The Central Depository Systems (Pvt) Limited (CDS) signed a Memorandum of Understanding (MoU) with the Central Depository Company of Pakistan Limited (CDCP), on 2nd September 2016.
The depositories anticipate developing a closer working relationship in the future and wish to maintain channels of communication for exchange of information and to promote visit for knowledge sharing purposes by directors, officers and employees of the two depositories. The MoU will assist the CDS to obtain expert knowledge in matters connected to depositories, to introduce new business process initiatives and innovative products.
CDCP is the sole securities depository in Pakistan. They have diversified their businesses beyond the traditional depository domain and offer trustee and custodial services for open and closed ended funds and voluntary pension schemes, share registrar services, BPO and back office functions to the mutual fund industry through ITMinds Limited and centralized information sharing solution for insurance industry (CISSII).
The Chief Executive Officer of CDCP Mr. Muhammad Hanif stated “Pakistan is privileged to enjoy strong economic bilateral relations with Sri Lanka and I am confident that our representative institutions, CDC Pakistan and CDS Sri Lanka, will reinforce the spirit of collaboration. The signing of the Memorandum of Understanding between CDCPL and CDS Sri Lanka will solidify the partnership between our countries, our institutions and will continue our commitment towards global cooperation”