We-Finance Code: SECP, ADB hold industry familiarization session

KARACHI: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Asian Development Bank (ADB), organized an Industry Familiarization Session on the We-Finance Code in Karachi recently.

The event was attended by key stakeholders from the non-banking lending sector, insurance sector, and asset management industry.

The session aimed to provide comprehensive insights into the We-Finance Code, a pioneering initiative designed to foster inclusive financial services, particularly for women.

The Code outlines a framework for financial institutions to offer gender-sensitive financial products and services that cater to the unique needs of women, promoting their financial inclusion in Pakistan.

Commissioner, Specialized Companies Division, Zeeshan Rehman Khattak, emphasized the growing importance of the We-Finance Code in the evolving financial landscape. “The We-Finance Code is not just a set of guidelines; it is a call to action for the financial sector to break down the barriers to women’s participation in the economy,” he said. “By institutionalizing gender-sensitive financial services, we can empower women, drive economic growth, and address the financial exclusion that has been a persistent challenge in our society.”

The session provided participants with an in-depth understanding of the Code’s objectives, requirements, and its potential impact on both the financial sector and women’s economic empowerment.

It also explored how the Code can be integrated with existing financial products and services to create a more inclusive financial ecosystem.

In addition to discussing the We-Finance Code, a panel discussion highlighted the potential for public-private partnerships in mainstreaming these services. The panel focused on ensuring these services are accessible to women, particularly in the aftermath of recent floods that have disproportionately affected women and marginalized communities.

A senior representative from ADB stated that insurance and saving products could be blended with lending solutions to create an integrated approach, offering women both financial protection and access to credit. The representative added that such initiatives not only benefit women but also contribute to the overall stability and growth of the financial system.

The SECP remains committed to supporting the development of inclusive financial products and services that meet the needs of all segments of society, particularly women, who remain underserved by traditional financial institutions.

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