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Illegal lending apps: SECP collaborating with Google to curb frauds

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  • Policy prevents  listing of such apps, imposes strict requirements.
  • Call agents required to utilise registered numbers, recorded lines.
  • SECP mandates cooling period, bars access to personal data.

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has said that it is proactively engaged with Google to counter the proliferation of illegal lending apps, The News reported Thursday. 

The search engine has already removed 84 illegal lending apps from its Play Store and has introduced a Personal Loan App Policy for Pakistan, which is effective from May 31, 2023. 

Pakistan is the sixth country in the world, after India, Indonesia, the Philippines, Nigeria and Kenya, where Google has introduced additional requirements for digital lending Apps.

The SECP announced on Wednesday its commitment to continuously reviewing and reforming policies to foster the development of capital and financial markets. 

It promotes ease of business through technology, enhances financial inclusion, reduces entry barriers, and enforces laws transparently to protect people’s rights. 

The policy incorporates measures to prevent the listing of such apps and imposes strict requirements regarding access to consumers’ personal data.

Notably, in December 2022, the SECP implemented borrower protection requirements for digital lending non-banking financial companies (NBFCs). 

These requirements include the transparent disclosure of fees and loan terms to customers before disbursement.

The SECP prohibits access to personal data, enforces a mandatory 24-hour cooling-off period for loans, and restricts digital lending NBFCs to a single app. 

Call agents are required to utilise registered numbers and recorded lines.

However, lenders and agents must adhere to ethical and legal standards prohibiting unfair practices and harassment. 

The SECP maintains a robust enforcement system for ensuring compliance. The commission follows a two-tier process for digital lending companies. 

The first tier involves obtaining an NBFC license, which entails conducting due diligence, evaluating sponsors and directors, and appointing an independent director. 

The second tier includes app approval based on the CSAF auditors’ certificate, which ensures the security of data and apps by assessing disclosure requirements.

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FO admits that a boat capsized in Greece, killing four Pakistanis.

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The deaths of four Pakistanis in a boat capsizing event close to the southern Greek island of Goudos have been verified by the Foreign Office.

The incident happened on Sunday and at least five illegal immigrants drowned as a result. According to Greek Coast Guards, 39 people were rescued after the wooden boat overturned, but 40 more are still unaccounted for.

According to a Foreign Office spokeswoman, the four Pakistani nationals were among those killed in the catastrophe. In order to help the remaining Pakistanis and repatriate the corpses of the deceased, the Pakistani Embassy in Athens has been in close communication with Greek authorities, she said.

Additional information was given by Aamir Aftab Qureshi, Pakistan’s ambassador to Greece, during a press conference. According to him, there were 80 Pakistanis on board the doomed boat, and efforts are still being made to find the people who are still missing.

He added that the overcrowding on the boat was a factor in the capsizing. There are worries over the safety of the missing people because a sizable portion of them are children. He stated that five boats carrying Pakistani nationals were traveling illegally from Libya.

The public was also informed by Ambassador Qureshi that the government will pay for the return flight of the accident victims’ bodies.

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Every office will have a biometric system installed by Lesco.

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system in each office.

Details show that the LESCO had ordered the installation of biometric systems in all offices, including the divisions and the circle.

The installation of the biometric system at the headquarters resulted in an increase in attendance, as the LESCO CEO had stated.

The CEO of LESCO claimed that the biometric system has resolved the issues related to the fictitious overtime and off-days.

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Around 450 Pakistanis have successfully crossed into Lebanon from Syria, according to a briefing from the Foreign Office.

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Approximately 450 Pakistanis, including 250 Zaireen, have successfully crossed into Lebanon from Syria, according to the spokesperson for the Foreign Office, Mumtaz Zahra Baloch.

During her weekly briefing at the foreign office in Islamabad, she stated that Pakistan is pleased with the resolution passed by the United Nations General Assembly on the Gaza Strip, which calls for an immediate ceasefire.

In addition, she expressed her satisfaction with the elimination of limits placed on UNRWA’s ability to carry out relief activities in the Gaza Strip and the West Bank.

It was stated by her that Pakistan is demanding an immediate cessation of hostilities in Palestine, an end to the genocide that is taking place in Gaza, the protection of civilians and civilian infrastructure, unrestricted access to humanitarian aid for those who are in urgent need, full support for the United Nations Relief and Works Agency (UNRWA) and its mandated humanitarian activities, and medical assistance for those who are in urgent need.

Moreover, she stated that Pakistan emphasises the need for the international community to hold Israel accountable for the war crimes and crimes against humanity that it has committed in occupied lands.

The Israeli aggression against Syria, the illegitimate acquisition of Syrian territory, and the massive devastation of Syrian infrastructure as well as civilian and military sites are all topics that Pakistan is extremely worried about, according to the spokesperson for Pakistan.

According to her, this attack on Syria’s sovereignty and territorial integrity is a serious violation of international law to the highest degree. By expressing our support for Syria’s sovereignty and territorial integrity, we are also expressing our opposition to the Israeli government’s attempt to acquire territory through coercion.

The resolution 497 of the United Nations Security Council, which declares the annexation of the Golan Heights by Israel to be null and illegal and to have no international legal impact, was reaffirmed by her organisation.

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