Karandaaz Pakistan, with financial support from the UK’s Department for International Development (DFID), is helping the Securities Exchange Commission of Pakistan (SECP) digitalise its key operations. In the first phase of this process, a digital Secured Transactions Registry (STR), governed by The Financial Institutions (Secured Transactions) Act, 2016 has been launched. The STR is an electronic database in which financial institutions can record charges or security interests created by unincorporated entities or individuals on their movable assets. Movable assets include receivables, intellectual property, inventory, agricultural produce, petroleum or minerals, motor vehicles, etc. A digitalized STR will open up new avenues for small and medium enterprises and agriculture sector borrowers to secure credit from financial institutions, while offering greater transparency and visibility around recorded charges or security interests to financial institutions. According to a 2017 report by HaidermotaBNR & Co. titled Financial Inclusion and Secured Transactions: Expanding access to credit in Pakistan’s MSME Sector, most SMES in Pakistan are in trade and services (51% and 35%, respectively) and their assets mostly comprise of moveable property, such as inventory and receivables.
SECP launches Digital Secured Transactions Registry with support from DFID Funded Karandaaz
Karandaaz Pakistan, with financial support from the UK’s Department for International Development (DFID), is helping the Securities Exchange Commission of Pakistan (SECP) digitalise its key operations. In the first phase of this process, a digital Secured Transactions Registry (STR), governed by The Financial Institutions (Secured Transactions) Act, 2016 has been launched. The STR is an […]
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