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SCBPL Scbpl Wants to Contribute to Pakistan'S Financial Sectors Evolution [Cihan News Agency (Turkey)](Cihan News Agency (Turkey) Via Acquire Media NewsEdge) Standard Chartered Bank Pakistan Limited (SCBPL) intends to play a leading role evolution of Pakistan's financial sector to the level where financial inclusion rapidly increases in the coming years. For this purpose, SCBPL believes that technology and advanced telecom infrastructure, including roll out of 3G and 4G wireless platform, can be leveraged to reach millions of potential savers and users of financial services, said SCBPL's Regional Head of Investors and Intermediaries, Stewart Adams during his visit to Karachi Stock Exchange (KSE), said KSE press release here on Wednesday. Mr. Adams also appreciated the initiatives of Karachi Stock Exchange (KSE) in the post-demutualization period to improve efficiency, governance and transparency at the exchange. He highlighted that such endeavors will help build greater confidence of investors in Pakistan's capital market. Stewart Adams, on this occasion, performed the market opening bell ceremony. He also held discussion with the management of KSE. He also praised the National Clearing Company of Pakistan (NCCPL), an associate of KSE, for successfully implementing the CGT collection mechanism for tax authorities and said this is a unique system and an example for other countries to follows. Managing Director KSE, Nadeem Naqvi, provided a synopsis of several major initiatives underway at the exchange to enhance investors-base in the country and improve efficiency of operations. These included launch of an electronic trading platform for secondary market trading of Government Securities by Federal Finance Minister, Senator Muhammad Ishaq Dar, developing a cloud computing based system for brokers of KSE so that their operating costs will be continued while their ability to offer Internet Trading facility on multiple platforms including mobile phones will be enabled in compliance of internet trading regulations in a secure and easy manner. The draft regulatory framework for Small and Medium Enterprise (SME) Board at KSE was also in final stages of completion before submission to relevant approving authorities. The two sides also discussed cooperation possibilities relating to encouraging non-resident Pakistanis (NRPs) to invest in the capital market that would attract foreign exchange to the country. This included joint marketing road shows and looking at ways to make SCRA account opening process and documentation user friendly especially for NRPs as well as the possibility of omnibus custody account structure. Stewart Adams appreciated KSE's leading role in market development activities and said Standard Chartered Bank believed that Pakistan has a tremendous potential for growth. (c) 2014 Cihan News Agency. All right reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |