SBP, central bank authority of Pakistan, awards Sapphire Consulting Services (SCS) the Auction Portal project financed by World Bank under Pakistan Financial Inclusion & Infrastructure Project.
SBP conducts auctions of government securities including Market Treasury Bills (MTBs), Pakistan Investment Bonds (PIBs) and Government Ijara Sukuk (GIS) via Bloomberg Portal. Investors of government securities include Banks, other financial institutions, non-financial institutions and individuals. Small investor had limited access to information due to non-affordability of systems like Bloomberg and Reuters. Additionally, individuals and small investors couldn’t directly participate in the auction and had to go through Banks and other financial institutions via manual process of Non-Competitive Bids (NCBs). Furthermore, Banks desired to make the auction process more inclusive and automated for all.
There was no tracking system in place to assist actual owners or investors of government securities in building their portfolios while simultaneously allowing State Bank of Pakistan to monitor them. Furthermore, the investor was unable to trade in secondary market with transparency. Due to sensitivity and secrecy of bids, the solution required added safety mechanisms to be in place.
Sapphire was tasked to replace Bloomberg Treasury Auction portal with custom developed portal and mobile app that allowed direct access to small investors and individuals to participate in the primary auction of Government securities. The solution comprised of Administrative Control Panel, Investor, Financial Institution and Information portals. A comprehensive Bid Placement module was developed that allowed for conducting auctions in a very transparent manner. An integrated Complaint Management System was also developed. Financial calculation tools were provided to determine different type of rates.