July 22, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Telecommunication Authority (PTA) in a meeting today, agreed to launch a joint awareness campaign in Pakistan to raise awareness about illegal digital lending app risks to protect the public from potential fraudulent practices, said a press release issued today.

The Chairman, SECP Akif Saeed, held the meeting with the Chairman, PTA Major General (R) Hafeez Ur Rehman, HI (M).

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

Both organizations are firmly committed to enhancing collaboration to make Pakistan’s digital/cyber landscape more secure.

Recognizing the significance of joint efforts, it was agreed that SECP and PTA will formalize their collaboration through the signing of a Memorandum of Understanding.

The MoU will lay a foundation for future collaborative initiatives, strategically aimed at fortifying the regulatory framework and effectively dealing with issues falling within their respective regulatory space.

Specific to illegal lending Apps it was agreed to set up a joint monitoring and reporting mechanism for ensuring appropriate and timely action.

The Chairman SECP apprised his counterpart about the SECP framework for digital lending apps, the envisioned role of cyber security auditors to certify the confidentiality and security requirements of digital apps.

 It was informed that the SECP publishes a Whitelist on its website for validating the legal status of digital lending apps operating in Pakistan.

The Chairman SECP was accompanied by Commissioner Mujtaba Ahmad Lodhi and Head of Specialized Companies Division Khalida Habib.

Akif informed the Chairman PTA that, in light of the growing digitization in the corporate and financial sectors, SECP is building a cyber-security framework and would share it with PTA for feedback.

The Chairman PTA, appreciated SECP’s extensive regulatory framework for lending Apps, especially highlighting the importance of data localization measures.

The meeting culminated on a positive note with both parties looking forward to implementing the discussed initiatives.

Copyright Mettis Link News

Posted on: 2023-07-22T22:18:06+05:00