ISLAMABAD: The Chairman of the Securities and Exchange Commission of Pakistan (SECP) Akif Saeed, and the Chairman of Pakistan Telecommunication Authority (PTA) Major General (R) Hafeez Ur Rehman, agreed on Saturday to explore avenues to enhance collaboration to make Pakistan’s digital and cyber landscape more secure and updated.
The two officials agreed during a meeting held in Islamabad. They also agreed to increase focus on fostering effective collaboration and exploring areas of mutual interest between the two institutions.
During the meeting, the Chairman SECP was accompanied by Commissioner Mujtaba Ahmad Lodhi and Head of Specialized Companies Division Khalida Habib.
SECP and PTA to sign a Joint MoU
The meeting covered several constructive discussions and deliberations on different key areas of mutual interest. It was also agreed that SECP and PTA would formalize their collaboration through the signing of a Memorandum of Understanding. The MoU would lay a foundation for future collaborative initiatives strategically aimed at strengthening the regulatory framework and effectively dealing with issues falling within their respective regulatory jurisdiction.
The Chairman SECP informed his counterpart about the framework of SECP for digital lending applications 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 Whitelist on its website for validating the legal status of digital lending apps operating in Pakistan.
Meanwhile, Chairman PTA Hafeez Ur Rehman lauded SECP’s extensive regulatory framework for lending Apps, particularly highlighting the importance of data localization measures.
Both officials agreed to launch a joint awareness campaign in the country to raise awareness about the risks of illegal digital lending apps. This regular feature aims to protect the public from potential fraudulent practices.
