The Pakistan Stock Exchange (PSX) and 1LINK have signed an agreement to launch PSX’s new payment and registration system.
According to the details, this new payment and registration system supports the digital transformation of the IPO (Initial Public Offering) process through an E-IPO system.
The e-IPO system connects investors, stock registrars with brokers / TRE depository receipt holders, banks through 1LINK and the stock management company Central Depository Company (CDC) electronically in real time with a simplified end-to-end customer experience.
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“PSX’s new E-IPO system is an important development in the digitization of the IPO process. This system transforms the entire IPO process. It is a much needed system that validates the way business is done in the digital age, ”said Farrukh H. Khan, MD & CEO of the Pakistan Stock Exchange.
Mahmood Siddiqui, Chief Information Officer at PSX, said of the new E-IPO system: “The new E-IPO system is an end-to-end digitized experience for all market participants in the IPO process.
This is a huge step forward for Pakistan’s capital market, enabling revolutionary speed and efficiency in the implementation of an IPO through the digital world and the Internet.
In addition, 1LINK Managing Director Najeeb Agrawalla said: “In a rapidly changing and fluid environment that requires increasing interoperability and efficient payment solutions on all fronts, 1LINK 1BILL paves the way for digitalization and economic growth.
The recent circumstances caused by the pandemic have increased the importance of an elastic ecosystem for digital payments. The 1LINK-PSX Alliance is the next step in supporting customers and expanding the reach of investors.