Salaam Family Takaful Limited (SFTL) and Central Depository Company of Pakistan Limited (CDC) have entered into an agreement for SFTL’s participation in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and Centralized Insurance Repository (CIR).
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CDC Enables Digital Purchase of Mutual Fund Units Through RAAST Payment
Karachi, November 01, 2023 – In a groundbreaking move, the Central Depository Company (CDC) has joined hands with the State Bank of Pakistan (SBP) to introduce a digital payment solution for investors, allowing them to purchase mutual fund units conveniently.
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CDC Hosts World Investor Weekend 2023 to Promote Financial Awareness in Pakistan
Karachi, October 13, 2023 – The Central Depository Company (CDC) has launched a 3-day World Investor Weekend 2023 in Karachi, aimed at raising awareness among potential investors and the general public regarding financial products and services.
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PICG and CDC Collaborate to Launch Corporate Governance Portal
Karachi, October 6, 2023 – The Pakistan Institute of Corporate Governance (PICG) and the Central Depository Company (CDC) have signed a Memorandum of Understanding (MoU) to launch a revolutionary corporate governance portal called “e-Go.”
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AHDRML Partners with ITMinds Limited to Streamline Back Office Functions
Karachi, June 14, 2023: Arif Habib Dolmen REIT Management Limited (AHDRML), a renowned real estate investment trust management company, has recently made a strategic decision to outsource its back office functions to ITMinds Limited, a subsidiary of Central Depository Company of Pakistan Limited (CDCPL).
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CDC conducts awareness sessions on Postal Ballot Regulations amendments
Central Depository Company (CDC) has conducted a series of awareness sessions regarding recent amendments made to Companies (Postal Ballot) Regulations, according to a statement issued on Thursday.
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Japanese Consulate delegation visits CDC Pakistan
KARACHI: A delegation from the Japanese Consulate in Karachi visited Central Depositor Company of Pakistan Limited (CDC) on Wednesday.
Odagiri Toshio San, Consul General of Japan in Karachi headed the delegation. Representatives from Pakistan Japan Business Forum and leading Pakistani corporates also attended this event.
Moin M. Fudda – Chairman CDC welcomed the delegation and spoke about the long term bilateral relations between Japan and Pakistan while stressing on the need to foster greater ties on business and trade initiatives.
Badiuddin Akber – CEO-CDC presented an overview of the Pakistan Capital Market landscape and CDC’s key role in its development as an integral infrastructure institution that handles the settlement and custody of securities, while highlighting the association between CDC and Japan Securities Depositories Center, Inc. (JASDEC), which is CDC’s counterpart from the Japanese Capital Market.
Japanese Consul General Odagiri Toshio San lauded CDC on its achievements in transforming the Pakistani Capital Market.
He said that “It is important to work further on bringing the two sides closer together for the benefit of both countries. Japan and Pakistan should bring together expertise and technology, particularly for bigger future projects through more effective Public Private Partnerships.”
Kalim Farooqui – Chairman Pakistan Japan Business Forum (PBJF) – also applauded the efforts of CDC in the development of Pakistan’s Capital Market and highlighted that CDC has been a success story for Pakistan’s business landscape.
He stressed on the need to scale up the efforts to strengthen the business ties between Pakistan and Japan for mutual benefit and progress.
The event was attended by prominent Industry leaders, including Dr. Shamshad Akhtar – Chairperson Pakistan Stock Exchange and Irfan Siddiqui – President Meezan Bank Limited.
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Miftah launches Pakistan’s first digital mutual fund aggregator
KARACHI: Finance Minister Miftah Ismail on Friday launched Pakistan’s first digital mutual fund aggregator namely ‘Emlaak Financials’.
The launching ceremony was held at Central Depository Company (CDC) House Karachi. This platform has been successfully implemented as a digital distribution channel initially for Mutual Funds and later on for other asset classes also.
READ MORE: CDC, NIFT sign agreement to enable digital payments for mutual fund investors
The Pilot project for Emlaak was initially launched in 2021 for the Sahulat account opening via the platform, after which CDC has continued to abide by its commitment to collaborate with the Mutual Fund Industry for enhancing the platform.
The full-fledged account opening feature has now been launched via this online investment portal which is the first of its kind in Pakistan allowing multiple funds from different AMCs to be offered to investors through a single platform.
READ MORE: CDC successfully processes dividends through RAAST payment gateway
While officiating the event, Honorable Federal Minister for Finance and Revenue Dr. Miftah Ismail said, “Emlaak Financials, which has been implemented as a digital aggregator of Mutual Funds, is a very important and timely initiative by SECP and very well executed by CDC.
“It is very important for our economy that we should introduce such novel concepts which will promote the investment culture in Pakistan and provide an easy and informative platform to the investors thus enabling them to make wise investment decisions while giving them the convenience to open their mutual fund accounts digitally from anywhere without having to visit the brick & mortar offices of Asset Management Companies.”
READ MORE: CDC launches fintech initiative for AMCs
While addressing the occasion, Aamir Khan—Chairman of Securities and Exchange Commission of Pakistan (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.”
Moin Fudda, Chairman of CDC’s Board of Directors, welcomed the Finance Minister and others guests after which CEO MUFAP Ms. Mashmooma Majeed addressed the audience.
READ MORE: CDC facilitates overseas Pakistanis to invest in stocks
At the occasion, describing the objectives of the platform, Badiuddin Akber—CEO CDC said, “Emlaak Financials has been envisioned to pave the way for the growth of the Mutual Fund Industry and promote the savings culture in Pakistan at the grass-root level. CDC is committed towards providing 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 Director SECP – Ms. Khalda Habib, representatives of the Asset Management Industry and other Industry representatives, who lauded CDC’s efforts in undertaking this initiative and playing its role for the development of the mutual fund industry.
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ITMinds, Pak Qater enter into outsourcing arrangement
KARACHI: ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) AND Pak Qatar Family Takaful Limited (PQFTL) to provide Back Office Accounting Services to PQAMCL and PQFTL.
The agreements were signed by Farhan Shaukat CEO-PQAMCL, Ahsan Qureshi CFO-PQFTL with Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL.
Through this arrangement, ITMinds will facilitate PQAMCL and PQFTL in concentrating on their core business activities, i.e. managing investors’ money and savings, by relieving them from various non-core critical back office functions like accounting services, Settlement of portfolios, Unit management related activities, Funds NAV calculation, Facilitation for Compliance/ Reporting, Information Security, Business Continuity and IT arrangements.
Commenting on the occasion, Farhan Shaukat, CEO-PQAMCL, said that this arrangement will enable PQAMCL to concentrate on its core business of managing investors’ funds while outsourcing the back office functions to a Professional Fund Administrator. Also commenting on the occasion, Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that the concept of outsourcing non-core critical business activities has proved to be efficient and cost-effective in today’s business world.
Hence, we have commissioned ITMinds with this aim to enable AMCs and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus facilitating them to augment the focus of their management on the core business which is more integral to their commercial success while achieving efficiency, scalability and transparency of processes.
Iqleem-uz-Zaman Khan CEO-ITMinds highlighted that as of May 31, 2022, ITMinds has eight active clients leveraging economies of scale with ITMinds BPO services, while more clients are also in the pipeline.
At the ceremony Waqas Ashraf, CFO- ITMinds and others senior members of the Companies were also present.
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SBP governor visits Central Depository Company
KARACHI: Governor State Bank of Pakistan (SBP) Dr. Reza Baqir visited Central Depository Company (CDC) House to mark the successful operationalization of important projects for Pakistan Capital Market, namely Roshan Equity and RAAST for Dividend payments.
The projects have been implemented in the recent past by the State Bank in collaboration with the Capital Market and commercial banks, according to a statement issued on Tuesday.
READ MORE: CDC successfully processes dividends through RAAST payment gateway
It is indeed a moment to celebrate for CDC and the entire Capital Market as the successful roll-outs of these key projects of market development have started yielding promising results besides effecting ease of doing business through innovative solutions, digitization and efficiency of processes.
Speaking at the occasion Governor State Bank Dr. Reza Baqir, said: “This is an occasion of immense and significant achievement as we gather here to celebrate the successful roll-out of important projects of national interest—including Roshan Equity and RAAST—that have been initiated by the State Bank of Pakistan and very well executed by commercial banks and CDC.
READ MORE: CDC launches fintech initiative for AMCs
In all these projects, Central Depository of Pakistan has been playing the important roles of facilitator, infrastructure architect and information sharing hub. This is only the beginning of what our vision is for the development of Pakistan’s Capital market. SBP is committed to work with SECP to support Capital market entities in this regard. Now, we have initiated a new project for the Capital Market pertaining to Shared KYC through which investors can open Capital Market Account through their respective Bank’s portal/app. This project will pave the way for wider outreach for our Capital Market.”
Badiuddin Akber CEO-CDC thanked SBP and SECP for their continued support and patronage in achieving these milestone in its market transformation journey.
CDC is already processing thousands of transactions related to Roshan Digital Accounts and RAAST for Stock Exchange, for which CDC acts as the information sharing hub between the banks and capital market entities.
Now, for the “Shared KYC project”, CDC will again act as the Information Sharing bridge for the digital opening of capital market accounts through banking portals for Local Resident Investors with the objective of removing duplication of information capture and KYC processes, he further said.
At the start of the ceremony, Moin Fudda Chairman Board of Directors-CDC, welcomed Dr. Baqir and other guests to CDC and highlighted the achievements of SBP under the leadership of Dr. Baqir.
Furrukh Khan MD-PSX also addressed the ceremony and stressed on the important role of SBP in the development of Pakistan Stock Market.
Musrat Jabeen Executive Director-SECP focused on the significance of collaboration between SBP and SECP.
Prominent personalities from the banking sector and Pakistan Capital Market also attended the event.