Abdul Rahim

Chief Information Officer of SECP

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Abdul Rahim is the Chief Information Officer of the Securities and Exchange Commission of Pakistan (SECP), which he describes as a financial regulator. He says he represents the technology side of SECP. He is not a career public servant.

Early life and background

Rahim was based in Dubai and was with financial services. He has said that financial services and technology have been his passion from the start. His bachelor's degree is in computers. [1]

Securities and Exchange Commission of Pakistan

Rahim says that businesses that want to incorporate come to SECP to register their business. He says SECP also licenses people who set up insurance companies, mutual funds or modaraba companies. In his account, insurance companies must be regulated because they hold the insurance premiums of many people. [1]

Rahim says SECP has worked for one and a half to two years to improve ease of doing business. He says SECP aims to simplify processes, improve systems and improve customer experience. [1]

Ease of doing business

Rahim said that Pakistan's ranking improved, by his recollection, from 136 to 108. He said that a ranking that relates directly to SECP jumped, he thought, by 58 points to 72, and that he thinks Pakistan is ranked 28 for protecting minority investors. He says SECP's major jump has helped Pakistan. He said Pakistan was featured in a World Bank report on top reforming countries in the previous year. [1]

Rahim says a company can now be registered entirely online. He said 99% of companies incorporated in November were registered online. He also said that company registration is not yet straightforward, but that SECP keeps simplifying it. [1]

Rahim said SECP held workshops in major cities and invites citizens to them. He said the workshops map the whole process on charts with sticky notes. He says SECP started a voice-of-citizens initiative to gather feedback. [1]

Rahim said SECP made animated videos and guides available for people registering businesses. He says SECP has had an online chatbot on its website since earlier this year, and that the chatbot is available 24/7. He thinks SECP may be one of the first government agencies to offer such a chatbot. [1]

Rahim said company incorporations grew about 40% compared with the prior year. He said registrations of IT companies have grown significantly, as have registrations in construction and related industries, including cement. He suggested that more people turning to entrepreneurship may be one reason for the growth. He said the number of companies being registered is increasing significantly. [1]

Rahim said SECP publishes its numbers through press releases and in the media. He said SECP's Twitter account carries constant updates on its numbers. He said there is no restriction as long as an idea is within SECP's regulatory domain, and that anyone can come with an idea. [1]

Startups

Rahim said incubation centers require startups to be registered before they are accepted. He named national incubation centers in Pakistan as being in Karachi, Lahore, Islamabad and Peshawar. He said he personally visited incubation centers in Karachi, Islamabad and Lahore. He said he has met startups personally, though he cannot recall how many. [1]

Rahim said Pakistan previously had no mechanism to give employee stock options, and that SECP enabled that mechanism through the Companies Act. He said share buybacks were open to public companies but not to startups, fintech or private companies. He said SECP eased the approval requirements for employee stock options. [1]

Rahim said everything was approved through an ordinance, which unfortunately lapsed. He said the incentives are being pursued again through changes to the Companies Act. [1]

Capital markets and exports

Rahim said SECP approved a framework for digital onboarding about two weeks earlier, and that digital onboarding applies to both overseas and resident Pakistanis. He said stock accounts are opened through brokers, which SECP registers and licenses. He said brokers needed to enable their technology and systems. [1]

Rahim said digital signatures are allowed under Pakistan's electronic transaction ordinance. He said private sector entities can connect to government identity systems and verify information online. [1]

Rahim says Pakistan has become an attractive location for exporting services. He said the Pakistan Software Export Board drives the special economic zone work. He gave the example of allowing 100% foreign shareholding. [1]

Rahim said there are IT companies in Pakistan that could be brought here to list. He said SECP introduced a concept of an exchange with lesser requirements and lesser capital requirements. He said the number of IPOs has been increasing over the past year. He personally feels that IPOs and stock listings in Pakistan have mostly been for very large business empires. [1]

Digital assets

Rahim says Bitcoin is a cryptocurrency that works on blockchain. He says blockchain is a technology and is not the same as Bitcoin. He says cryptocurrency as a currency falls under the State Bank of Pakistan, not SECP. He says SECP's position paper focuses specifically on security tokens. [1]

Rahim explains that tokens are typically either utility tokens or security tokens. He describes security tokens as linked to an underlying asset, such as real estate, bonds or gold. He says Bitcoin has no underlying asset. He describes fractional ownership as a new concept that security tokens create. He said many markets have started regulating digital currencies and digital assets. [1]

Compliance

Rahim said the overall AML framework has become strengthened. He said SECP has an AML department. He said SECP's reporting systems are integrated online with many of the entities it regulates. [1]

Views

Rahim said financial literacy in Pakistan has to improve. He said savings and investment concepts are not taught in universities or colleges. He said people who do not understand investments tend to become risk averse. [1]

Rahim said the stock market and mutual funds are quite small compared with the size of GDP. He says millennials are more digitally literate, and Gen Z even more so. He personally believes Pakistan's IT sector has a lot of potential. [1]

Rahim has said macroeconomic indicators such as remittances, exports and reserves are moving in a positive direction. He said foreign investors have been coming into startups over the past year and a half. He says he has a positive outlook. [1]

Appearances

DateTitleWhere
2021-03-22 Pakistan's regulatory shift toward easier business formation Thought Behind Things

Frequently asked questions

Who is Abdul Rahim?

Abdul Rahim is the Chief Information Officer of the Securities and Exchange Commission of Pakistan (SECP). He describes SECP as a financial regulator. Rahim is not a career public servant.[1]

What does Abdul Rahim do?

Abdul Rahim says he represents the technology side of SECP. He says businesses that want to incorporate come to SECP to register their business, and that SECP licenses people who set up insurance companies, mutual funds or modaraba companies.[1]

What did Abdul Rahim study?

Abdul Rahim said his bachelor's degree is in computers. He has said that financial services and technology have been his passion from the start.[1]

Is Abdul Rahim a career public servant?

No. Abdul Rahim said he is not a career public servant. He was based in Dubai and was with financial services.[1]

Can a company be registered online in Pakistan?

Abdul Rahim says a company can now be registered entirely online. He said 99% of companies incorporated in November were registered online. He also said that company registration is not yet straightforward, but that SECP keeps simplifying it.[1]

What does Abdul Rahim say about cryptocurrency?

Abdul Rahim says Bitcoin is a cryptocurrency that works on blockchain, and that blockchain is a technology and is not the same as Bitcoin. He says cryptocurrency as a currency falls under the State Bank of Pakistan, not SECP. He says SECP's position paper focuses specifically on security tokens.[1]

What does Abdul Rahim say about financial literacy in Pakistan?

Abdul Rahim said financial literacy in Pakistan has to improve. He said savings and investment concepts are not taught in universities or colleges. He said people who do not understand investments tend to become risk averse.[1]

What does Abdul Rahim think of Pakistan's IT sector?

Abdul Rahim personally believes Pakistan's IT sector has a lot of potential. He said registrations of IT companies have grown significantly. He also says Pakistan has become an attractive location for exporting services.[1]

References

  1. Pakistan's regulatory shift toward easier business formation . Thought Behind Things , 2021-03-22.
Show the source passages (79 statements)
  1. Abdul Rahim is the Chief Information Officer of the Securities and Exchange Commission of Pakistan (SECP). In conversation with Abdul Rahim Ahmad, Chief Information Officer of SECP, this episode explores
  2. He is not a career public servant. No, I'm not. I'm not a career public service.
  3. He was based in Dubai and was with financial services. Main, I was based in Dubai, so I was with financial services ke saath hi.
  4. He says financial services and technology have been his passion from the start. Financial services and technology is is been my passion from the start.
  5. He says he represents the technology side of SECP. Main, you know, I represent technology.
  6. He describes SECP as a financial regulator. SECP, jis tarah aapne kaha Securities and Exchange Commission of Pakistan, ek financial regulator hai.
  7. He says businesses that want to incorporate come to SECP to register their business. aap incorporate karwana chahte hain toh aap SECP ke paas aayenge apne business ko register karane ke liye.
  8. He says SECP licenses people who set up insurance companies, mutual funds or modaraba companies. But agar aap insurance company banna chahte hain, aap mutual funds koi banana chahte hain, aap modaraba company banana chahte hain
  9. He says insurance companies must be regulated because they hold the insurance premiums of many people. kyunki lakho logon ki insurance premium unke paas hai, toh it's important that it is regulated.
  10. He says SECP has worked for one and a half to two years to improve ease of doing business. pichle dedh do saal se hamari puri koshish hai ki ease of doing business ko behtar kiya ja sake
  11. He says SECP aims to simplify processes, improve systems and improve customer experience. processes ko simplify kiya jaaye, systems ko behtar kiya jaaye, customer experience ko behtar kiya jaaye.
  12. He said Pakistan's ranking improved, he thought, from 136 to 108. So Pakistan ki ranking improved, I think from 136 to 108.
  13. He said a ranking that relates directly to SECP jumped, he thought, by 58 points to 72. jo ki humse directly SECP se relate karta hai, that was that jumped I think by 58 points to 72.
  14. He said he thinks Pakistan is ranked 28 for protecting minority investors. Isi tarah protecting minority investors, usmein I think Pakistan is ranked 28.
  15. He says SECP's major jump has helped Pakistan. jo hum SECP ka major jump aaya hai, that has helped Pakistan.
  16. He said Pakistan was featured in a World Bank report on top reforming countries last year. jo top 20 reform countries thi, last year World Bank World World Bank ki jo report aayi thi usmein Pakistan was featured.
  17. He says a company can now be registered entirely online. So company can be registered entirely online.
  18. He said 99% of companies incorporated in November were registered online. November mein jitni companies register hui Pakistan mein incorporate hui, 99% of them were online.
  19. He said SECP held workshops in major cities and invites citizens to them. humne teen, typically humne major cities mein workshops kiye the, usmein hum citizens ko bulate hain.
  20. He said the workshops map the whole process on charts with sticky notes. Pura process charts mein draw karte hain, stick sticky notes lagate hain, phir aspirations unse puchte hain
  21. He says SECP started a voice-of-citizens initiative to gather feedback. So voice of citizens and public is is an initiative which we started.
  22. He said SECP made animated videos and guides available for people registering businesses. videos humne animated videos banayi, guides hain available
  23. He says SECP has had an online chatbot on its website since earlier this year. So earlier this year humne we have an online chat bot on our website.
  24. He says the chatbot is available 24/7. And you know the idea again is it's available 24/7.
  25. He thinks SECP may be one of the first government agencies to offer such a chatbot. So we are I think one of the first on a on a government agency.
  26. He says company registration is not yet straightforward, but SECP keeps simplifying it. company registration I wouldn't say it's that straightforward, but koshish hum yahi kar rahe hain.
  27. He said company incorporations grew about 40% compared with last year. And if we see compared to last year, it's about 40% growth in terms of the companies being incorporated.
  28. He said registrations of IT companies have grown significantly. Number of IT companies are getting registered, usmein kaafi growth hai.
  29. He said construction and related industries, including cement, have grown in registrations. we see construction aur associated industry, so cement ho gaya for example, usmein growth hai.
  30. He suggested that more people turning to entrepreneurship may be one reason for the growth. Also it could be one of the reasons ki a lot of people are going towards entrepreneurship
  31. He said SECP publishes its numbers through press releases and in the media. Press releases hoti hain, we also publish the numbers publicly in different jo akhbar hain aur media channels mein.
  32. He said SECP's Twitter account carries constant updates on its numbers. Twitter account, us pe toh updates constant updates aa rahi hoti hain.
  33. He said there is no restriction as long as an idea is within SECP's regulatory domain, and that anyone can come with an idea. ismein koi restriction nahi hai, anyone can be, jahan tak as long as it's in SECP's regulatory domain, anyone can come and come up with the idea.
  34. He said SECP approved a framework for digital onboarding about two weeks earlier. abhi humne as as an SECP ne about two weeks back, so we have approved the framework for digital onboarding.
  35. He said digital onboarding applies to both overseas and resident Pakistanis. this is applicable both for overseas Pakistanis as well as resident Pakistanis.
  36. He said stock accounts are opened through brokers, which SECP registers and licenses. account brokers ke through khol sakte hain because brokers register hote hain. Theek hai. And licensed hote hain SECP se.
  37. He said brokers needed to enable their technology and systems. Right now they need to enable their technology and system.
  38. He said digital signatures are allowed under Pakistan's electronic transaction ordinance. Digital signatures Pakistan mein electronic transaction ordinance hai uske tehat allowed hai.
  39. He said private sector entities can connect to government identity systems and verify information online. aapki identity different systems government ke available hain. Private sector entities can connect easily and online har cheez verify bhi ho sakti hai.
  40. He said incubation centers require startups to be registered before they are accepted. before they are accepted or approved for incubation, they have to be registered.
  41. He named national incubation centers in Pakistan as being in Karachi, Lahore, Islamabad and Peshawar. jo national incubation centers hain Pakistan mein, Karachi, Lahore, Islamabad, Peshawar
  42. He said he personally visited incubation centers in Karachi, Islamabad and Lahore. Main khud personally kai incubation centers Karachi mein, Islamabad mein, Lahore mein visit kiye hain
  43. He said he has met startups personally, though he cannot recall how many. I think I've met I can't even recall number of startups, main khud logon se mila hoon.
  44. He said Pakistan previously had no mechanism to give employee stock options. koi mechanism pehle Pakistan mein nahi tha to give employee stock options.
  45. He said SECP enabled that mechanism through the Companies Act. Toh humne woh Companies Act mein usko enable kiya.
  46. He said share buybacks were open to public companies but not to startups, fintech or private companies. toh woh buyback ki cheez jo option tha, woh available nahi tha. Yeh cheezin available thi public companies ke liye, but startups ya fintech companies ya private companies ke liye nahi thi.
  47. He said SECP eased the approval requirements for employee stock options. employee stock option ki jo approval requirements thi, unko aasaan kiya.
  48. He said everything was approved through an ordinance, which unfortunately lapsed. sab approve bhi ho gaya through an ordinance. Unfortunately that ordinance lapsed.
  49. He said the incentives are being pursued again through changes to the Companies Act. all those incentives are now being worked through changes in Companies Act
  50. He said financial literacy in Pakistan has to improve. Pakistan mein financial literacy has to improve.
  51. He said savings and investment concepts are not taught in universities or colleges. yeh is tarah padhaya nahi jata universities mein, colleges mein. Financial literacy kya hoti hai, savings ka concept kya hai, investments ka concept kya hai.
  52. He said his bachelor's degree is in computers. Mera jab main bachelors kar raha tha and my bachelors is in computers
  53. He said people who do not understand investments tend to become risk averse. jab aapko koi cheez nahi pata hoti to inherently human nature hai. Aap risk averse ban jayenge.
  54. He said the stock market and mutual funds are quite small compared with the size of GDP. agar definitely aap compare karein in terms of the size to the size of the GDP. So stock market ya mutual funds ka jo size hai wo comparatively it's quite small.
  55. He says Pakistan has become an attractive location for exporting services. and also Pakistan has become an attractive location for exporting.
  56. He said the Pakistan Software Export Board drives the special economic zone work. jo Pakistan software export board hai, they they drive this the special economic zones.
  57. He gave the example of allowing 100% foreign shareholding. so udhar for example 100% shareholding, foreign shareholding ko allow kiya ja sake.
  58. He said there are IT companies in Pakistan that could be brought here to list. there are IT companies in Pakistan jinko laake yahan list karaya ja sakta hai.
  59. He said SECP introduced a concept of an exchange with lesser requirements and lesser capital requirements. SECP ne ek aur concept introduce karaya tha, Growth Exchange Market ka. Theek hai. So, which is like also, uh, an exchange, but with lesser requirements, lesser capital requirements.
  60. He said the number of IPOs has been increasing over the past year. in the last one year, definitely the number of IPOs, um, are increasing.
  61. He personally feels that IPOs and stock listings in Pakistan have mostly been for very large business empires. Kyunke I personally feel ke Pakistan mein na generally jab bhi hum sunte hain IPO ya jo stock market mein listings hain, woh bahut bade empires ki hain.
  62. He says millennials are more digitally literate, and Gen Z even more so. aur millennial I feel like is very much more digitally literate, um, aur jo Gen Z aa raha hai, woh toh aur bhi zyada.
  63. He says Bitcoin is a cryptocurrency that works on blockchain. Bitcoin is a cryptocurrency which works on blockchain.
  64. He says blockchain is a technology and is not the same as Bitcoin. So, blockchain is not Bitcoin. Blockchain is a technology, Right. which is also an application of distributed ledgers.
  65. He says cryptocurrency as a currency falls under the State Bank of Pakistan, not SECP. woh subject Pakistan mein State Bank ka subject hai. Does not come under SECP ke subject.
  66. He says SECP's position paper focuses specifically on security tokens. hamara jo position paper hai, woh specifically focus karta hai security tokens pe.
  67. He explains that tokens are typically either utility tokens or security tokens. Tokens bhi typically duniya mein do tarah ke hain, ek hai utility token aur ek hai security token.
  68. He describes security tokens as linked to an underlying asset, such as real estate, bonds or gold. jahan pe ek underlying asset hai. Theek hai. So, woh asset real estate ho sakta hai, woh asset bonds ho sakte hain, woh asset gold ho sakta hai.
  69. He says Bitcoin has no underlying asset. uski koi underlying, there is no underlying asset to it.
  70. He describes fractional ownership as a new concept that security tokens create. se jo ek naya concept jo create hota hai, that is fractional ownership.
  71. He said many markets have started regulating digital currencies and digital assets. bahut saari markets ne digital currencies ya digital assets ko, uh, regulate karna start kiya hai
  72. He has said macroeconomic indicators such as remittances, exports and reserves are moving in a positive direction. So, when you look at remittances, um, when you look at exports, uh, you look at foreign exchange reserves, so you know, all things current account deficit. So, all these things are in the positive direction.
  73. He said the number of companies being registered is increasing significantly. number of companies getting registered is also increasing significantly.
  74. He personally believes Pakistan's IT sector has a lot of potential. mera apna view yeh hai ke Pakistan mein IT sector mein bahut potential hai.
  75. He said foreign investors have been coming into startups over the past year and a half. pichle ek dedh saal mein bahut saari startups hain jahan investors, foreign investors are coming in
  76. He says he has a positive outlook. So you have a positive outlook then? I have a positive outlook.
  77. He said the overall AML framework has become strengthened. the overall, uh, AML framework has become strengthened.
  78. He said SECP has an AML department. We have an AML department
  79. He said SECP's reporting systems are integrated online with many of the entities it regulates. Systems hamare bahut saari entities ke saath integrated hain online, taake information easily pass on ho sake.