September 22, 2023 (MLN): In a groundbreaking development for Pakistan's financial sector, the Centralized Gateway Portal was officially launched today at the CDC House in Karachi, said a press release issued today,
The Centralized Gateway Portal, a unique initiative aimed at modernizing Pakistan's financial landscape, has been spearheaded by the Central Depository Company of Pakistan Limited (CDC).
This transformative solution received resounding support from various 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).
With this innovation, Pakistan's financial ecosystem is set to experience a significant paradigm shift. The Centralized Gateway Portal promises to streamline and enhance various financial processes, making them more accessible and efficient for businesses and investors across the country.
The ceremony was presided over by Dr. Shamshad Akhtar, the Federal Minister for Finance, and Mr. Akif Saeed, the Honorable Chairman of the Securities and Exchange Commission of Pakistan (SECP).
Dr. Shamshad Akhtar, while addressing the audience during the launch event, emphasized the government's commitment to fostering innovation in the financial sector. She stated, "The Centralized Gateway Portal represents a milestone in our efforts to create a more conducive environment for investment and economic growth in Pakistan. It will simplify procedures, reduce costs, and facilitate secure financial transactions."
Mr. Akif Saeed, Chairman of SECP, also praised the collaborative effort that led to the development of the Centralized Gateway Portal. He noted, "This initiative demonstrates the power of collaboration between public and private entities in advancing Pakistan's financial infrastructure. The SECP is proud to support such transformative projects."
The Centralized Gateway Portal aims to provide a centralized platform for various financial activities, including trading, clearing, settlement, and fund management.
It is expected to catalyze Pakistan's journey toward becoming a more attractive destination for domestic and international investors.
The platform is envisioned to greatly help financial institutions by reducing the costs and complexities associated with onboarding their clients. CGP’s features include state-of-the-art tools for KYC/CDD and a uniform, synchronized and latest KYC and AML framework with AI-based algorithms.
It will provide financial service providers with an indicative risk rating to help them in making informed decisions.
The CGP will function as a centralized repository for all data and documents, and eliminate the requirement for Financial Institutions to retain the documents with them, thereby reducing their storage requirements.
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Posted on: 2023-09-22T12:51:19+05:00