SECP, PTA foster collaboration for safe digital ecosystem

Author: APP

Chairman of the Securities and Exchange Commission of Pakistan (SECP) Akif Saeed on Saturday held a meeting with the Chairman of Pakistan Telecommunication Authority (PTA) Major General (R) Hafeez Ur Rehman, HI (M), aimed at fostering effective collaboration and exploring areas of mutual interest between the two institutions.

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. 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.

The Chairman SECP apprised his counterpart about the SECP framework for digital lending apps and 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 White list 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 was 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, especially highlighting the importance of data localization measures.

Both regulators agreed to launch a joint awareness campaign in Pakistan to raise awareness about illegal digital lending app risks. This regular feature aims to protect the public from potential fraudulent practices.

Share
Leave a Comment

Recent Posts

  • Pakistan

Internet and mobile services to be suspended ahead of PTI protest

The federal government is reportedly planning a partial suspension of internet and mobile phone services…

44 mins ago
  • Business

Diamond Paints Honored at Corporate Philanthropy Awards 2024

Islamabad, November 19, 2024 – Diamond Paints, Pakistan’s No.1 paint brand, proudly received two prestigious…

50 mins ago
  • Cartoons

TODAY’S CARTOON

3 hours ago
  • Editorial

Battles and Bottlenecks

On Tuesday, in a high-level huddle, the government announced a comprehensive and result-oriented military operation…

3 hours ago
  • Editorial

Economy and Equity

The economy is showing signs of improvement due to government initiatives and measures taken to…

3 hours ago
  • Op-Ed

Pakistan Climate Change and COP29

Climate change is one of the most significant environmental challenges facing the world. Greenhouse gas…

3 hours ago