The Securities and Exchange Commission of Pakistan (SECP) has revised the Non-Banking Finance Companies and Notified Entities Regulations, 2008, with a view to promote the development of the digital financial environment and financial inclusion.
The SECP has carried out a thorough analysis of current regulations to remove redundancies and exercised broad public consultation to propose amendments in the regulations. The focus was to address market requirements, provide ease of doing business through digitalization, and protect the interests of NBFCs’ customers.
For the introduction of digital fund management, lending platforms, and trustee services, enabling provisions have been made. These provisions are designed to make it easier for digital technologies to be used in order to increase accessibility, efficacy, and cost-effectiveness.
