State Bank of Pakistan Governor Dr Reza Baqir Tuesday said that under the Shared Know Your Customer (KYC) project resident investors can open Capital Market accounts using their bank’s portal/app.
The governor added that the project will pave the way for wider outreach for Capital Market.
The governor visited the Central Depository Company (CDC) to mark the successful operationalization of important projects for the Pakistan Capital Market, namely Roshan Equity Investment for Roshan Digital Account holders and Raast for Dividend payments.
Both the projects have been implemented recently by the State Bank in collaboration with the Capital Market and commercial banks.
Roshan Digital Account (RDA) is a major initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan, and fully integrates the Pakistani diaspora with Pakistan’s banking and payment system to enjoy lifestyle banking and investment in the country.
Roshan Equity Investment is one of the products being offered by banks through RDA for investment in the Pakistan Stock Exchange. On the other hand, Raast is Pakistan’s first instant payment system that enables end-to-end digital payments among individuals, businesses, and government entities instantaneously.
Speaking at the occasion, Dr Baqir said that the successful roll-out of important projects of national interest like RDA and Raast have been initiated by the central and very well executed by commercial banks. He mentioned that CDC played an active role in the operationalization of Roshan Equity.
He appreciated the Central Depository of Pakistan for playing the crucial roles of facilitator, infrastructure architect, and information-sharing hub.
The governor said that this is only the beginning of our vision for the development of Pakistan’s Capital market and SBP is committed to working with SECP to support Capital Market entities in this regard.
