The Centralized Gateway Portal, a groundbreaking initiative aimed at modernizing Pakistan’s financial sector, was officially launched at the CDC House in Karachi, as announced in a press release.
Championed by the Central Depository Company of Pakistan Limited (CDC), this transformative solution garnered strong support from key entities, including the Pakistan Stock Exchange (PSX), National Clearing Company of Pakistan Limited (NCCPL), Mutual Funds Association of Pakistan (MUFAP), Investment Advisory Council (IAP), and Pakistan Stock Brokers Association (PSBA).
This innovation is poised to bring about a significant transformation in Pakistan’s financial landscape. The Centralized Gateway Portal is designed to streamline and enhance various financial processes, making them more accessible and efficient for businesses and investors nationwide.
The launch event was attended by Dr. Shamshad Akhtar, the Caretaker Minister for Finance, and Mr. Akif Saeed, the Chairman of the Securities and Exchange Commission of Pakistan (SECP).
Dr. Shamshad Akhtar highlighted the government’s commitment to fostering financial sector innovation. She described the Centralized Gateway Portal as a milestone in creating a conducive environment for investment and economic growth in Pakistan, simplifying procedures, reducing costs, and facilitating secure financial transactions.
Mr. Akif Saeed, Chairman of SECP, praised the collaborative efforts that led to the portal’s development, emphasizing the power of public-private collaboration in advancing Pakistan’s financial infrastructure.
The Centralized Gateway Portal is envisioned as a centralized platform for various financial activities, including trading, clearing, settlement, and fund management. It aims to make Pakistan more attractive to domestic and international investors by reducing complexities and costs associated with client onboarding.
The portal offers advanced tools for KYC/CDD and features a synchronized and up-to-date KYC and AML framework with AI-based algorithms. It provides financial service providers with risk ratings to inform their decisions and serves as a centralized repository for data and documents, reducing storage requirements for financial institutions. The Centralized Gateway Portal is poised to catalyze Pakistan’s journey toward becoming a more investor-friendly destination.
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