Islamabad: According to a fresh source on April 11, the Securities and Exchange Commission of Pakistan (SECP) has approved the country’s first digital lending app while evaluating 10 others. According to sources, it is a positive step towards ensuring that the digital lending sector functions honestly and openly.
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According to the news source, three current digital lenders have provided their cyber security audit reports and certificates from audit firms that have received PTA approval. This demonstrates their dedication to safeguarding client data.
The SECP has implemented many measures to address this issue in light of the rising number of complaints.
SECP published Circular 15 of 2022 in December 2022, which defined the legal framework for NBFCs that engage in digital lending. This circular’s goals were to close regulatory gaps in digital lending, identify them, and ensure that NBFCs adhere to specific standards to safeguard consumers’ interests.
The guidelines also outlined the NBFCs’ responsibilities for resolving customer complaints and protecting the privacy of client data. Additionally, it highlighted specific criteria for mobile application security to protect client data from online dangers.