Central Securities Depository Of IRAN

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MELAL CREDIT INSTITUTION; ANOTHER ENTITY IN MONEY MARKET TO USE CSDI'S E-KYC SYSTEM TO IDENTIFY, AUTHENTICATE CLIENTS

Melal Credit Institution starts using CSDI's home-grown electronic KYC system to identify and authenticate its clients.

A ceremony to celebrate the launching of a joint electronic channel between Central Securities Depository of Iran and Melal Credit Institution was held on Monday 4 May, 2020 with CSDI CEO, Hossein Fahimi, and Chief Executive Officer of Melal Credit Institution, Amin Javadi, in attendance.

Based on the joint plan, Melal Credit Institution will start using the novel paperless Know Your Customer (KYC) system, domestically designed and run by CSDI named the Comprehensive Information Gathering System (CIGS), wherein a variety of information concerning identity, contact, bank account, and suchlike of the users are electronically verified.

In an address to the gathering, the CSDI Chief said thanks to authorities' support for the capital market, people have shown trust in the economic programs of the government and entered enthusiastically into the capital market.

He said the CIGS is considered to be the gateway into the capital market for the stockholders, adding "The system is designed to serve several infrastructural services such as dividend distribution, holding electronic General Meetings." 

He further wished stronger cooperation between the capital and money markets would facilitate offering novel services to the customers in both sectors.

Later on, the CEO of Melal Credit Institution, Amin Javadi, told the ceremony that his institution plans to offer best services to its customers, saying "Today, some 369 branches of this institution will begin using the CIGS for identifying customers across the country." 

He went on to say that the receiving CIGS-related services is totally free of charge for the customers. 

Currently, 842 branches of brokerage firms, 1,967 government electronic service offices and 261 branches of Shahr bank, Melal Credit Institutions and select branches of Saderat and Ayandeh banks are using the CIGS as their e-KYC system. 

CIGS is a sophisticated infrastructure which provides a wealth of value-added services to shareholders and – on a broader perspective - to the whole capital market.

The system aims to contribute to the principle of transparency in the capital market, since all the stakeholders need to register and fill out the relative forms once and for all. Therefor from then on they will have access to all the services and entities in the capital market needless of registering over and over.

Release Date: 2020-05-07