Pakistan Stock Exchange and Punjab Information Technology Board sign MoU to facilitate technological entrepreneurship
Pakistan Stock Exchange and Punjab Information Technology Board have joined hands to encourage technological entrepreneurship and provide a nurturing ecosystem for the growth of technology startups in the country.
During the ceremony PSX Managing Director Nadeem Naqvi and PITB Chairman Umar Saif signed a Memorandum of Understanding (MoU) to facilitate young entrepreneur and develop an online portal specifically designed for startups.
After signing the MoU, heads of the companies explained how the agreement aims to alter and improve the current financial outlook for prospective Pakistani startups.
The PSX and PITB joint web based platform to be formed with named ‘Pakistan Stock Exchange Private Market’, is aimed as a gateway to investor, startups and their perusing business at the stock market.
The PSX managing director Nadeem Naqvi said the partnership would indeed serve as an important stepping stone for budding entrepreneurs who were looking to raise local investment for their initiatives.
“The objective of the private market would be to enhance access to finance for startups by providing them an online platform where they could sign up and register themselves” Naqvi said.
“It would not only encourage employment growth, but also increase the technological and economic power of the country,” he added.
Chairman PITB Dr. Saif “the MoU between PITB and PSX will not only increase the volume of investment in Pakistan Stock Exchange, but this MoU is also a way forward towards the encouragement for budding entrepreneurs.”
Chairman PITB further added that, “both organizations would jointly approach relevant regulatory bodies to advocate the case of startups and would propose a framework to assist startups in raising equity financing by introducing favorable listing terms particularly in terms of paid-up capital”.
According to the signed MoU, PITB will share their database of registered startups with PSX so that technology startups can be encouraged to sign up on the online PSX Private Market aimed at bringing together startups and potential investors.
Furthermore, PITB’s technology incubators/accelerators/co-working spaces shall collaborate with PSX to promote the growth of startups.