fbpx
  • Region
    • Pakistan
    • UAE
    • Saudi Arabia
    • Qatar
    • Bahrain
    • Oman
    • Kuwait
  • About
  • Press Kit
  • Media Pack
  • Contact
CEO Times
No Result
View All Result
Saturday, December 2, 2023
20 °c
Lahore
20 ° Sun
20 ° Mon
20 ° Tue
20 ° Wed
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • CouncilsJoin Now
  • Databank
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • CouncilsJoin Now
  • Databank
CEO Times
No Result
View All Result
Home Sector FinTech

SECP bans lending companies from operating multiple apps on Google Play Store

9 January 2023
in FinTech
Reading Time: 2 mins read
SECP Logo

The Securities and Exchange Commission of Pakistan (SECP) lectured non-banking financing firms (NBFCs) on the improved regulatory standards imposed through Circular No. 15 to address complaints of mis-selling, inflated fees, and unauthorised access to client data. Senior executives from all licenced NBFCs engaged in digital lending attended the online session.

Khalida Habib, executive director of the SECP, told the participants, in a summary of the circular’s essential conditions, that the SECP has set limits on deducting upfront fees from the loan amount. In addition, the loan organisations were prohibited from operating multiple digital apps on Google Play or any other platform. However, they are able to introduce distinct goods and schemes under a single Master App.

Companies that currently operate many applications have been requested to select one Master App and shut down the others within 90 days. The enterprises must also protect the confidentiality of user data and produce audit reports of their apps from an IT security auditing firm recognised by the PTA. On their mobile applications, digital lenders are also obligated to disclose their complete corporate name.

Ahmad Abdul Moiz Khawaja, Additional Joint Director of SECP, informed the participants on regulations pertaining to explicit disclosures of loan terms and conditions, requirements of controlling credit risk, advertisements, grievance redress systems, and loan collection procedures. He explained that NBFCs cannot alter the conditions of the loan arrangement without the borrower’s prior consent.

The SECP has issued a licence for digital lending to M/s Sarmaya Microfinance (Pvt.) Limited, M/s Cashew Financial Services Limited, M/s Credit Fix Financial Services Limited, M/s Qisstpay BNPL Private Limited, M/s Seedcred Financial Services Limited, M/s Finja Lending Services Limited, M/s Tez Financial Services Limited, M/s Abhi Private LTD, M/s Mirco Cred Financial Services Ltd.

Related Posts

Finja Logo

Finja formally transfers EMI operations to Opay International

18 November 2023
Aleena Nadeem

EduFi secures $6.1 million in pre-seed funding

11 November 2023
Bahrain FinTech Bay (BFB) new board of directors

Bahrain FinTech Bay (BFB) announces new board of directors

18 October 2023
Jerry Li

VCFC becomes first international fintech business licensed in Saudi Arabia

12 October 2023
Next Post
TikTok & Edkasa partnership

TikTok, Edkasa announce scholarships for 18,000 students

ADVERTISEMENT

Copyright © 2023 CEO Times (SMC-Private) Limited

  • Privacy Policy
  • Terms & Conditions
  • Sitemap
No Result
View All Result
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • Councils
  • About
  • Contact
  • Media Pack

Copyright © 2023 CEO TIMES (SMC-Private) Limited