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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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Honours From The Families Of The Martyrs: September 1965’s Heroes Are Recalled

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Pakistan marks the anniversary of the day the Pakistani Army defeated an enemy attack and won a major victory on September 6. On this day of defence, the families of the war martyrs from 1965 offered their opinions:

The soldiers’ actions in demolishing enemy tanks with explosives and their bravery in the dark were commended by Shaheed Sepoy Muhammad Haleem’s brother. He gave the 1965 martyrs his respects.

The significance of Defence Day is remembered for the martyrs, as stressed by Shaheed Sepoy Shahid Ahmed’s uncle. The brother of Shaheed Sepoy Aftab Hussain offered gratitude to everyone who has given their life in defence of the nation.

In addition to emphasising the value of encouraging rather than criticising the troops, Shaheed Sepoy Wazir Ahmed’s brother praised the soldiers for foiling the enemy’s schemes.

Javed Ahmed, Shaheed Lance Naik’s cousin, emphasised September 6th’s significance as a day of victory.

In addition to expressing support for the Pakistani Army today, the brother of Shaheed Havaldar Shafiq reiterated their dedication to remembering the dead of September 6, 1965.

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The Finance Minister has pledged to attract foreign investments by creating an environment that is friendly to business.

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In a recent statement, Pakistan’s Minister of Finance Muhammad Aurangzeb reaffirmed the country’s unwavering dedication to luring international investments by preserving an atmosphere that is commercially encouraging.

A group of international investors, led by Amin Mohammad Khowaja, the Chief Executive Officer of J.P. Morgan Pakistan, had visited him in Islamabad. He was speaking with them.

Muhammad Aurangzeb also provided further information regarding the ambitious structural reforms program of the government. This agenda aims to strengthen the general macroeconomic stability by widening the tax base, rightsizing the public sector, promoting privatization, and reforming the energy sector.

The Minister of Finance emphasized the great achievements that Pakistan has made in strengthening its macroeconomic indicators, such as the increase in exports by 14 percent, the decrease in inflation to 9.6 percent, which is the lowest level in 34 months, and an overall decrease in the current account deficit among Pakistan’s economic indicators.

It was also brought to his attention that Pakistan’s sovereign credit ratings had improved, which is indicative of a stable and encouraging economic future. According to him, the rigorous fiscal discipline, inflation management, and favorable balance of payments that the country has are the pillars upon which the country’s economic prosperity.

In addition to expressing confidence regarding the potential for larger investment flows into Pakistan, the delegation praised the efforts that the government has made to establish an atmosphere that is conducive to business.

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Journalists require training. Media professionals who have received training can serve as ambassadors. Tarar

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According to Information Minister Atta Ullah Tarar, journalists must possess sufficient skills in order to serve as ambassadors for the country, particularly in the digital realm, to foster unity among people. This is a pressing requirement at present.

During an event in Islamabad focused on journalist training, Atta Ullah Tarrar, the Minister responsible for combating misinformation, stated his official role.

The Information Minister emphasized the indispensability of technology for achieving prosperity, and in line with this, the Government has implemented Pakistan’s inaugural digital land registry system.

Tarar stated that we have the privilege of initiating Pakistan’s inaugural safe city project.

Regarding verification and authentication, the Information Minister lamented the lack of a method to validate information.

According to the Information Minister, terrorist organizations are utilizing social media platforms. Additionally, the minister highlighted that the country’s economy is delicate, and the dissemination of a single false news item might result in significant economic losses for the nation.

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