SECP Chairman Advocates Digital Transformation for Pakistan's Economic Future

In a dynamic and insightful interaction with member companies of the Overseas Investors Chamber of Commerce and Industries (OICCI), Akif Saeed, Chairman of the Securities & Exchange Commission of Pakistan (SECP), stressed the pivotal role of digitalization in shaping the future of Pakistan's economy. In this article, we'll explore how digital transformation is taking center stage and driving key developments in the business landscape of Pakistan.

Embracing Digitalization: A Game-Changer for Pakistan's Economy

During this engaging session, Akif Saeed provided an extensive update on SECP's recent initiatives, underlining the significance of embracing technology. This strategic shift toward digitalization, as Saeed pointed out, not only slashes costs but also streamlines processes, making it a win-win for both businesses and regulators.

Saeed shed light on one of the remarkable initiatives spearheaded by SECP – the launch of a Centralized Gateway Portal earlier this year. This cutting-edge portal simplifies the digital onboarding of investors across different asset classes in regulated sectors. The overarching aim, as stated by Saeed, is to empower stakeholders, reduce the need for physical visits to SECP offices, and enable individuals to engage with SECP from their own workstations.

Responding to concerns raised by OICCI member companies about delays in security clearances for foreign directors, which can pose challenges for foreign investors, Chairman Saeed assured them that these issues are receiving prompt attention.

Additionally, Saeed delved into matters related to improving the e-services portal, redefining the term 'related parties,' resolving duplicate submissions on SECP and PSX platforms, and shared updates on the new Companies Act.

Promoting Collaboration and Innovation

Highlighting the importance of such dialogues, Saeed suggested hosting regular sessions with OICCI members to foster a collaborative environment for idea exchange and issue resolution. His arrival was warmly welcomed by OICCI's President, Amir Paracha, Vice President Rehan Muhammad Shaikh, and Secretary-General M Abdul Aleem.

President Amir Paracha lauded the SECP's forward-thinking approach and its significant contributions to boosting growth and transparency in Pakistan's financial markets. He stressed the pivotal role that the SECP plays in ensuring the stability and integrity of Pakistan's financial systems.

Paracha emphasized that the SECP's recent initiatives, such as the Memorandum of Understanding with the IT ministry and IGNITE to establish a VC fund and promote women's empowerment, align perfectly with the goals of OICCI. He highlighted that the OICCI not only invests but also provides thought leadership in these vital areas, demonstrating the commitment to driving positive change in Pakistan's business landscape.

In conclusion, the SECP's vision for a digitally transformed future is not only shaping the landscape of Pakistan's economy but also fostering collaboration and innovation. This bold approach, combined with a commitment to transparency and progress, promises exciting prospects for business in Pakistan, all while embracing the power of technology.