Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh launched the Secured Transactions Registry (STR) or registration of security interests/charges created by entities other than companies on their movable assets.
The launching ceremony was chaired by Dr. Abdul Hafeez Shaikh and was attended by Governor of State Bank of Pakistan (SBP), Reza Baqir, Chairman of SECP, Aamir Khan, Chairman of Board of Investment, Atif R Bokhari, Chairperson of Karandaz Pakistan, Dr. Shamshad Akhtar, CEO of Karandaz Pakistan, Ali Sarfraz, Department Head of International Development (DFID) Pakistan, Annable Gerry, Country Director of World Bank in Pakistan, Illango Patchamuthu, Commissioners of SECP, Shaukat Hussain and Shauzab Ali.
The STR, established under the Financial Institutions (Secured Transactions) Act, 2016, for registration of security interests/charges created by entities other than companies on their movable assets, has been operationalized by the Securities and Exchange Commission of Pakistan (SECP).
The STR is an electronic register that can be accessed through a dedicated website 24/7. Financial institutions can now file security interests online. The registration process is fully automated and the registry is searchable by the general public, free of charge.
Dr. Abdul Hafeez Shaikh was optimistic that this initiative would prove to be a game-changer by improving access to finance for the MSMEs, agri-borrowers, and rural enterprises.
The commencement of the registry will broaden the scope of assets that these underserved segments can offer as security for availing the finance.
