PM to launch first phase of Instant Payment System
System will facilitate transfer of dividends to bank accounts of investors through CDC
The State Bank of Pakistan (SBP) has achieved a significant headway on a payment system, which is aimed at transferring dividend payments directly to bank accounts of investors through the Central Depository Company (CDC).
The development of Pakistan’s Instant Payment System project, powered by the SBP in collaboration with its partners, has progressed significantly and Prime Minister Imran Khan will soon launch the completion of its first phase, said SBP Governor Reza Baqir.
Chairing the third nationwide stakeholders’ meeting on digital financial services on Thursday, he commended the completion of this phase in a reasonable time despite Covid-19 disruptions and appreciated continuous support from the SBP partners and other stakeholders.
Pakistan’s Instant Payments System is almost ready and will be launched soon, as indicated by the State Bank of Pakistan (SBP) Governor, Dr. Reza Baqir,
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CDC starts digital platform
January 2, 2021
KARACHI: The Central Depository Company of Pakistan Limited (CDC), 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 “Emlaak Financials”, will function as a digital distribution channel initially for the mutual funds and later for other asset classes also, it added.
In the first phase, “Emlaak Financials” will provide a low-cost and centralised 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.