The Securities and Exchange Commission of Pakistan (SECP) has taken decisive action against illicit lending apps. In an official statement, the SECP addresses efforts to resolve issues related to lending apps, emphasizing collaboration with Google, the Pakistan Telecommunication Authority (PTA), and the Federal Investigation Agency (FIA) for the removal of unauthorized apps. SECP cracks down on illegal loan apps.
The SECP highlights improved non-banking norms for online lending and introduces the Jum Ponji program to raise investor awareness.
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SECP Cracks Down on Illegal Loan Apps
The announcement notes a significant achievement with the implementation of a rapid monitoring system for stock market business processes. The SECP reveals approval for a central gateway portal and an autonomous registration system, leading to a surge in new company registrations.
The number of registered companies has increased to 196,805, with the non-banking sector experiencing a notable 35.9% growth. Revenue has also risen by 34%, attributed to policy reforms in the insurance sector, marking a positive industry shift.