{"id":86296,"date":"2022-05-31T15:38:23","date_gmt":"2022-05-31T10:38:23","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=86296"},"modified":"2022-05-31T15:38:28","modified_gmt":"2022-05-31T10:38:28","slug":"secp-digital-lending-project-nbfcs","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/secp-digital-lending-project-nbfcs.html","title":{"rendered":"SECP launches digital lending project for NBFCs"},"content":{"rendered":"\n<p>Lahore: The Securities and Exchange Commission of Pakistan (SECP) on Monday (May 30) launched a Digital Lending project for the Non-Banking Finance Companies (NBFCs), news sources reported.&nbsp;<\/p>\n\n\n\n<p>Under the project, NBFCs would be able to finance projects using remote technologies and computer-aided systems for loan application processing.\u00a0 The SECP notified the project under S.R.O.603(I)\/2022.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/secp-concept-note-asset-fractionalisation.html\" data-type=\"post\" data-id=\"85698\" target=\"_blank\" rel=\"noreferrer noopener\">SECP releases concept note on asset fractionalisation<\/a><\/p>\n\n\n\n<p>According to the SECP, the initiative would use digital, technology-based, or internet-based channels or instruments with little or no human involvement for processing loan applications, approval, payout, and repayment.&nbsp; The following are the provisions of the notification:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Lending NBFCs shall comply with such requirements as may be specified by the Commission through a circular, for all or a specific class of lending NBFCs, including but not limited to the digital lending;<\/li><li>Fair treatment of consumers and borrowers, including devising appropriate pricing policies and disclosures;<br><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/secp-nbfcs-loans-government-schemes.html\" data-type=\"post\" data-id=\"81063\" target=\"_blank\" rel=\"noreferrer noopener\">SECP allows NBFCs to extend loans under government schemes<\/a><\/li><li>Adequate and accurate disclosures, including but not limited to the offered products, services, and applicable terms and conditions, to borrowers, customers and other stakeholders;<\/li><li>Minimum disclosure requirements for digital applications, websites and any other platform used by the NBFCs for the licensed activity;<\/li><li>information technology, systems and information security measures.<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/secp-mutual-funds-roshan-digital-holder.html\" data-type=\"post\" data-id=\"82535\" target=\"_blank\" rel=\"noreferrer noopener\">SECP relaxes mutual funds policies for Roshan Digital Account holder<\/a><\/p>\n\n\n\n<p>Furthermore, the notice emphasised the notion of &#8220;Robo Advisor,&#8221; which will be an automated, algorithm-based client-facing product with little or no human adviser engagement in the advisory process. Platforms such as artificial intelligence (AI) will also be employed for market study and evaluation.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: The Securities and Exchange Commission of Pakistan (SECP) on Monday (May 30) launched a Digital Lending project for the Non-Banking Finance Companies (NBFCs), news sources reported.&nbsp; Under the project, NBFCs would be able to finance projects using remote technologies and computer-aided systems for loan application processing.\u00a0 The SECP notified the project under S.R.O.603(I)\/2022.\u00a0 Read: SECP releases concept note on asset fractionalisation According to the SECP, the initiative would use digital, technology-based, or internet-based channels or instruments with little or no human involvement for processing loan applications, approval, payout, and repayment.&nbsp; The following are the provisions of the notification:&nbsp; Lending NBFCs shall comply with such requirements as may be specified by the Commission through a circular, for all or a specific class of lending NBFCs, including but not limited to the digital lending; Fair treatment of consumers and borrowers, including devising appropriate pricing policies and disclosures;Read: SECP allows NBFCs to extend loans under government schemes Adequate and accurate disclosures, including but not limited to the offered products, services, and applicable terms and conditions, to borrowers, customers and other stakeholders; Minimum disclosure requirements for digital applications, websites and any other platform used by the NBFCs for the licensed activity; information technology,&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[52512,52513,52511],"persona":[],"class_list":{"0":"post-86296","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-nbfc","9":"tag-non-banking-finance-companies","10":"tag-secp-launches-digital-lending-project-for-nbfcs","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SECP launches digital lending project for NBFCs - Zameen News<\/title>\n<meta name=\"description\" content=\"Lahore: The Securities and Exchange Commission of Pakistan (SECP) on Monday (May 30) launched a Digital Lending project for the Non-Banking Finance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/secp-digital-lending-project-nbfcs.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SECP launches digital lending project for NBFCs - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Lahore: The Securities and Exchange Commission of Pakistan (SECP) on Monday (May 30) launched a Digital Lending project for the Non-Banking Finance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/secp-digital-lending-project-nbfcs.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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