The SECP has announced major progress in Pakistan’s financial sector by issuing new digital licenses. The move is part of efforts to modernize financial services and promote innovation.
The Securities and Exchange Commission of Pakistan (Securities and Exchange Commission of Pakistan), commonly known as SECP, has issued the country’s first Shariah-compliant digital general takaful operator license.
The SECP also issued Pakistan’s first Digital Investment Advisory Services license. These steps are seen as important milestones for digital finance in the country.
First Digital Licenses in Pakistan
According to officials, First Digital Takaful Company Limited received the first digital takaful operator license. This allows the company to offer Shariah-compliant digital insurance services.
The SECP also granted a Digital Investment Advisory Services license to Wealthbridge Management Limited. This enables digital investment advisory operations in Pakistan.
In another development, Punjab Life Insurance Limited was licensed as the first provincial government-owned life insurance company. It operates under the Punjab Health Initiative Program.
Focus on Digital Financial Growth
The SECP said these approvals are part of broader reforms. The aim is to strengthen Pakistan’s digital financial infrastructure.
Officials said the reforms will improve efficiency and support innovation in financial services. They also aim to make the system more modern and accessible.
The SECP further stated that these steps will help improve ease of doing business. They may also encourage more foreign participation in the financial sector.
Reduction in Licensing Backlog
The SECP has also made progress in clearing pending applications. The regulator inherited 729 cases and received 414 new applications during the same period.
This brought the total workload to 1,143 applications. Out of these, 510 cases were resolved.
As a result, the number of pending cases dropped to 633. These included licenses, approvals, renewals, and other regulatory matters.
Reforms and Simplification Measures
The SECP has removed the requirement for prior security clearance for foreign applicants. This step is expected to speed up approvals.
The regulator is also simplifying documentation rules for Section 42 companies. This change is aimed at supporting non-profit organizations.
In other related news also read SECP Increases Sahulat Account Investment Limit
Officials said the SECP reforms are designed to build a stronger digital financial system. They also aim to improve regulatory efficiency and long-term economic stability.
