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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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Rainfall throughout the night stops flights in Lahore.

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Allama Iqbal International Airport experienced many hours of flight disruption due to the intense rainfall and windstorms that occurred overnight in Lahore, the provincial capital of Punjab.

Aviation sources claim that because of the monsoon weather, the flight operation was unable to operate between 3 and 4 am.

It is possible that the planes will arrive at the airport at 4 am.

Amidst delays in foreign airline flights, three aircraft made landings in Multan and Peshawar.

Riyadh flights arrived in Peshawar Airport, while flights scheduled to land in Lahore in Abu Dhabi and Bahrain ended up landing in Multan Airport.

Seven hours later than scheduled, the Qatar Airways flight from Doha arrived in Lahore.

Because of the bad weather, there are delays in the arrival and departure of numerous international planes.

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Changes to Pakistan’s Test team could be significant for the Bangladesh series.

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Major changes to Pakistan’s team are anticipated ahead of the forthcoming Test series against Bangladesh, sources in Lahore have revealed.

As the team gets ready for the series, meetings with the players are planned for next week.

It is predicted that the Test squad would undergo several changes. The team’s lineup is expected to be strengthened by the likely inclusion of Muhammad Huraira. Key players like Faheem Ashraf, Wasim Jr., Saim Ayub, and Nauman Ali, whose contributions are vital to the team’s success, struggle to get a spot on the squad.

Furthermore, according to sources, Imamul Haq or Sahibzada Farhan are anticipated to be added to the team, subject to additional assessment. Furthermore, following a fitness assessment, Amir Jamal and Hasan Ali’s futures will be determined.

The ultimate selection for the Test team will take place following Red Ball head coach Jason Gillespie’s return to Pakistan. The ultimate squad that will play Bangladesh in the forthcoming Test series will be greatly influenced by his assessments and thoughts.

Pakistan is scheduled to visit New Zealand in March and April of 2025, according to the country’s official cricket schedule, which was released earlier this month.

Throughout their visit, the Pakistan cricket team will play three One Day Internationals (ODIs) and five Twenty20 Internationals (T20Is) in an exciting series.

The T20I series, which starts at Hagley Oval in Christchurch on March 16, will serve as the tour’s opening event.

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PM Meets With KP Lawmakers: Promises Progression and Relief Efforts in Province

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Khyber Pakhtunkhawa lawmakers are given assurances by Prime Minister Shehbaz Sharif regarding the province’s development, namely in the amalgamated districts, with a particular emphasis on the provision of standard health and educational facilities.

Khyber Pakhtunkhwa National and Provincial Assembly members paid a visit to Prime Minister Muhammad Shehbaz Sharif at PM House.

During the meeting, the Prime Minister stated that the PML-N Government has always given priority to the development of the combined districts.

The prime minister promised that the combined Districts would have standard health and educational facilities, and that Danish Schools would be established nearby to offer local pupils an education of the highest caliber possible.

The PM also underlined the importance of promoting solar energy, combating electricity theft, and helping the middle class and impoverished.

He said that in order to boost the agriculture sector’s growth, expand the amount of land under cultivation, and reduce the nation’s reliance on foreign fuel imports, the government was converting agricultural tubewells to solar energy nationwide.

According to PM Shehbaz Sharif, the government recently provided significant reduction from electricity rates for those with low and moderate incomes.

At the event, he also announced the creation of a committee headed by the deputy prime minister, whose goal will be to identify long-term solutions to the issues facing Khyber Pakhtunkhwa’s elected officials.

He argued that in order to preserve the nation from going into default, the current government had to make difficult political choices in order to revitalize the economy.

The parliamentarians gave Prime Minister Shehbaz Sharif high marks for his visionary leadership in transforming Pakistan’s economy.

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