Central Depository Company (CDC) has collaborated with the State Bank of Pakistan (SBP) for allowing investors to purchase mutual funds units using SBP’s RAAST Payment Gateway. CDC has developed a framework where it acts as an “Aggregator” and issues a Raast Payment ID, enabling investors to digitally transfer funds, using Raast, to the respective Asset Management Company (AMC) for purchase of mutual fund units.
The facility was launched in an event at CDC House with SaleemUllah – Deputy Governor SBP as the Chief Guest.
While officiating the event, Deputy Governor SBP SaleemUllah expressed his heartfelt appreciation for CDC’s unwavering efforts and initiatives for digitalization and customer facilitation. He emphasized that the core objective of all digitalization efforts is to improve customer convenience and satisfaction.
He said that the launch of RAAST payments facility for Mutual Funds will provide the much-needed convenience to the mutual fund investors and would be instrumental in increasing the investors’ base.
Highlighting the importance of RAAST, the DG SBP said that the RAAST will work as the pivot for digitization of the country’s payment system. He said that since its launch in 2021, RAAST is working smoothly, successfully processing over 1 million transactions daily.
Commissioner SECP, Mujtaba Ahmad Lodhi also honored the event and remarked, “CDC has been consistently working closely with SECP for formulating and refining the Regulatory framework for the mutual fund industry.
It is heartening to witness the successful realization of many such pioneering initiatives by CDC, in collaboration with SBP and SECP, and the steady progress towards market development, greater efficiencies and investor facilitation.”
