Sahal Verifai has signed a Memorandum of Understanding (MoU) with the Central Depository Company of Pakistan Limited to develop a centralized gateway portal for the entire SECP-regulated capital market in Pakistan.
This means all brokerages, commodity investments, mutual funds, and insurance companies will be unified under 1 centralized e-KYC solution provided by Sahal Verifai. This is one step closer to the national goal of financial inclusion for all.
Commenting on the development, Abdul Wahab, Founder & CEO at Sahal, said, “We look forward to changing the future of the capital market working alongside CDC.
Sahal will act as a trailblazer in customer remote onboarding and verification.
“Sahal Verifai is a one-stop end-to-end e-KYC service provider. The goal is to help financial institutions, e-commerce, and the capital market to combat fraud and cyber identity issues.
We are doing this by verifying user identity using Facial Biometric for remote onboarding and carrying out remote ongoing due diligence including AML/CFT and Urdu-based Adverse Media.
Our company’s machine learning algorithms can help solve most of the digital onboarding and due diligence bottlenecks that banks, e-commerce, and other financial institutions have been facing nowadays.”
This one-stop-shop solution provider was founded in 2021 with a vision to completely revamp the customer journey required to not only onboard a customer but also carry out the necessary verification and ongoing due diligence processes.
The company is Pakistan’s first-ever regulated and licensed e-KYC entity, it said.
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