ISLAMABAD: The Federal Investigation Agency (FIA) has offered help to Securities and Exchange Commission of Pakistan (SECP) in capacity building and for establishing a digital forensics lab to check misdoings and violations by digital lending apps.
The FIA additional director general, Ahmed Ishaque Jehangir, on Tuesday visited the SECP head office and met its Chairman Akif Saeed.
The SECP and the FIA agreed to formalise collaboration to protect the country’s digital financial system from cybercrime and fraud threats through the signing of a Memorandum of Understanding.
Both sides discussed key areas of mutual interest, mainly related to illegal deposit taking and illegal lending apps and it was agreed to appoint focal persons and establish a quick communication channel as well as regular sharing of information on matters under investigation at respective institutions.
Mr Jehangir discussed the SECP’s recent regulatory framework for lending apps.
He suggested that the investigation agency could provide training and hold awareness sessions for officers posted in departments on digital lending policy.
He also agreed to assist the SECP in capacity building and establishing digital forensics lab facilities in the commission.
The SECP chairman briefed the FIA team on the SECP’s regulatory framework for digital lending apps as well as efforts to prohibit exploitative practices and assure borrowers’ financial sustainability.
