Covalent – a joint venture between Access Group and TPS – has successfully achieved compliance with the Payment Card Industry Data Security Standard v4.0 (PCI DSS), marking a major milestone in its commitment to safeguarding cardholder data. The certification, facilitated by Risk Associates, Pakistan’s leading PCI Qualified Security Assessor (QSA) company, underscores Covalent’s dedication to enhancing digital transaction security and maintaining the highest standards of financial integrity.
The PCI DSS certification serves as a globally recognized benchmark for organizations handling payment card information, ensuring that they adhere to strict security protocols to protect sensitive data from breaches and cyber threats. By securing this certification, Covalent reinforces its role in strengthening Pakistan’s digital payment ecosystem while fostering trust among customers, financial institutions, and partners worldwide.
The achievement was celebrated at a certification ceremony held at Covalent’s Integrated Operations Centre, where Mr. Aziz A. Rahim, Chief Operating Officer of Risk Associates, formally presented the PCI DSS Certificate of Compliance to Covalent’s leadership, including CEO Mr. Imran Qureshi and Director Mr. Shahzad Shahid. The event brought together key figures from both organizations, highlighting the collaborative effort required to meet the stringent requirements of PCI DSS v4.0.
Speaking at the ceremony, Mr. Aziz A. Rahim emphasized the importance of PCI DSS certification in securing cardholder data and fostering a safer payment environment in Pakistan. He praised Covalent for its proactive approach to cybersecurity and its commitment to staying ahead of emerging threats through continuous assessment and compliance with global security standards.
Mr. Imran Qureshi, CEO of Covalent, highlighted the significance of certifications like PCI DSS in evaluating and strengthening the cybersecurity posture of organizations handling sensitive financial data. He acknowledged the efforts of Covalent’s C4i team, which played a crucial role in achieving re-certification and spearheading the development of a robust cyber threat intelligence framework in collaboration with local and international security entities.
Director Mr. Shahzad Shahid also commended the contributions of Risk Associates in advancing cybersecurity standards in Pakistan and emphasized the need for deeper collaboration across the industry. He stressed the importance of prioritizing cybersecurity in all aspects of digital transactions and called for increased focus on securing payment infrastructure against evolving cyber threats.
The event was attended by prominent industry professionals, including Mr. Hashim Mufti, Head of Business Development & Strategy at Risk Associates, and Mr. Syed Junaid Rizvi, Senior Manager – ERS at Risk Associates, along with Mr. Haris Waheed, Chief Operating Officer of Covalent. Representatives from both organizations gathered to recognize the hard work and dedication of individuals who contributed to achieving PCI DSS v4.0 compliance. Several team members were also honored with shields and awards for their exceptional efforts in ensuring the successful certification.
With digital transactions becoming increasingly prevalent, achieving PCI DSS compliance is a crucial step in mitigating financial fraud and reinforcing consumer confidence in digital payments. Covalent’s latest certification highlights its ongoing efforts to stay at the forefront of cybersecurity best practices while setting a benchmark for other financial technology companies in Pakistan.
As cyber threats continue to evolve, organizations handling payment data must remain vigilant and committed to adopting the highest security standards. Covalent’s achievement demonstrates the critical role that compliance, collaboration, and innovation play in building a secure and resilient digital financial ecosystem.
