Media Category: News

Under SECP’s regulatory impetus, IAP and CDC-ITMinds Limited sign MoU for Digital Aggregation of Insurance Products

Under the regulatory impetus of SECP, Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited (CDC) signed a Memorandum of Understanding for the digital aggregation of Insurance products CDC’s Emalaak Financials platform. Ms. Sadia Khan, Commissioner – Securities and Exchange Commission of Pakistan (SECP) presided at the MoU Signing Ceremony at the CDC House, Karachi.

At the occasion, describing the features of the platform, CEO-CDC Mr. Badiuddin Akber said that “This Fintech solution of “Emlaak Financials” is indeed a landmark initiative of national significance, as it aims to become “Digital Financial Super Market” in Pakistan by leveraging the potential of technology to increase outreach for various financial products.”
Mr. Azfar Arshad, Chairman IAP applauded the efforts of CDC and SECP and said that this initiative will pave the way for the growth of the Insurance Industry.
While addressing the occasion, Commissioner SECP – Ms. Sadia Khan said that this digital transformation is expected to have an impact throughout the insurance value chain, from underwriting and pricing of products, their marketing and distribution, through to claims processing and the ongoing customer servicing. The distribution of insurance products through the digital portal EMLAAK is expected to provide low-cost and centralized solution to policy holders by providing comparative cost benefit analysis of different products on a centralized platform. This will lead to a reduction in the protection gap as new market segments are accessed as well as an increase in the insurance penetration. The goal of the regulator is to enable the insurance industry to play its rightful role both in terms of providing the social safety net as well as development of the capital market.

She commended the role of CDC in bringing this new initiative to life by capitalizing on its technological capability.

The event was attended by the senior members of IAP’s Executive Committee and other high ranking officials of the Insurance industry.

Formal inauguration of EClear Services, Pakistan’s first Professional Clearing Member, by Shaukat Tarin

As a landmark achievement in Pakistan’s capital market landscape, the first Professional Clearing Member (PCM) has been formally inaugurated by the Adviser to the PM on Finance & Revenue, Mr. Shaukat Tarin on Nov 26, 2021 at CDC House, Karachi.

Speaking at the occasion, Mr. Shaukat Tarin said, “It is the top priority of our Government to facilitate businesses and improve ease of doing business environment. This initiative of Professional Clearing Member (PCM) is a very significant and timely initiative by SECP and very well executed by CDC. It is very important for our Capital market that we introduce such novel concepts which will bring more transparency and efficiency in our market. CDC has won the trust and confidence of the investors, Regulator and all stakeholders in the market with its efforts of market development and investor facilitation.”

The new PCM regime has been successfully implemented after the introduction of the relevant regulatory framework by SECP and capital market infrastructure entities, leading to the launch of EClear Services Limited (ESL) by i.e. CDC, PSX, NCCPL and Pakistan Kuwait Investment Company, with CDC playing the lead role of the project manager.

Speaking at the occasion, the SECP Chairman, Aamir Khan said that “The PCM regime shall address two longstanding issues: risk of custody defaults by transferring custody to the PCM, and expanding the retail investor base by empowering small brokers.”

Mr. Tariq Rafi, member of CDC’s Board of Directors, welcomed Mr. Tarin and others guests after which Chairman CDC Mr. Moin Fudda addressed the audience. CEO CDC Mr. Badiuddin Akber presented a brief presentation to the audience explaining the working and benefits of the Professional Clearing Member. He mentioned, “The solution will provide investors with a completely new and digital experience of Pakistan’s capital market while giving them the confidence of asset protection by a reliable and independent third party service provider.”

The event was well attended by Capital market representatives including Chairperson PSX – Dr. Shamshad Akhtar and CEO PSX – Mr. Farrukh Khan.

ITMinds Limited signs an agreement with Pakistan Petroleum Limited (PPL) for Back Office Services for PPL’s Retirement Funds

Karachi October 6, 2021: Pakistan Petroleum Limited (PPL) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services for PPL’s Retirement Funds. This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL.

Through this arrangement, ITMinds will facilitate PPL for the accounting and administration of PPL’s Retirement Funds, including Pension, Provident and Gratuity funds, allowing PPL to focus on its investment decisions by leveraging ITMinds’ state of the art back office system and IT infrastructure while reaping the benefits of economies of scale.

Commenting on the occasion, Syed Rahat Hussain Naqvi, Senior Manager Finance-PPL, emphasized the importance of automation of back-office services for retirement funds for both process improvement as well as cost optimisation. He further appreciated how this arrangement with ITMinds in the last three years has helped to provide uninterrupted services, especially during the pandemic induced circumstances. Also commenting on the occasion, Mr. Iqleem-uz-Zaman Khan, CEO – ITMinds, said that considering this is an era of specialization, ITMinds’ BPO services of fund accounting & administration enable companies to outsource their back office functions to a competent and reliable BPO partner while achieving efficiency, scalability & transparency of processes. The event was also attended by, Mr. Shariq Jafrani CFO-CDC, Mr. Waqas Ashraf CFO- ITMinds, Mr. Muneer Hussain Manager Shared Services-PPL, Mr. M. Tarique Sheikh Senior Accountant-PPL and Mr. Salman Iqbal, Manager- ITMinds.

ITMinds Limited signs an agreement with InfraZamin Pakistan Limited for provisioning of Back Office Services

Karachi August 27, 2021: InfraZamin Pakistan Limited (InfraZamin) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services to InfraZamin. The agreement was signed by Ms. Maheen Rahman CEO-InfraZamin, and Mr. Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Mr. Badiuddin Akber Director-ITMinds & CEO-CDCPL, Mr. Waqas Ashraf CFO- ITMinds, Mr. Khusro Iqbal Mumtaz Chief Risk Officer-InfraZamin and other management team members from both the sides.

InfraZamin is licensed to act as an investment finance company and is an initiative by the Private Infrastructure Development Group (PIDG), including PIDG group companies InfraCo Asia Investments (InfraCo Asia) and GuarantCo Limited (GuarantCo), in partnership with non-profit Karandaaz Pakistan (Karandaaz). to establish a for-profit, credit enhancement facility for raising infrastructure-related debt in Pakistan.

Commenting on the occasion, Ms. Maheen Rahman CEO InfraZamin, said that we look forward to working with IT Minds under this arrangement which will enable the InfraZamin team to focus on our core business function of credit guarantees. Also commenting on the occasion, Mr. Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that considering this is an era of specialization, we have commissioned ITMinds with an aim to enable asset management companies, investment finance companies and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus relieving them to focus on their core businesses for their commercial success while achieving efficiency, scalability & transparency of processes.