SECP, FIA to Collaborate for Secure Digital Financial System
By signing a Memorandum of Understanding (MoU), the Securities and Exchange Commission of Pakistan (SECP) and the Federal Investigation Agency (FIA) have decided to formally establish their partnership in protecting Pakistan’s digital financial system from fraud and cybercrime threats.
The development happened during a meeting between FIA Additional Director General Ahmed Ishaque Jehangir and SECP Chairman Akif Saeed on Tuesday to promote efficient collaboration and pinpoint areas of mutual interest.
Read More: SECP Announces Strict Limits for Loan Apps and Borrowers
The meeting featured fruitful debates and discussions on a number of significant topics of shared interest. It was decided to designate focal points for illicit deposit-taking and lending apps, develop a speedy communication route, and regularly share information on issues under investigation at each institutions.
The SECP chairman provided the FIA team with information about the commission’s regulatory framework for digital lending apps as well as its initiatives to outlaw unfair business practises and guarantee borrowers’ financial stability. According to Akif, the framework calls for full disclosure of fees, loan terms, installments, and charges to borrowers by digital lending NBFCs.
He emphasized that businesses must adhere to ethical and legal norms and are prohibited from gathering customer data. The Personal Loan App Policy, which limits the listing of unlicensed and illegal apps, was implemented in Pakistan in partnership with the SECP and Google. Google as a result took down 115 unlawful loan apps from the Play Store.
Read More: FBR Start Online Fee and Exemption Service for Tax on Property
Jehangir praised SECP’s framework for regulating lending apps and demanded that officers receive training and informational sessions on the rules governing digital lending. He also pledged to help SECP increase its capabilities and set up a digital forensics lab.
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