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CDC all set to launch an e-Repository for Insurance policies with the collaboration of Life Insurance Companies

Under the regulatory impetus of the Securities and Exchange Commission of Pakistan (SECP), the Life Insurance industry in Pakistan is set to enter a new phase of digitalization and centralization of policyholder information, i.e. establishment of Centralized Insurance Repository, through the technological support of the Central Depository Company of Pakistan (CDC). To kick-start the initiative, a Memorandum of Understanding (MoU) has been signed between the Central Depository Company of Pakistan (CDC) and Life Insurance companies in a ceremony held at the CDC House, Karachi on July 31, 2019. The establishment of e-Repository will prove as a landmark achievement for the insurance industry and will pave the way for exploring further avenues of digital transformation which has gained traction with the financial sector.

The e-Repository is envisioned to enable the centralized storage of life insurance and family takaful policies in electronic form and serve as the central point for critical policyholder related information with regards to insurance. The e-Repository is expected not only to bring transparency, speed, and convenience and cost efficiency, but also to complement the objectives of Ease of Doing Business (EODB) and enhanced consumer protection in a multi-pronged manner. The expected benefits of the proposed Repository system include receiving automated claim intimations by multiple insurers, notifying of non-financial endorsements, curbing the policy churning malpractice, and complementing the financial underwriting process.

The e-Repository may also serve as Regulatory Technology (RegTech) which can help insurance companies in improving compliance with the applicable AML regime. CEO CDC, Mr. Badiuddin Akber, while speaking on the occasion, presented how CDC with its state of the art technological platform and vast expertise in projects of similar nature is best-suited to facilitate the development and operation of the e-Repository.

The event was graced by many prominent senior leaders and veterans, including the Chairman State Life Insurance of Pakistan Mr. Farrukh Hamidi, Chairman SECP Mr. Farrukh Sabzwari and Chairman CDC Mr. Moin Fudda, who showed their appreciation and support of this initiative.

ITMinds Limited and Faysal Asset Management Limited sign an agreement for outsourcing Back Office Accounting Services

Faysal Asset Management Limited (FAML), a subsidiary of Faysal Bank Limited (FBL) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement in May 2019, enabling ITMinds to provide BPO services of Back Office Accounting to FAML. The agreement was signed by Mr. Khaldoon Bin Latif, CEO-Faysal Asset Management Limited, and Mr. Iqleem-uz-Zaman Khan, Acting CEO-ITMinds Limited in the presence of Mr. Badiuddin Akber, Director ITMinds Limited & CEO-CDCPL.

Through this arrangement, IT Minds will facilitate FAML in concentrating on its core business activities, i.e. managing investors’ money and savings, by providing back office services including Settlement, Unit Management, Fund Accounting, Compliance / Reporting, Business Continuity and IT arrangements.

Meezan Bank and Central Depository Company join hands to provide Shares Custody Services to Meezan Customers

Meezan Bank – Pakistan’s leading Islamic bank has recently joined hands with Central Depository Company (CDC) – the sole securities depository in the country – to launch Shares Custody Services for its customers. Mr. Ariful Islam, Deputy CEO-Meezan Bank, and Mr. Badiuddin Akber, Chief Executive Officer-CDC, signed the Memorandum of Understanding (MoU) at Meezan Bank’s Head Office, Karachi. Mr. Zia Ul Hasan, Group Head Operations-Meezan Bank, Mr. Shariq Naseem, Head of Product Development & Marketing-CDC and Mr. Ayub Baig, Manager, Capital Market-Meezan Bank were also present at the occasion along with their respective teams.
As per the agreement, Meezan Bank will fulfill the custody needs of its account holders by facilitating the opening of CDC Sub Accounts and by providing safe custody services to its customers.
Meezan Bank’s Shares Custody Services will not only help in electronic subscription of shares through its eIPO facility but will also offer safekeeping of securities. The launch of Shares Custody Services aims to enhance outreach of CDC’s facilities. The service will facilitate customers in getting their custodial needs handled through their nearest Meezan Bank Branch and will be made available to all Meezan Bank account holders in more than 150 cities and 600 branches across Pakistan.