The Securities and Exchange Commission of Pakistan (SECP), in coordination with Google, Apple and the Pakistan Telecommunication Authority, has removed 120 illegal loan apps that were previously available at Google and Apple stores as part of its efforts to safeguard the public from falling into debt traps of illegal loan apps, a press release read.
The SECP not only tightened its regulatory framework for licensed non-banking finance companies, but also initiated effective steps with the relevant authorities to shut down unauthorized and illegal loan apps.
“As a result of SECP’s efforts and continuous engagement, Google has introduced Pakistan’s Personal Loan App Policy, according to which Google only allows SECP-approved Personal Loan Apps for placement on its Google Play Store,” the SECP said.