Federal Minister for Finance and Revenue, Muhammad Aurangzeb launched SECPs Electronic Mortgage Register of Companies, a landmark initiative designed to provide a centralized system for accessing and verifying mortgage information of companies. It serves as a comprehensive database, providing Banks/Non-Banking Financial Institutions with easy access to accurate and current information, thereby facilitating better decision-making and fostering trust in the financial sector, said a press release issued here. Electronic Mortgage Register, a centralized database, will enable Banks/Non-Banking Financial Institutions to quickly verify existing status of registered mortgages, thus, reducing the time, effort and administrative cost required for manual processes. It will also reduce the risk of errors associated with manual preparation of mortgage information and will enhance the trust of financial institutions in assessing the risk profiles of borrowers.

Earlier, the SECP has also launched its Digital Financial Institution portal, streamlining the process for Banks/Non-Banking Financial Institutions to open corporate accounts for companies incorporated through the newly launched online portal, eZfile. Companies filing statutory documents through eZfile and/ or through eServices will now be available to the Banks/Non-Banking Financial Institutions for direct access and verification of company information from SECP’s records. Since its launch, 49 Banks/Financial Institutions are using the portal, to gain real time access to statutory records of companies. This innovative step allows Banks/Non-Banking Financial Institutions to open corporate accounts without requiring physical certified copies of statutory documents and will not only significantly reduce the turnaround time for opening corporate bank accounts but also bring better transparency in KYC and CDD processes.

Credit: Independent News Pakistan