Tag: ITMinds

CDC ITMinds Limited signs an agreement with Pak Qatar Asset Management Company Limited and Pak Qatar Family Takaful Limited for Back Office service provisioning

Karachi, June 6, 2022: ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) & Pak Qatar Family Takaful Limited (PQFTL) to provide Back Office Accounting Services to PQAMCL & PQFTL. The agreements were signed by Mr. Farhan Shaukat CEO-PQAMCL, Mr. Ahsan Qureshi CFO-PQFTL with Mr. Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Mr. Badiuddin Akber Director-ITMinds & CEO-CDCPL.

 

Through this arrangement, ITMinds will facilitate PQAMCL and PQFTL in concentrating on their core business activities, i.e. managing investors’ money and savings, by relieving them from various non-core  critical  back office functions like accounting services,   Settlement of portfolios, Unit management related activities, Funds NAV calculation, Facilitation for Compliance/ Reporting, Information Security, Business Continuity and IT arrangements.

 

Commenting on the occasion, Mr. Farhan Shaukat, CEO-PQAMCL, said that this arrangement will enable PQAMCL to concentrate on its core business of managing investors’ funds while outsourcing the back office functions to a Professional Fund Administrator. Also commenting on the occasion, Mr. Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that the concept of outsourcing non-core critical business activities has proved to be efficient and cost-effective in today’s business world. Hence, we have commissioned ITMinds with this aim to enable AMCs and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus facilitating them to augment the focus of their management on the core business which is more integral to their commercial success while achieving efficiency, scalability & transparency of processes. Mr. Iqleem-uz-Zaman Khan CEO-ITMinds highlighted that as of 31st May 2022, ITMinds has 8 active clients leveraging economies of scale with ITMinds BPO services, while more clients are also in the pipeline. At the ceremony Mr. Waqas Ashraf, CFO- ITMinds and others senior members of the Companies were also present.

Under SECP’s regulatory impetus, IAP and CDC-ITMinds Limited sign MoU for Digital Aggregation of Insurance Products

Karachi, December 03, 2021:Under the regulatory impetus of SECP, Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited (CDC) signed a Memorandum of Understanding for the digital aggregation of Insurance products CDC’s Emalaak Financials platform. Ms. Sadia Khan, Commissioner – Securities and Exchange Commission of Pakistan (SECP) presided at the MoU Signing Ceremony at the CDC House, Karachi.

At the occasion, describing the features of the platform, CEO-CDC Mr. Badiuddin Akber said that “This Fintech solution of “Emlaak Financials” is indeed a landmark initiative of national significance, as it aims to become “Digital Financial Super Market” in Pakistan by leveraging the potential of technology to increase outreach for various financial products.”

Mr. Azfar Arshad, Chairman IAP applauded the efforts of CDC and SECP and said that this initiative will pave the way for the growth of the Insurance Industry.

While addressing the occasion, Commissioner SECP – Ms. Sadia Khan said that this digital transformation is expected to have an impact throughout the insurance value chain, from underwriting and pricing of products, their marketing and distribution, through to claims processing and the ongoing customer servicing.  The distribution of insurance products through the digital portal EMLAAK is expected to provide low-cost and centralized solution to policy holders by providing comparative cost benefit analysis of different products on a centralized platform.  This will lead to a reduction in the protection gap as new market segments are accessed as well as an increase in the insurance penetration.  The goal of the regulator is to enable the insurance industry to play its rightful role both in terms of providing the social safety net as well as development of the capital market.

She commended the role of CDC in bringing this new initiative to life by capitalizing on its technological capability.

The event was attended by the senior members of IAP’s Executive Committee and other high ranking officials of the Insurance industry.

Exit mobile version