Connect with us

Pakistan

Illegal lending apps: SECP collaborating with Google to curb frauds

Published

on

  • 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Speech Made by Pakistan’s Prime Minister on the International Day Against Poverty

Published

on

By

In renewing our commitment to a world where no one is left behind and where possibilities for success are unrestricted by one’s origin or circumstances, Pakistan stands together with the global community on this International Day for the Eradication of Poverty. In addition to being morally right, ending poverty is essential to attaining sustainable development and guaranteeing everyone’s peace and prosperity.

The people have always been the center of every policy made by our government. We have significantly reduced poverty and made sure that our most vulnerable residents are taken care of thanks to our social safety net programs. We think that providing long-term routes to economic empowerment is equally as important as providing instant relief when it comes to assisting people in escaping poverty. Our focused initiatives seek to equip communities—women and children in particular—with the means to create better futures for themselves.

The Pakistani government is steadfast in its commitment to improving the affordability of living for its citizens despite the obstacles we face on a global scale, such as inflation and economic instability. Our policies are designed to build long-term economic resilience, from meeting housing needs to guaranteeing food security. With the help of programs like the PM Youth Business, Agriculture Loans, Digi-Skills, which offers free IT training, and the Pakistan Education Endowment Fund, millions of families are receiving financial support and technological help that is changing their lives.

Eradicating poverty is also a top priority for Pakistan, which is still fully committed to reaching the 17 Sustainable Development Goals (SDGs). With a focus on inclusive growth, education, healthcare, and environmental sustainability, we will keep working together with our international partners to achieve these goals. The advancements made in empowering women and guaranteeing that their contributions are essential to the country’s social and economic fabric are another reason for pride.

On this day, I would want to express my sincere gratitude to everyone who is devotedly striving to end poverty, both in Pakistan and globally. We can create a future where everyone, regardless of circumstances, has the chance to flourish and succeed by uniting with a shared purpose and unwavering determination.

I speak on behalf of the Government of Pakistan to reiterate our steadfast commitment to this cause and to extend an invitation to all facets of society to work with us to create a world that is more wealthy, just, and inclusive.

Continue Reading

Entertainment

Karan Johar compliments Chahat Fateh Ali Khan’s ‘Tauba Tauba.’

Published

on

By

Chahat Fateh Ali Khan, a social media sensation known for his song ‘Bado Badi’, has garnered attention once more after posting his rendition of the classic track ‘Tauba Tauba’ on Instagram.

The song, initially included in the Vicky Kaushal film ‘Bad Newz’, achieved significant popularity due to its infectious rhythms and distinctive choreography.

Chahat’s rendition garnered heightened attention after Bollywood director Karan Johar reposted it on his Instagram, urging fans to ‘must see’ the song.

Karan Johar Chahat Fateh

Chahat’s performance garnered mixed to unfavorable responses from the audience. As the infectious melody rapidly gained popularity, the original artist, Karan Aujla, could not refrain from contributing a funny remark regarding the new rendition.

He humorously commented under Chahat’s post, “Please do not act like an uncle.” The reply provoked a barrage of caustic remarks from internet users, with one individual jesting, “Karan Aujla weeping in the corner.”

Others contributed their own comical interpretations, with comments such as “Karan himself advised uncle to cease” and “your song – toba toba,” thereby accentuating the playful repartee.

Karan Aujla’s original ‘Tauba Tauba’ achieved immediate success, showcasing Vicky Kaushal’s energetic dance performance in ‘Bad Newz,’ which also included Ammy Virk and Triptii Dimri.

The ongoing lighthearted rivalry is delighting fans who appreciate the fun interactions between these two skilled artists.

Continue Reading

Latest News

It is essential to combat terrorism, separatism, and extremism for regional peace. Jaishankar

Published

on

By

Indian External Affairs Minister S. Jaishankar, during his remarks at the 23rd Shanghai Cooperation Organization (SCO) summit, underscored the necessity of peace, stability, and regional collaboration to foster economic development and prosperity.

He emphasized that cross-border infiltration undermines trade and hinders diplomatic relations between nations, underscoring the necessity of mutual respect and sovereign equality among SCO members.

Jaishankar emphasized the capacity of industrial collaboration, especially among small and medium companies (SMEs), to enhance employment, competition, and market expansion. The Indian foreign minister noted, “Collective initiatives can enhance resources and stimulate investment flows, benefiting business communities through expanded networks.”

Emphasizing environmental sustainability, Jaishankar endorsed collaborative efforts in environmental protection, highlighting that the International Solar Alliance can advance renewable energy, while the Alliance for Disaster Resilient Infrastructure equips member nations to confront climate-related challenges.

He also discussed global health concerns, claiming that affordable and accessible medications will facilitate the treatment of both communicable and non-communicable diseases.

Jaishankar advocated for extensive reforms in international organizations, highlighting the necessity to modernize entities such as the United Nations Security Council. He stated, “Global trade and rebalancing are undeniable realities,” encouraging SCO states to capitalize on rising opportunities in trade, investment, and energy collaboration.

Jaishankar emphasized that the area can only derive advantages from these potential if collaboration is founded on authentic partnerships rather than unilateral objectives. He advocated for a candid dialogue among SCO members to tackle trust problems and foster regional development. He stated that mutual trust and cooperation are essential for attaining regional progress.

Furthermore, Jaishankar emphasized the catastrophic effects of the COVID-19 epidemic on developing countries and expressed apprehensions regarding escalating debt and the worldwide delay in attaining Sustainable Development Goals (SDGs). He recognized the potential afforded by technology, yet emphasized that it also presents new issues requiring community resolution.

Jaishankar reiterated India’s endorsement of Pakistan’s effective leadership of the SCO this year and commended the host nation for leading the summit. He finished by urging SCO member nations to adhere to the organization’s aims, especially the enhancement of mutual trust, camaraderie, and amicable relations.

Jaishankar emphasized the necessity for the SCO to assume a pivotal role in tackling regional and global challenges, especially in combating terrorism, separatism, and extremism, which he deemed essential for maintaining peace and stability.

Continue Reading

Trending