SECP cracks down on illegal lending apps

The Securities and Exchange Commission of Pakistan (SECP) has cracked down on illegal lending apps which were available on android.

In a statement issued in this regard, the SECP says that the commission has given special emphasis on eliminating complaints related to lending apps.

It said that Google, in collaboration with Pakistan Telecommunication Authority (PTA) and Federal Investigation Agency (FIA) has taken down illegal lending apps.

As per SECP, non-banking norms for online lending have been improved. To create awareness among investors about their rights, a program called Jama Poonji has been started.

The SECP announcement further said that the introduction of a system of rapid monitoring of business processes in the stock market was a major achievement.

In it, SECP also said that the establishment of central gateway portal was approved. The autonomous registration system increased the registration of new companies.

The Securities and Exchange Commission of Pakistan (SECP) has said that the number of registered companies has increased to 196805.

It said that the non-banking sector grew by 35.9 percent, with revenue increasing by 34 percent due to policy reforms in the insurance sector.