SECP commissioner calls for tech-driven financial revolution in Pakistan

July 24, 2023 (MLN): Financial services industry should focus on tech-based financial innovation to serve Pakistan's underserved and unserved businesses, Mujtaba Ahmad Lodhi, Commissioner of the Securities and Exchange Commission of Pakistan (SECP) stated while addressing the launching ceremony of the thirteenth edition of the Year Book 2022 of the NBFI and Modaraba Association, said a press release issued today.

The commissioner highlighted the importance of the NBFI and Modaraba sectors in Pakistan and stressed that the sector has enormous untapped potential and is critical for advancing financial inclusion; therefore, focusing on these sectors can contribute to Pakistan's economic growth and development.

In his keynote address, Lodhi stressed that the sector has enormous untapped potential and is critical for advancing financial inclusion; therefore, focusing on these sectors can contribute to Pakistan's economic growth and development.

He also lauded the association for being active in spreading awareness while encouraging it to work together to develop innovative products, targeting underserved micro and small businesses.

Lodhi reiterates that the SECP is committed to adapting to technological innovations and fostering a culture of innovation in the financial services industry.

He informed participants that the Fourth Cohort of the SECP’s regulatory sandbox, specifically targeting the Islamic Finance segment, aims to encourage new ideas, products, services, and business models that are not currently addressed in the existing regulatory regime.

He also applauded the Modaraba industry for showing remarkable resilience despite challenges such as the pandemic and political and economic uncertainty.

Speaking at the event, Mahfuz-ur-Rahman Pasha, Chairman NBFI & Modaraba Association, thanked the SECP for its continued support of the association and the industry.

Khalida Habib, Executive Director; Musarat Jabeen, Executive Director; and members of the association were present at the well-attended event.

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