Centralized Gateway Portal
What is Asaan Connect (Centralized Gateway to Simplified Onboarding)?
Asaan Connect Explainer Video
Asaan Connect (Centralized Gateway to simplified onboarding) is a centralized onboarding portal launched by the Central Depository Company (CDC) in September 2023 with the objective of making the investment process easier and more accessible for investors in multiple types of assets. The Asaan Connect solution is a centralized platform wherein investors can maintain a standardized profile with KYC/AML procedures performed one-time, and can leverage the platform to proceed for onboarding in diverse investment avenues (such as stocks, mutual funds, insurance products, etc.) without having to undergo repetitive processes with each financial institution. Even for any subsequent updates, investors will only update their profile, and Asaan Connect will accordingly update all connected financial institutions, thus minimizing investor’s efforts while ensuring synchronization of information in a seamless manner. Asaan Connect effectively functions as a centralized repository for all data and documents, eliminating the requirement for financial institutions to retain the documents with them, thereby reducing their storage requirements.
Asaan Connect is designed according to the framework defined by SECP in its Circular 06 of 2023 “Centralized Onboarding Mechanism for all Asset Classes” which standardizes the requirements for digital onboarding. The Asaan Connect maintains its centralized position within the financial eco-system by continuously building and maintaining digital connectivity with all institutions in the capital market, thereby allowing investors to send electronic account opening requests to their chosen Stock Broker, Asset Management Company or Insurance Company.
Asaan Connect include state-of-the-art tools for KYC/CDD and a uniform, synchronized and latest AML framework with AI based algorithm, besides providing financial service providers with indicative risk rating to help them in making informed decisions. It is connected with all major verification service providers to ensure a digital KYC process, which includes real time verifications for NADRA CNIC, mobile number, email address and IBAN. Capital market institutions can rely on the KYC/CDD performed by Asaan Connect as SECP has designated CDC as “Third Party” for the purpose of ensuring AML/CFT Regulations. As a result, customer profiles forwarded by Asaan Connect to capital market institutions for onboarding require minimal verification process, saving time and cost for the institutions and allowing the applications to be processed on a fast track basis.
Asaan Connect is a testament to CDC’s commitment as an infrastructure organization to introduce digital innovations and foster ease of investment in the capital market. For a detailed guide on the user journey through the portal please, click here.
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