MUFAP, CDC ink accord for mutual fund digital platform

KARACHI: Mutual Funds Association of Pakistan (MUFAP) and Central Depository Company of Pakistan (CDC), through its subsidiary ITMinds Limited, have signed a memorandum of understanding (MoU) for the development and implementation of a digital platform for the support of the mutual fund industry.

Securities and Exchange Commission of Pakistan (SECP) Chairman Aamir Khan presided over the MoU signing ceremony held at the CDC House in Karachi.

Shedding light on the features of the platform, CDC CEO Badiuddin Akber said, “This FinTech solution aims to enhance the investor outreach for Asset Management Companies (AMCs) by leveraging the power of technology to provide a convenient, informative and interactive medium for investors to invest in a wide range of investment products offered by different mutual funds.”

MUFAP Chairman Dr Amjad Waheed lauded the efforts of CDC and SECP and said that this initiative will pave the way for the growth of the mutual fund industry.

Addressing the occasion, SECP Chairman Aamir Khan said that the initiative is in line with the commission’s highly recommended course of action for the mutual fund industry which advocates the development of alternate distribution channels and digital platforms.

“The recent circumstances induced by the pandemic make it all the more exigent for AMCs to undergo complete digital transformation,” he said. “This platform will facilitate investors from specific market segments and low risk investors, thus promoting financial inclusion at the grass root level and harvesting the savings culture in Pakistan.”

SECP Specialized Companies Division Commissioner Farrukh Sabzwari, Executive Director Khalida Habib, and CDC Chairman Moin Fudda also spoke on the occasion. The event was also attended by the senior management of AMCs and other high ranking officials of the industry.

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