SECP unveils major digital finance reforms

May 18, 2026 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has accelerated efforts to modernize the country’s financial sector through major digital and regulatory reforms.

As part of these initiatives, the SECP issued Pakistan’s first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited.

The regulator also granted the country’s first Digital Investment Advisory Services license to Wealthbridge Management Limited.

In another landmark development, the SECP granted a life insurance license to Punjab Life Insurance Limited, making it Pakistan’s first provincial government-owned life insurance company under the Punjab Health Initiative Program.

The Commission made significant progress in reducing its licensing backlog during the last three months under the new management, despite operational constraints.

A total of 729 pending applications were inherited, while 414 new applications were received during the period, taking the overall caseload to 1,143 applications.

Out of the total, the SECP disposed of 510 applications, bringing the pending caseload down to 633.

The processed applications included 84 licensing cases, 20 prior permissions, 53 approvals related to Boards of Directors and chief executive officers, 264 license renewals, seven share transfer matters, and 45 other regulatory approvals.

Additionally, 37 applications were closed due to withdrawals, lack of response from applicants, or failure to meet regulatory requirements.

As part of its ongoing reform agenda, the regulator is also removing the requirement of prior security clearance for foreign individuals seeking licenses in Pakistan.

Furthermore, documentary requirements for Section 42 companies are being streamlined to facilitate the non-profit sector and improve the incorporation process.

The SECP said these measures are aimed at strengthening Pakistan’s digital regulatory infrastructure, encouraging innovation, improving ease of doing business, and attracting greater foreign participation in the financial sector.

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