Google removes 115 illegal loan apps from play store

August 08, 2023 (MLN): In a significant move to bolster cybersecurity and safeguard users, Google has taken decisive action by removing a total of 115 illegal loan/lending apps from its Play Store, as per a press release issued today.

The Securities and Exchange Commission of Pakistan (SECP) collaborated with Google to implement the Personal Loan App Policy in Pakistan, restricting the listing of unauthorized and illicit apps.

The Chairman of SECP, Mr. Akif Saeed, and the Additional Director General, Federal Investigation Agency (FIA), Mr. Ahmed Ishaque Jehangir, held a meeting at SECP's head office to foster effective collaboration and identify areas of shared interest between the two entities.

The SECP FIA have agreed to formalize their collaboration to protect Pakistan's digital financial system from cybercrime and fraud threats through the signing of a Memorandum of Understanding (MoU).

The meeting witnessed constructive discussions and deliberations on several key areas of mutual interest.

For illegal deposit taking and illegal lending Apps, it was agreed to appoint focal persons and establish a quick communication channel, as well as regular sharing of information on matters under investigation at respective institutions.

The Chairman SECP informed the FIA team on the SECP's regulatory framework for digital lending apps, as well as efforts to prohibit exploitative practices and assure borrowers' financial sustainability.

The framework also requires digital lending NBFCs to disclose fees, loan terms, instalments, and charges to borrowers in a transparent manner, Akif added.

Companies are also barred from obtaining customer data and are expected to follow ethical and legal standards.

The Additional Director General FIA, Ahmed Ishaque Jehangir, appreciated SECP's regulatory framework for lending apps and called for training and awareness sessions for officers on digital lending policy.

He also agreed to assist SECP in capacity building and establishing digital forensics lab facilities.

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