The Center of Business Consultancy (Pvt.) Limited has successfully acquired the approval of the Securities and Exchange Commission of Pakistan (the Commission) for its foreign client to launch the first approved digital lending app in Pakistan.
The Commission has accorded its approval to launch the first approved digital lending app under a new regulatory regime, which is governed by the requirements contained in Circular 15 of 2022 dated December 27, 2022 (the Circular).
Previously, NBFCs were not required to get the approval of the Commission to launch digital lending applications, however, to ensure transparency and to regulate digital lending, the Commission has introduced a new set of requirements through the Circular.
It is important to note here, that as per the Circular, it was communicated to all the stakeholders that all lending applications which were launched prior to the Circular shall cease to exist on March 27, 2023.
Therefore, three months’ time was given to the relevant NBFC companies to launch their lending apps as per the requirements of the Circular.
The Center of Business Consultancy (Pvt.) Limited has become a pioneer company, which has successfully obtained approval from the Commission to launch a digital lending app for its client.
In this regard, the Center of Business Consultancy (Pvt.) Limited appreciate contentious guidance of the Policy, Regulation, and Development Department of Specialized Companies Division, SECP for valuable support in the NBFC sector.
A much need development in NBFC sector of Pakistan. Congregations to the Center of Business Consultancy (Pvt.) Limited and the Securities and Exchange Commission of Pakistan on this milestone and achievement.
Now another NBFC launched to keen money from public and put them in burden on the other side government is pushing banking sector towards Islamic system Riba free and on the other hand SECP CCP is giving approval on Riba apps