SECP Allows Digital Onboarding Mechanism to Cover Private Pension Funds
The move comes in continuation with the SECP’s efforts to expand financial inclusion and broaden the investor base in capital market products.
Under this initiative, pension fund managers can now extend digital account opening services to individuals desirous of investing in private pension funds under the voluntary pension system (VPS) on the same lines as the mechanism already offered to the investors in the stock market and mutual funds.
Through digitalization, the process of enrolling new investors has been significantly simplified by eliminating the requirement of physical presence and the submission of documents by the customers.
Moreover, the process enables pension fund managers to conduct online Customer Verification through virtual platforms like and WhatsApp and Skype.
This recent measure marks another progressive step by the SECP for the promotion and development of private pension funds, the non-bank financial sector, and the capital markets in Pakistan.
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