Islamabad: Advisor to the Prime Minister (PM) on Finance Dr Abdul Hafeez Shaikh on Thursday launched the Secured Transitions Registry (STR) facility for the country’s financial institutions so they could file their security interests online, a news source reported.
The Securities and Exchange Commission of Pakistan (SECP) operationalized the STR; established under the Financial Institutions Act 2016. The STR is an electronic register which can be accessed online and registers security interests created by financial entities on their movable assets. It was informed that the registry was available to the public for search online and the registration process was free of charge and completely automated.
Hafeez Shaikh chaired the launching ceremony of STR, while State Bank of Pakistan (SBP) Governor Reza Baqir, Board of Investment (BoI) Chairman Atif Bukhari, SECP Chairman Aamir Khan, and several other senior officials were present during the ceremony.
Hafeez Shaikh said that the STR initiative would facilitate Micro, Small and Medium Enterprises (MSMEs). The registry will enhance the scope of assets that MSMEs can present as security for getting finance. Additionally, he added that STR would facilitate banks in expanding their lending portfolios and improve Pakistan’s scores on World Bank’s Doing Business index.
