The Securities and Exchange Commission of Pakistan (SECP) and Pakistan Telecommunication Authority (PTA) have decided to sign a Memorandum of Understanding (MoU) to set up a joint monitoring and reporting mechanism for taking timely action against illegal lending Apps.
In this regard, the Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed, held a meeting with the Pakistan Telecommunication Authority (PTA) Chairman Major General (Retd) Hafeez Ur Rehman aimed at fostering effective collaboration and exploring areas of mutual interest between the two institutions.
SECP Chairman @akifsaeed65 held a meeting with Chairman @PTA, Major General (R) Hafeez Ur Rehman, aimed at fostering effective collaboration & exploring areas of mutual interest. Akif was accompanied by Commissioner Mujtaba Lodhi and Head of Specialized Companies Khalida Habib. pic.twitter.com/4AjKgHG6bl
— SEC Pakistan (@SECPakistan) July 22, 2023
The high-level meeting witnessed constructive discussions and deliberations on several key areas of mutual interest. Both organizations firmly expressed their commitment 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 (MoU). 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.
Saeed 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. He informed the PTA chairman 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 PTA chairman appreciated SECP’s extensive regulatory framework for lending apps, especially highlighting the importance of data localization measures.
Both regulators agreed to launch a joint awareness campaign to raise awareness about risks of illegal digital lending apps. This regular feature aims to protect the public from potential fraudulent practices.
They were the SECP and retired PTA officers to blame for the disaster. When you appoint non professional and incompetent people this will happen.