Standard Chartered and Central Depository Company join hands to support AMC Market
Standard Chartered Bank (Pakistan) Limited and Central Depository Company of Pakistan Limited (CDC), have jointly launched a new and unique initiative that offers automated, standardised processing of securities settlement for Asset Management Companies (AMCs) across Pakistan.
Standard Chartered Pakistan has successfully integrated its state of the art electronic banking channel Straight2bank (Access) with Central Depository Company’s Fund Management System (FMS) providing a dynamic platform with a number of possibilities and opportunities for AMCs by offering operational efficiency, reduced risk, lowered cost and improved transparency via CDC.
Straight2Bank is one such global product which efficiently executes and monitors cash management, foreign exchange and trade finance activities. It also offers a wide range of payment solutions on a single platform. This includes transfers, corporate cheques, pay orders, payroll and telegraphic transfers.
Commenting on this occasion, Mr. Mohsin Nathani, Chief Executive, Standard Chartered Pakistan said, “Standard Chartered, consistent with our brand promise of being Here for good for our clients, offers banking solutions and products that greatly enhance our clients’ operational efficiency. The bank is keen on building long term partnerships with its clients by offering banking solutions that help add value to their businesses. We believe that this product offering to CDC will go a long way in helping CDC further streamline their business operations through efficient and secure cash management solutions”
Central Depository Company of Pakistan Limited (CDC) is the only depository in Pakistan and the sole entity handling the electronic settlement of transactions carried out at all three stock exchanges of the country. CDC provides depository services to a wide range of Capital Market participants which includes Brokers, Asset Management Companies (AMCs), Banks (including Custodian Banks) and general retail investors. CDC is also the largest Trustee & Custodial Service Provider with 117 funds of 25 AMCs under its service umbrella. The integration of SCB and CDC service platforms will result in greater operational efficiency creating a win-win situation for all stakeholders.
Commenting on the agreement, Mr. Muhammad Hanif Jakhura, Chief Executive Officer, Central Depository Company said, “This is yet another leap towards providing efficient solutions to our clients by passing the advantage of automation and straight-through-processing. I congratulate both SCB and CDC teams who have really worked hard to accomplish this landmark achievement. I hope that this agreement between our two organizations will further strengthen our relationship enabling us to provide even better & efficient solutions for our clients.”