Dr. Reza Baqir, Governor of the State Bank of Pakistan, paid a visit to the Central Depository Company (CDC) to celebrate the successful launch of two key initiatives for the Pakistan Capital Market: Roshan Equity Investment for Roshan Digital Account holders and Raast for Dividend payments.
Both initiatives were recently completed by the State Bank in partnership with capital market and commercial banks.
Roshan Digital Account (RDA) is a significant programme by the State Bank of Pakistan, in partnership with commercial banks operating in Pakistan, that completely connects the Pakistani diaspora into Pakistan’s banking and payment system, allowing them to engage in lifestyle banking and investing.
One of the products given by banks via RDA for investing in the Pakistan Stock Exchange is Roshan Equity Investment. Raast, on the other hand, is Pakistan’s first instant payment system, allowing people, corporations, and government bodies to make end-to-end digital payments in real time.
The cutting-edge quicker payment system will be utilised to settle small-value retail payments in real-time while also providing low-cost, universal access to all financial sector actors, including commercial banks, microfinance institutions, government agencies, and fintech.
It is an important milestone for the CDC and the broader Capital Market, as the successful implementation of these critical market development initiatives is projected to deliver positive outcomes, as well as improve the ease of doing business through new solutions, digitalization, and process efficiency.