SBP & CDC Launched RAAST Payments Facility For Mutual Funds
The Central Depository Company (CDC) and the State Bank of Pakistan (SBP) have introduced the RAAST Payments Facility for Mutual Funds, allowing investors to buy mutual fund units through SBP's RAAST Payment Gateway. CDC has established a system where it acts as an "Aggregator" and issues a Raast Payment ID, enabling investors to digitally transfer funds via Raast to the respective Asset Management Company (AMC) for purchasing mutual fund units. The launch event took place at CDC House, with Deputy Governor SBP Saleem Ullah as the Chief Guest.
Deputy Governor SBP Saleem Ullah expressed his appreciation for CDC's dedication to digitalization and customer convenience, emphasizing that the primary goal of digitalization efforts is to enhance customer satisfaction. He highlighted the significance of RAAST as a key element in the digitization of the country's payment system and mentioned its successful track record since its 2021 launch, with over 1 million daily transactions and 33 million unique RAAST IDs created.
Moreover, RAAST's recent introduction of the Payment-to-Merchant (P2M) feature was noted, as it promises to revolutionize digital payments by allowing merchants to initiate 'Request-to-Pay' for customers, simplifying the payment process. Deputy Governor SBP encouraged Asset Management Companies (AMCs) to offer Raast P2M features on their mobile apps, opening up innovative opportunities for customer-centric investment products.
Commissioner SECP Mujtaba Ahmad Lodhi commended CDC's collaboration with SECP in refining the regulatory framework for the mutual fund industry, expressing satisfaction with the successful implementation of various initiatives aimed at market development, efficiency enhancement, and investor facilitation.
CEO of CDC, Badiuddin Akber, stated that this project aligns with CDC's strategy of using technology and innovation to create a more investor-friendly environment. He expressed gratitude to SBP and SECP for their continued support in implementing tech-based solutions.
Chairman CDC Moin Fudda acknowledged SBP's consistent support in market development initiatives. The event also saw the presence of the CEO of MUFAP, Ms. Mashmooma Zehra Majeed, CEOs, and senior executives from the mutual fund industry, all of whom commended CDC's efforts in advancing this initiative and contributing to market development.
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