Media Category: Press Release

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.

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.