Connect with us

Hi, what are you looking for?

Economy

SECP ratifies launch of peer-to-peer lending platform

The Securities and Exchange Commission of Pakistan (SECP) has granted approval for the launch of a peer-to-peer lending platform under the first cohort of its technology-driven initiative ‘Regulatory Sandbox’.

The move is aimed at supporting and encouraging a financial technology revolution in the country, a press release said on Wednesday.

Peer-to-peer lending is an innovative, alternative digital platform that connects borrowers with individual lenders, who come together to meet the former’s loan requirements.

“Peer-to-peer lending helps borrowers give out short-terms loans that enable small and medium enterprises (SMEs) to scale up their businesses, eventually allowing them to qualify for bigger bank loans,” said the statement .

“The current approval for testing and experimenting with such a platform by the SECP is also attributed towards the development of an ecosystem for SME financing to achieve higher growth prospects and to create new employment and business opportunities,” it said.

“During the testing phase, the platform shall operate within pre-defined parameters and is subject to certain terms and conditions. Further, specific eligibility criteria shall also apply on the selection of each lender/borrower,” stated the handout.

Economy

KARACHI/ISLAMABAD: The International Center for Chemical and Biological Sciences (ICCBS), University of Karachi, will help Ugandan authorities to establish a Halal Authentication Laboratory in...

Articles

Daesh gunmen killed at least 143 Russians in an attack on a concert mall in Moscow and injured dozens of others. The callous attack...

Latest Updates

The Russia’s Interior Ministry stated on Saturday that the four suspected gunmen arrested after Friday night's deadly attack were foreigners, with some media outlets...

Politics

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) leader Sher Afzal Marwat clarified to the Federal Investigation Agency (FIA) that he did not directly accuse Punjab Chief Minister...