Pakistan China in Banking Sector

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SECP allows Chinese credit rating company to enter Pakistan market​

By Khalid Aziz
Oct 27, 2023

ISLAMABAD - The Security and Exchange Commission of Pakistan (SECP) has notified China Chengxin (Asia Pacific) Credit Ratings Co. (CCXAP) as an internationally-recognised credit rating institution.

This was disclosed by Pakistan’s corporate and capital markets regulator in an update on Thursday (Oct 26). The notification to this effect was issued on October 19.

CCXAP is a reputable credit rating company providing rating services in Hong Kong. The notification will allow CCXAP and domestic credit rating companies to execute technical collaborative agreements for knowledge sharing and the development of the credit rating industry in Pakistan, SECP said.

“SECP is pleased to notify CCXAP as internationally-recognised credit rating institution for the purpose of entering into joint venture or technical collaboration arrangement with a credit rating company in Pakistan”, the notification reads.

CCXAP, a member of China Chengxin Credit Rating Group, is wholly owned by China Chengxin International Credit Rating Co. (CCXI). CCXI is a joint venture of Beijing Zhixiang Information Management Consulting Co. and Moody’s Investors Service.

It is the first Chinese credit rating company from China operating in the international market, according to the company’s website.

 

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ICBC opens Pakistan RMB Clearing Bank​

By Mariam Raheem
Oct 30, 2023

ISLAMABAD -The Industrial and Commercial Bank of China (ICBC) Karachi Branch hosted a “RMB Clearing Bank Grand Opening Ceremony” in Islamabad on 27 October, marking a significant milestone in China-Pakistan financial collaboration.

The prime objective of the RMB clearing bank is to promote awareness and understanding within Pakistan's banking and business sectors about crucial factors involved in utilizing RMB in bilateral trade, enhance capital circulation quality, and foster seamless technology and talent exchange.

The ceremony, attended by distinguished guests, showcased ICBC Pakistan's pivotal role as the first RMB clearing bank in South Asia, strengthening the enduring friendship between China and Pakistan.

On the occasion, ICBC also inked strategic collaboration agreements, strengthening its commitment to fostering financial cooperation and innovation.