In the last four months since the successful integration of Roshan Digital Account with the Capital Market, CDC Investor Account Services has now crossed over 2400 investor accounts for RDA account-holders, with foreign remittances crossing PKR 650 million (as of 31st Jan 2021). With persistent efforts rendered, CDC is consistently working through a multi-pronged approach to grow this number and further attract more Pakistanis based abroad.
Media Category: News
As a historic milestone in the country’s payment landscape, Central Depository Company (CDC) has successfully processed the Cash dividend of “Pak Datacom Limited” through State Bank’s RAAST payment gateway. It is indeed a moment to celebrate for both CDC and Pak Datacom Limited as both the companies were the first entities to utilize the services of Pakistan’s new and fastest payment gateway of RAAST (inaugurated by honorable Prime Minister Imran Khan on Monday, 11th Jan 2021).
CDC is working with SBP on this project for the last 1 year to make this possible. CDC is now connected with all major Banks on RAAST, and will process all dividend payments more efficiently and cost-effectively. Speaking at the occasion CEO CDC, Mr. Badiuddin Akbar, said, “It is indeed a landmark achievement that Raast has now been launched and operational with CDC on-board for the processing of all Dividend Disbursement transactions which will extend valuable process improvements in terms of transparency, security, efficiency and cost-effectiveness. We are confident that with the help of Raast, there would be a complete transformation of the payment landscape of Pakistan.”
CDC is thankful to SBP and SECP for their continued support and patronage in achieving yet another milestone in its market transformation journey. CDC is already processing thousands of transactions related to Roshan Digital Accounts in Stock Exchange, where again SBP placed its trust on CDC to act as the bridge between Banks and Capital market entities and to become the gateway for non-residents Pakistanis to invest in Pakistan Stock Exchange (PSX). Around 2000 Roshan Digital Account holders are efficiently investing in PSX with an estimated worth of around PKR 375 million (around USD 2.5 million) through this arrangement facilitated by CDC.
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.
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.
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.
Counter timings for Investor Account Services (IAS) and CDC Share Registrar Services from Monday to Friday are from 9:00 AM to 5:00 PM