Karachi: The NCCPL has a track record of providing automated business solutions to capital market participants with an objective to provide ease of doing business and to enhance transparency and efficiency in capital market operations. In continuation of this endeavour, NCCPL has taken a huge step in announcing its collaboration with Idenfo, a trailblazer UK based fintech specialising in Anti-Money Laundering “AML”, FATF and compliance solutions. Through this collaboration a seamless intuitive digital platform will be made available for authorized intermediaries.
The digital platform will facilitate Authorized Intermediaries including securities brokers to increase accuracy and volume of applications by providing pre-checks on the client. With this, both companies aim to make investing through brokers a frictionless experience.
Idenfo is a UK headquartered company with global operations and has local presence in Pakistan. It offers a comprehensive solution for AML, KYC, FATF and Compliance solutions for Financial Institutions. Idenfo has proven track record in delivering financial crime transformations in large financial institutions. Idenfo provides 4 types of solutions a) System for Digital Onboarding and full suite of Compliance related client management, b) Building a Digital DNA solution for clients containing their transactional and social information, c) Specialised consulting and assurance in AML/CDD and d) Managed services for AML related activities.
“We are delighted to partner with an esteemed organisation like NCCPL in facilitating this transition to digital on boarding of investors by brokerage services”, said Azfar Naqvi, CEO of Idenfo Pakistan (Private) Limited. Raza Abidi, Founding Director, who was also present at the ceremony to represent Idenfo UK, spoke about their huge business potential in the country. He said, “Pakistan, as an economy, has been heavily reliant on manual processes. With enhanced FATF and other regulatory requirements, this is changing rapidly as more and more clients are beginning to appreciate the existence and convenience of technology in finance. We intend to narrow the gap further by bringing our global expertise in providing cutting-edge holistic client engagement solutions to Pakistan”.
National Clearing Company of Pakistan Limited (NCCPL) is an infrastructure institution of Pakistan’s Capital Market acting as a Central Counterparty “CCP” and the only licensed entity providing clearing and settlement services for trades and transactions executed at the Securities Exchange.
“Our aim is to make the process of investing easier, for clients as our end-users as well as brokers as the middle-party,” said Muhammad Lukman, CEO of NCCPL. “Ultimately, it’s all about enhancing the onboarding experience. If clients can invest through brokers easily, it benefits the entire ecosystem.”
NCCPL and Idenfo are jointly planning to organize a series of events including a webinars where they will be introducing and offering their digital platform for brokers. These events will commence in January, 2021 with a roadshow.