While overseas Pakistanis could open up an account online to trade stocks at the PSX, local residents (or as the meme-ers call them, underseas Pakistanis) could not until this week.
In an attempt to bring up the meager number of investors at the Pakistan Stock Exchange (PSX), the bourse has introduced Sahulat Account Service which simplifies the investment process.
“We worked closely with the State Bank and SECP and convinced them, particularly the central bank, that banks can share KYC and customer information with brokers. It works quite well for Roshan Digital Accounts. You can be sitting anywhere in the world, not only can you open your bank account digitally but you can also open your brokerage account digitally. Why not extend the same to Pakistanis living here? They should have the same facilities” said Farrukh H Khan, the MD and CEO of the PSX.
It is important to note that RDA accounts are fully digital from the get go. Local bank accounts, however, haven not always been as digital as they are now.
“The difference between RDA and local is that RDA starts as a digital experience, while for most local bank accounts, the initiation was not digital,” says Khan.