Covalent announced a collaboration with Benchmatrix, a market leader in AML (Anti-Money Laundering) platforms. This partnership aims to offer AML As A Service (AMLaaS) to digital banks and Electronic Money Institutions (EMIs) in Pakistan.

The collaboration leverages Covalent’s expertise in SaaS (Software as a Service) solutions and Benchmatrix’s established AML platform. This combined offering provides digital banks and EMIs with a seamless cloud-based solution to meet their AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) compliance needs.

“We were looking for a partner to enable a SaaS service for a key customer,” said Taimur Kaleem, CEO of BenchMatrix Pakistan. “Covalent’s agile team proved to be the perfect fit, and we look forward to a successful partnership.”

Irfan Fazli, Founder and Group CEO of BenchMatrix, emphasized the broader impact of this collaboration. “We’re excited to assist digital financial institutions in complying with AML/CFT regulations through our user-friendly cloud-based AML suite.”

Imran Qureshi, CEO of Covalent and President of Access Group, highlighted Covalent’s commitment to providing comprehensive solutions for digital financial institutions. “Covalent offers everything a digital bank or EMI needs to launch and operate within weeks,” he said.

Shahzad Shahid, Director of Covalent and CEO of TPS, elaborated on the benefits of SaaS solutions. “Businesses worldwide are increasingly adopting SaaS, PaaS (Platform as a Service), and IaaS (Infrastructure as a Service) to move away from traditional on-premise IT models,” he said. “Covalent’s pay-as-you-grow model with proven XaaS (Anything as a Service) solutions makes it the ideal choice for businesses seeking rapid scaling.”

This partnership strengthens the AML compliance landscape for digital financial institutions in Pakistan, allowing them to focus on growth and innovation while adhering to regulatory requirements.