Media Category: News

CDC launches new fintech initiative of Mutual Fund Digital Platform (EMLAAK Financials)

Central Depository Company of Pakistan Limited, through its subsidiary ITMinds Limited, has launched the pilot version of a digital platform for the support of the Mutual Fund industry. This platform, named as “Emlaak Financials”, will function as a digital distribution channel initially for Mutual Funds and later on for other asset classes also.

In the first phase, ‘Emlaak Financials’ will provide a low-cost and centralized solution to investors, initially through covering low-risk investors, but will soon be expanded to a full-fledged distribution mechanism for all types of investors. The pilot project has been launched with five AMCs; however, soon more AMCs will be on-boarded on the platform. The launch of the pilot project has been officially announced and formalized in an Agreement Signing ceremony at the CDC House, Karachi. Mr. Farrukh Sabzwari—Commissioner Specialized Companies Division (SCD) SECP presided the event.

While addressing the occasion, Mr. Farrukh Sabzwari—Commissioner SCD SECP said, “It is indeed a very important milestone for the Mutual Fund Industry as it embarks on this consolidated digital distribution channel launched for the first time in Pakistan. We, at SECP, are strong proponents of re-engineering processes for promoting efficiency and transparency through digitalization and will continue to support and encourage all such initiatives by providing all the required Regulatory assistance in this regard. Pakistan’s mutual fund segment stands at a meager 1.6 percent of the GDP, which is very low compared to the market’s potential. A major obstacle in moving the needle has been limited outreach and focus on specific market segments. The pivotal role of innovation in economic development is undeniable, and I congratulate CDC on coming up with this innovative solution for the Mutual Fund Industry which will lead to higher productivity, reduced turnaround times, lower costs and wider outreach.”

At the occasion, describing the objectives of the platform, Mr. Badiuddin Akber—CEO CDC said, “After the successful integration of Roshan Digital Accounts with Capital market, CDC is now launching this new FinTech solution which aims to pave the way for the growth of the Mutual Fund Industry and for promoting financial inclusion in Pakistan at the grass-root level. CDC is committed to provide innovative tech-based platforms to Capital Market entities through which they can leverage CDC’s technological edge to enhance their investor outreach in a convenient, informative and interactive manner.”

The event was also attended by representatives of the participating AMCs and CEO MUFAP, Ms. Mashmooma Majeed, who lauded CDC’s efforts in undertaking this initiative and playing its role for the development of the mutual fund industry.

CDC signs MoU with MUFAP for Mutual Funds Digital Platform

Mutual Funds Association of Pakistan (MUFAP) and Central Depository Company of Pakistan Limited (through its subsidiary ITMinds Limited) signed a Memorandum of Understanding for the development and implementation of a digital platform for the support of the Mutual Fund industry. Mr. Aamir Khan, Chairman – Securities and Exchange Commission of Pakistan (SECP) presided at the MoU Signing Ceremony at the CDC House, Karachi.

CDC to facilitate Non-Resident Pakistanis (NRP’s) for investment in Roshan Digital Account (RDA)

Roshan Digital Account is a landmark initiative by the State Bank of Pakistan to facilitate Non-Resident Individual Pakistanis (NRIPs) in opening a digital / online bank account with SBP designated banks. Through this unique account, Non-Resident Pakistanis can avail banking services like remittances & payment of utility bills and also invest in various instruments in Pakistan. For those Roshan Digital Account holders who are interested in investing in the Pakistan Stock Market, CDC will act as the Central Hub by collecting their account information from banks and processing it further to enable them to trade on PSX. CDC will also facilitate the Roshan Digital Account holders in opening their trading account with broker, custody account with CDC and in the creation of their UIN by NCCPL. Click here for more details.

A delegation from the US Consulate, led by Mr. Rob Silberstein, US Consul General in Karachi visits CDC House

A delegation from the US Consulate in Karachi, headed by Mr. Rob Silberstein, US Consul General in Karachi visited the Central Depository Company of Pakistan Limited (CDC) on March 05, 2020. Representatives of leading Pakistani corporates and US Businesses in Pakistan attended this event.

Mr. Moin M. Fudda, Chairman CDC Board of Directors, welcomed the delegation and spoke about the long term bilateral relations between US & Pakistan while stressing on the need to foster greater ties on business and trade initiatives. Mr. Badiuddin Akber, CEO-CDC, while giving an overview on the Pakistan Capital Market landscape and CDC’s key role in its development, while highlighting the association between CDC and its counterparts from the US Capital Market.

US Consul General Rob Silberstein lauded CDC on its achievements in transforming the Pakistani Capital Market. He said that “It is important to figure out how we actually bring the two sides closer together for the benefit of both countries. The fact that so much of Pakistan’s financial interest rests on these close people to people and business to business ties between the US and Pakistan is something that needs to be cherished. US and Pakistan should bring together expertise and technology, particularly for bigger future projects through more effective Public Private Partnership.”

UK Deputy High Commissioner Mr. Mike Nithavrianakis visits CDC House

A delegation from the British Deputy High Commission in Karachi, headed by Mr. Mike Nithavrianakis, British Deputy High Commissioner in Karachi visited CDC House on February 13, 2020. Mr. Moin M. Fudda, Chairman CDC Board of Directors, Mr. Badiuddin Akber, CEO-CDC, representatives of the senior management and renowned names in the business and corporate sector received the delegation and discussed trade relations between UK and Pakistan. Mr. Badiuddin Akber, CEO-CDC, briefed the UK Deputy High Commissioner regarding the achievements of CDC and the objectives it plans to achieve in the future. Mr. Nithavrianakis appreciated the remarkable work done by CDC and discussed scenarios that will further strengthen business ties between the two countries.