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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and Pakistan Telecommunication Autho-rity (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 Chairman, Securities and Exchange Commission of Pakistan (SECP) Akif Saeed, held a meeting with the Chairman Pakistan Telecommunication Autho-rity (PTA) Major General Hafeez Ur Rehman (retd), aimed at fostering effective collaboration and exploring areas of mutual interest between the two institutions.

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

The high-level meeting witnessed constructive discussions and deliberations on several key areas of mutual interest. Both organizations firmly expressed their commitment to enhance 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 issue 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. 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, specially highlighting the importance of data localization measures.

Copyright Business Recorder, 2023

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