KARACHI: An agreement was signed between Pakistan Stock Exchange (PSX) and 1LINK to launch the new payment and registration system by PSX.
This new payment and registration system will support in digitally transforming the Initial Public Offering (IPO) process through an E-IPO system. The E-IPO system will electronically connect investors, share registrars with brokers/TRE Certificate holders, banks via 1LINK and the shares custodial company, Central Depository Company (CDC) on a real time basis with a simplified end-to-end customer experience.
At the signing ceremony, Farrukh H Khan, MD and CEO, Pakistan Stock Exchange, said the new E-IPO system from PSX is a significant development in the digitalization of the IPO process. “This system will transform the entire IPO process. It is a much needed system confirming to the ways business is carried out in the digital era. PSX is determined to take the lead and bring the capital market in line with global trends and international standards by connecting investors, share registrars, brokers, banks, gateway firms like 1LINK and the shares custodians, CDC, in providing a fast, efficient, and conducive experience for all participants of the IPO process,” he said.
Mahmood Siddiqui, Chief Information Officer at PSX, speaking about the new E-IPO system, said the new E-IPO system is an end-to-end digitalized experience for all market participants of the IPO process. It is a tremendous step forward for the capital market of Pakistan enabling revolutionary swiftness and efficiency in conducting an IPO through the digital realm and the internet.
Speaking at the occasion, The CEO 1LINK, Najeeb Agrawalla, said in a fast-changing and fluid environment which increasingly needs interoperability and efficient payment solutions on all fronts, 1LINK 1BILL is helping pave the way towards digitization and economic growth. The recent circumstances induced by the pandemic has increased the importance for a robust digital payment ecosystem and 1LINK – PSX alliance is yet another step towards facilitating customers and enhance the investors outreach, he added.
Umer Ansari, Head of Business Development at 1LINK, speaking about this new arrangement, said that1LINK is honored to onboard PSX on its bill payments service. “Through the enablement of PSX on all 1LINK members’ channels (ADCs/OTC), we hope that this initiative will improve efficiency and help increase the outreach of IPOs by making process more user-friendly,” he added.
Copyright Business Recorder, 2021