ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) Wednesday published a Whitelist of Digital Lending Applications on its website, following Google’s updated policy for digital lending apps from Pakistan.
The Whitelist serves as a reference point for Google to validate regulator-approved apps before listing them on Play Store starting from May 31, 2023. The list will be updated as and when an app gets approved or rejected by the SECP.
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The Whitelist contains the names of approved apps owned by licensed Non-Banking Financial Companies (NBFCs), as well as the apps of licensed NBFCs that were operating as of December 27, 2022, and have applied for approval. Cybersecurity certification from a PTA approved firm is required to certify that the apps don’t gain access to customers’ personal data.
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Circular 15 mandates compliance with digital lending standards, including adequate cybersecurity measures and controls to ensure confidentiality, integrity, and restriction from accessing borrowers’ phone books or photo galleries.
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The SECP encourages all NBFCs engaged in digital lending activities to comply with the updated requirements specified in Circular 15 and submit requisite documentation for app approval at the earliest to avoid any inconvenience. Potential borrowers are also encouraged to verify the app status from the SECP’s Whitelist before taking any exposure with any digital lending app.
