At the request of the Securities and Exchange Commission of Pakistan (SECP), Google has announced a new policy for personal loan apps (digital lenders) in Pakistan to submit country-specific licensing documentation to prove their ability to provide or facilitate personal loans.
Sources told ProPakistani that the SECP’s initiatives comprise enforcement actions, consultations, and engagements with pertinent stakeholders such as Google-Asia Pacific, Apple, mobile wallet operators, and telecom service providers. These endeavors are intended to safeguard the interests of consumers and ensure that all digital lending platforms comply with the prescribed regulatory requirements.
In this regard, Google in its April 2023 policy update has restricted personal loan apps targeting users in Pakistan from accessing user contacts or photos. Further, Google has now made it mandatory for personal loan apps in Pakistan to submit country-specific licensing documentation to prove their ability to provide or facilitate personal loans.
After India, Indonesia, the Philippines, Nigeria, and Kenya, Pakistan is the 6th country in the world for which Google has introduced additional requirements for digital lending apps which include the following:
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