CSDI E-KYC PHENOMENON, CIGS, NOW AVAILABLE ON "AP" PAYMENT SERVICES APPLICATION
CSDI says 1.5 million shareholders have signed up into its e-KYC system – CIGS - via popular "Asan Pardakht" payment services application nationwide.
Central Securities Depository of Iran has acknowledged that some 1.5 million shareholders have signed up and registered into CSDI's e-KYC Comprehensive Information Gathering System (CIGS) so far via the popular "Asan Pardakht" application used for payment services across the country.
CEO of Central Securities Depository of Iran, Hossein Fahimi, made the remarks in a joint press conference with Managing Director of Asan Pardakht application, Hamed Mansouri.
EASY E-KYC Account Opening Steps & follow-up procedures
Fahimi said the CIGS portal is in fact the gateway into the Iranian capital market where the tedious compulsion to fill out 2 to 4 pages of application forms and repetitive registration requirements have been eliminated.
The Chief Executive noted, "CSDI attempts to introduce development projects for a better future in the Iranian capital market and to comply with people's progressively changing tastes and preferences. Reports of a 106 year old from the southern city of Shiraz or other people from remote areas of the country having registered into CIGS in the very first days of launch of the project, we realize that the capital market can bring with it the essence of "transparency" to various aspects of economy if the nation is served with topnotch services."
On a broader perspective, Fahimi illustrated a distinctive feature of CIGS that impressively serves to benefit of investors. He said such developed capital market infrastructures as CIGS enable Fintech startups to introduce brand new services to their customers and hence expand their survival span under heavy hammer blows of market hitches and guarantee a brighter future.
Why "Asan Pardakht" Application?
Elsewhere in the briefing, the Managing Director of Asan Pardakht (AP) application, elaborated that the primary objective of launching CIGS via AP was to facilitate the KYC services of capital market players. Hamed Mansouri noted, "Thanks to over 40 million users of AP and other features supported by the app such as one that impressively recognizes the national ID number in the instance the applicant enters one's mobile phone number, the comfort of e-KYC procedures reaches its utmost via CIGS."
Mansouri meanwhile said, "It is time that every entity played its part to help expand people's contribution in the capital market from the current 4 to 5 percent to at least 20 percent in the near future."
In the closing, the AP managing director, praised promotion of healthy, efficient and transparent competition in the capital market as another factor Asan Pardakht welcomed to offer CIGS as among the services provided to the users.
Comprehensive Information Gathering System (CIGS)
Investors today expect a streamlined, efficient, and personalized onboarding experience.
Central Securities Depository of Iran (CSDI) has developed a process named Comprehensive Information Gathering System (CIGS) that helps address a number of fundamental components in the country's capital market. The totally indigenous electronic system is a sophisticated infrastructure which provides a wealth of value-added services to investors and to the whole capital market.
CIGS aims to contribute to the principle of transparency in the capital market, since all market players need to register and fill out the relative forms "once and for all". Therefore, from then on, they will have access to all the services and entities in the capital market needless of registering again and again.
Each of the components the newly-launched KYC-based system offers has the potential to make a significant impact alone or as part of a broader plan.
- CIGS eliminates the use of paper and increase the use of workflow software.
- CIGS streamlines and automates end-to-end process delivers complete KYC records to best-in-class industry standards.
- CIGS saves time and reduces duplication of effort with its centralized platform and pool of complete, verified KYC records, and private documentation.
- CIGS minimizes clients’ need to provide documentation thanks to the motto of the mega project which is "Register Once and for All".
- CIGS's high quality KYC record output, dynamic monitoring of client data, and changes to regulation ensure the whole capital market hold up to date information on its participants.
- CIGS has even adopted e-signatures to fully convert paper-driven processes into digitized ones in a bid to leave no stone unturned.
- CIGS has started out with its KYC and anti-money laundering (AML) goal as primarily understandable and clearly needed.
Since CIGS, is agile, user-owned, standard and supported by digital technologies, it will continue to be a fundamental ground for distributing the dividends to investors, registration of investment funds and a way forward toward electronic general meeting (e-GM) management systems.
Release Date: 2019-09-25