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,” said a statement issued by the Central Depository Company.
CDC is working with SBP on this project for the last 1 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 of CDC, Mr. 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,” added the statement.
Accounts in Stock Exchange, where again SBP placed its trust on CDC to act as the bridge between Banks and Capital market entities and 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 USD 2.5 million) through this arrangement facilitated by the CDC.