In a momentous leap forward for Pakistan's financial landscape, the Centralized Gateway Portal (CGP) was officially unveiled today at a grand ceremony hosted at the CDC House in Karachi.
Spearheaded by the Central Depository Company of Pakistan Limited (CDC), this groundbreaking initiative promises to usher in a new era of efficiency and accessibility in the country's financial sector.
Resounding support from key financial entities
The CGP, a pioneering endeavor, garnered resounding support from influential entities such as 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 united front signifies a monumental step towards modernizing Pakistan's financial infrastructure.
The ceremony was graced by the presence of Dr. Shamshad Akhtar, the Federal Minister for Finance, and Mr. Akif Saeed, the Honorable Chairman of the Securities and Exchange Commission of Pakistan (SECP), who both expressed their unwavering commitment to fostering innovation in the financial sector.
In her address to the audience, Dr. Shamshad Akhtar underscored the government's dedication to creating a conducive environment for investment and economic growth in Pakistan. She emphasized, "The Centralized Gateway Portal represents a milestone in our efforts to simplify procedures, reduce costs, and facilitate secure financial transactions. This will undoubtedly boost investor confidence and drive economic prosperity."
SECP chief praises collaborative effort
Mr. Akif Saeed, Chairman of SECP, lauded the collaborative spirit that brought the CGP to fruition, stating, "This initiative is a testament to the power of collaboration between public and private entities in advancing Pakistan's financial infrastructure. The SECP is proud to support transformative projects like these."
The Centralized Gateway Portal is poised to revolutionize Pakistan's financial ecosystem by streamlining and enhancing various processes, including trading, clearing, settlement, and fund management. It is anticipated to catalyze Pakistan's journey toward becoming a more attractive destination for both domestic and international investors.
Among its notable features, the CGP boasts state-of-the-art tools for Know Your Customer (KYC) and Customer Due Diligence (CDD), along with a uniform, synchronized KYC and Anti-Money Laundering (AML) framework employing cutting-edge AI algorithms. Moreover, it will provide financial service providers with indicative risk ratings to aid in informed decision-making.