Pakistan's regulators decided to issue new digital lending guidelines.
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A hand holding coins on March 11, 2005 in Glasgow, Scotland. As of October 2005 the UK minimum wage will be raised to GBP5.05 from GBP4.85, while 18 to 21 year olds will be paid GBP4.25. An esitmated 1 million people will benefit from the increase.
These new policies are expected to prevent sketchy practices from becoming more rampant across the South Asian market.
Because of this problem, SECP (Securities and Exchange Commission of Pakistan) announced new digital lending regulations on Wednesday, Dec. 28.
"SECP has issued digital lending standards applicable on Non-Banking Finance Companies (NBFCs) undertaking lending activities through digital channels / mobile applications (Apps)," said the department via its official press release.
Pakistan's New Digital Lending Guidelines
According to TechCrunch's latest report, one of Pakistan's new digital lending rules is the disclosure of key fact statements.
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In this picture taken on January 11, 2022, a foreign currency dealer counts US dollar notes at a shop in Karachi. - Pakistan's inflation hit about 10 percent last year, according to the World Bank, with cooking oil prices up 130 percent since Prime Minister Imran Khan took power, as well as the cost of fuel up 45 percent.
These include granted credit amount, loan duration, all fees, and...
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