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KARACHI: In a historic milestone in the country’s payment landscape, the Central Depository Company (CDC) has successfully processed the cash dividend of “Pak Datacom Limited” through State Bank’s RAAST payment gateway.

It is indeed a moment to celebrate for both CDC and Pak Datacom Limited as both the companies were the first entities to utilize the services of Pakistan’s new and fastest payment gateway of RAAST (inaugurated by the Prime Minister Imran Khan on Monday, 11th January 2021).

CDC is working with SBP on this project for the last one year to make this possible. CDC is now connected with all major Banks on RAAST, and will process all dividend payments more efficiently and cost-effectively. Speaking at the occasion CEO CDC, Badiuddin Akbar, said, “It is indeed a landmark achievement that Raast has now been launched and operational with CDC on-board for the processing of all Dividend Disbursement transactions which will extend valuable process improvements in terms of transparency, security, efficiency and cost-effectiveness. We are confident that with the help of Raast, there would be a complete transformation of the payment landscape of Pakistan.”

CDC is thankful to SBP and SECP for their continued support and patronage in achieving yet another milestone in its market transformation journey. CDC is already processing thousands of transactions related to Roshan Digital Accounts in Stock Exchange, where again SBP placed its trust on CDC to act as the bridge between Banks and Capital market entities and to become the gateway for non-residents Pakistanis to invest in Pakistan Stock Exchange (PSX). Around 2000 Roshan Digital Account holders are efficiently investing in PSX with an estimated worth of around Rs 375 million (around $2.5 million) through this arrangement facilitated by CDC.

Copyright Business Recorder, 2021