heightening retail participation in the stock market. This collaboration will enhance financial literacy and cultivate a more inclusive investment environment in Pakistan.”

Khwaja further added: “Partnering with JazzCash provides us the opportunity to extend our reach to 13 million users, many of whom have hitherto never experienced access to retail investing. This development is revolutionary, simplifying stock market participation to the ease of sending a mobile payment.”

The integrated platform will grant users access to real-time stock trading, allowing them to buy and sell shares instantaneously with live market data at their fingertips. Users will also be able to manage investment portfolios efficiently, monitor market trends, and invest in fractional shares.

The integration encompasses educational resources, including investment tutorials, research reports, and podcasts, designed to help users make well-informed decisions.

Security remains a paramount concern, with the platform under the regulation of SECP, PSX, and NCCPL. Transactions will only be allowed through designated bank accounts, and Multi-Factor Authentication (MFA) will be mandated for all trades to ensure robust fraud prevention and data security.

Moreover, users will be privy to personalised market alerts and AI-driven stock recommendations, keeping them abreast of stock price fluctuations and market trends in real time.