Pkrevenue.com

Tag: CDC

  • MoU signed for digital aggregation of insurance products

    MoU signed for digital aggregation of insurance products

    KARACHI: Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited (CDC) has signed a Memorandum of Understanding (MoU) for digital aggregation of insurance products CDC’s Emalaak Financials platform.

    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 Badiuddin Akber said: “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.”

    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 solutions to policyholders 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 the 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.

    CDC, NIFT sign agreement to enable digital payments for mutual fund investors
  • Tarin launches first professional clearing member

    Tarin launches first professional clearing member

    KARACHI: Shaukat Tarin, Advisor to Prime Minister on Finance and Revenue, on Friday inaugurated the first Professional Clearing Member (PCM) at CDC House, Karachi.

    Speaking at the occasion, 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.”

    Tariq Rafi, member of CDC’s Board of Directors, welcomed Tarin and others guests after which Chairman CDC Moin Fudda addressed the audience. CEO CDC 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 – Farrukh Khan.

    SEC Pakistan amends regulations to facilitate startups
  • ITMinds, PPL sign deal for accounting services

    ITMinds, PPL sign deal for accounting services

    KARACHI: 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, a statement said on Monday.

    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, Iqleem-uz-Zaman Khan, CEO – ITMinds, said that considering this is an era of specialization, ITMinds’ BPO services of fund accounting and administration enable companies to outsource their back office functions to a competent and reliable BPO partner while achieving efficiency, scalability and transparency of processes.

    The event was also attended by, Shariq Jafrani CFO-CDC, Waqas Ashraf CFO- ITMinds, Muneer Hussain Manager Shared Services-PPL, M. Tarique Sheikh Senior Accountant-PPL and Salman Iqbal, Manager- ITMinds.

    ITMinds, InfraZamin sign pact for back-office services
  • ITMinds, InfraZamin sign pact for back-office services

    ITMinds, InfraZamin sign pact for back-office services

    KARACHI: InfraZamin Pakistan Limited (InfraZamin) and 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 Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL, Waqas Ashraf CFO- ITMinds, Khusro Iqbal Mumtaz Chief Risk Officer-InfraZamin and other management team members from both 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, 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, NIFT sign agreement to enable digital payments for mutual fund investors

    CDC, NIFT sign agreement to enable digital payments for mutual fund investors

    KARACHI: Central Depository Company (CDC) and National Institutional Facilitation Technologies (NIFT) have signed an agreement to enable digital payments through NIFT ePay.

    The collaboration will enable the investors to use NIFT ePay services for investing into Mutual Funds using CDC’s digital platform” “Emlaak Financials”. Furthermore, the solution will also be facilitating CDC’s IAS account holders to make IAS payments through CDC Access portal, a statement said on Wednesday.

    Central Depository Company (CDC) is recognized as the infrastructure backbone of Pakistan’s Capital Market and it is the sole securities depository in the country, while NIFT is one of the largest payment processors in Pakistan. Central Depository Company (CDC) and National Institutional Facilitation Technologies (NIFT) signed an agreement to enable digital payments through NIFT ePay.

    The agreement was signed by Haider Wahab CEO – NIFT and Badiuddin Akber CEO –  CDC at the head office of Central Depository Company (CDC).

    Haider Wahab CEO, NIFT stated, “We are delighted to be a part of CDC’s newly launched initiative for the Mutual Fund Industry. We understand that the “Emlaak Financials” platform has an aspiring roadmap, and we look forward to playing our role in enabling the platform and in making this service a success. NIFT will always focus to partner for unique and innovative ideas which will uplift the digital transformation in Pakistan.”

    At the signing ceremony, Badiuddin Akber – CEO, CDC said, “As we embark on this collaboration with NIFT, it gives us immense pride that we are engaging NIFT’s payment gateway for the first of its kind mutual fund aggregator platform being launched in the financial landscape of Pakistan. The launch of this platform and its integration with NIFT’s services to enable secure and swift payments for mutual fund investors is in-line with CDC’s vision of enhancing efficiency and ease of doing business.”

  • CDC successfully processes dividends through RAAST payment gateway

    CDC successfully processes dividends through RAAST payment gateway

    KARACHI: Central Depository Company (CDC) has successfully processed the Cash dividend of “Pak Datacom Limited” through State Bank’s RAAST payment gateway, a statement said on Wednesday.

    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, Jan 11, 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, 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 Rs375 million (around USD 2.5 million) through this arrangement facilitated by CDC.

  • CDC launches fintech initiative for AMCs

    CDC launches fintech initiative for AMCs

    KARACHI: Central Depository Company (CDC) 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, a statement said on Friday.

    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 Asset Management Companies (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. Farrukh Sabzwari—Commissioner Specialized Companies Division (SCD) SECP presided the event.

    While addressing the occasion, 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, 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.

  • MoU signed for digital platform to support Mutual Fund Industry

    MoU signed for digital platform to support Mutual Fund Industry

    The Mutual Funds Association of Pakistan (MUFAP) and the Central Depository Company (CDC) of Pakistan Limited, through its subsidiary ITMinds Limited, have signed a Memorandum of Understanding (MoU) to develop and implement a state-of-the-art digital platform.

    (more…)
  • CDC facilitates overseas Pakistanis to invest in stocks

    CDC facilitates overseas Pakistanis to invest in stocks

    KARACHI: Central Depository Company of Pakistan Limited (CDC) to facilitate investment by Non-Resident Pakistanis in the Pakistan Stock Market through Roshan Digital Account with designated large-scale banks, said Badiuddin Akber, CEO-CDC.

    In a statement he further stated that Roshan Digital Account is a remarkable step taken by the State Bank of Pakistan (SBP) to facilitate overseas Pakistanis.

    Similarly, allowing NRPs to invest in Stock Market through Roshan Digital Account is a further facilitation for NRPs which is the result of SECP’s vision to create ease of doing business for investors.

    He applauded the collaborative efforts of both SECP and SBP through which this important milestone was achieved.

    Through this initiative, NRPs desirous of investing in the Stock Market of Pakistan will be able to do so through an efficient, secure and convenient mechanism.

    Since there is no additional requirement other than having a Roshan Digital Account for NRP to start investing in Stock market, they just need to provide consent to their respective Bank to link them with CDC.

    Within the next 24 hours, they will be able to trade without the need of any further documents or information as CDC is going to act as the information hub, connecting stock market with the banks.

    CDC is working on this project zealously with SBP designated banks. The service will be available to NRPs with the availability of the Roshan Digital Account, which is scheduled to be launched very soon.

  • US Consul General visits CDC

    US Consul General visits CDC

    KARACHI – May 19, 2025 – In a significant move to strengthen economic cooperation between the United States and Pakistan, US Consul General Rob Silberstein led a high-level delegation from the US Consulate in Karachi to the Central Depository Company of Pakistan Limited (CDC). The visit, held at CDC’s head office, was part of ongoing efforts to bolster trade and investment relations between the two countries.

    (more…)