SECP To Introduce Digital Asset Management Companies.

ISLAMABAD -- The Securities and Exchange Commission of Pakistan (SECP) has introduced the concept of Digital Asset Management Companies (AMCs) to promote financial inclusion and to simplify investment in AMCs. A concept paper in this regard has been published on SECP website for public consultation. Digital AMCs have the potential to facilitate investors and increase investor base, by reducing paperwork, providing services remotely, and leveraging customer data. These companies will provide all AMC services, including launching of allowed Collective Investment Schemes (CIS), online account opening to issuance and redemption of units and inter CIS conversions through digital means, where the investor is no longer required to visit any distribution point physically. The concept note covers areas like challenges faced by brick and...