KARACHI, PAKISTAN: InfraZamin Pakistan Limited and ITMinds Limited, a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide back office accounting services to InfraZamin, a news release said.
InfraZamin is licensed to act as an investment finance company and is an initiative by the Private Infrastructure Development Group (PIDG), including PIDG group companies InfraCo Asia Investments and GuarantCo Limited, in partnership with non-profit Karandaaz Pakistan to establish a for-profit, credit enhancement facility for raising infrastructure-related debt in Pakistan.
Commenting on the occasion, Maheen Rahman CEO InfraZamin, said, “We look forward to working with ITMinds under this arrangement which will enable the InfraZamin team to focus on our core business function of credit guarantees”.
Badiuddin Akber, Director ITMinds & CEO-CDCPL, said, “Considering this is an era of specialization, we have commissioned ITMinds with an aim to enable asset management companies, investment finance companies and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus relieving them to focus on their core businesses for their commercial success while achieving efficiency, scalability & transparency of processes”.
ITMinds Limited, a wholly owned subsidiary of the Central Depository Company of Pakistan Limited (CDC) was founded in 2009 as the technology arm of CDC, specializing in providing innovative technology solutions to clients ranging from leading enterprises in the financial sector both locally and internationally to governments and trade associations.
As part of the CDC’s diversified portfolio of service offerings and a strong financial backbone, ITMinds started providing Business Process Outsourcing services (BPO) in 2013 and today is the only company providing BPO services to the mutual funds industry of Pakistan.
ITMinds kicked off its BPO Services with the provision of back office services to the mutual funds industry of Pakistan which includes investment settlement, unit management and accounting and reporting to the mutual funds Industry of Pakistan.
The complete package of services, once successfully outsourced to ITMinds, results in enhanced focus on the core business of the company that is more integral to its commercial success. Outsourcing to ITMinds enables the outsourcer to achieve long term profitability, reduce cost and improve efficiency through efficient and more transparent processes.