Pakistan’s securities regulator issues white list of digital lending apps to prevent online fraud

Google apps are seen on Honor 20 Pro smartphone at an event to launch the Honor 20 Series smartphones at Battersea Evolution in London on May 21, 2019. (AFP/FILE)
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Updated 12 April 2023
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Pakistan’s securities regulator issues white list of digital lending apps to prevent online fraud

  • The SECP shared a list of 75 illegal apps operating in Pakistan with Google, asking the Internet giant to take them down from Play Store
  • Only licensed apps offering personal loans and investments will be allowed to operate in the country and remain available on Play Store

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a white list of digital lending apps to serve as a reference point for Google that will list them on Play Store from May 31 to prevent the possibility of online fraud, said an official statement.

The SECP has published the name of SmartQarza as the approved app, and it is currently evaluating three other apps for final endorsement.

According to an official of the regulatory body, the issue of online fraud through unauthorized apps offering personal loan and investment was taken up by the Pakistani authorities with Google who urged the global Internet company not to allow such apps to function in Pakistan.

“We were negotiating with Google for the last couple of months, and now they have agreed that those apps which would not be licensed by the SECP will not be allowed,” said Muhammad Sajid Gondal, a spokesperson for the regulatory body, on Wednesday. “Google will review the app by May 31 this year, and all those apps that are not licensed will be taken down.”

The SECP spokesperson said that the regulatory body had identified and shared a list of 75 illegal apps on the Play Store.

“Until now, they have taken down about 40 out of those 75 apps,” Gondal said. “They are also reviewing the remaining apps. The most important component of the agreement with Google is that those apps operating outside of Pakistan will not be allowed to get access in the country.”

He expressed optimism that the move would help reduce or totally eliminate financial fraud through such illegal apps that could access users’ personal information.

“Only licensed apps will be available, and their forensic audit will be carried out to check if they have access to users’ personal data,” Gondal added.

The SECP has made it mandatory for apps to obtain cybersecurity certification from any firm approved by the Pakistan Telecommunications Authority (PTA), proving that they do not access customers’ personal data.

The SECP white list contains the names of approved apps owned by licensed Non-Banking Financial Companies (NBFCs), as well as the apps of licensed NBFCs that were operating as of December 27, 2022, and have applied for approval.

Pakistani law also mandates these apps to comply with digital lending standards, take adequate cybersecurity measures and controls to ensure confidentiality, and restrict them from accessing the user’s phone book or photo gallery.

Pakistan has become the sixth country, after India, Indonesia, Philippines, Nigeria, and Kenya, to introduce additional conditions for digital loan offering apps.
 


Pakistan stock market crosses 120,000-mark amid cautious trading ahead of budget

Updated 6 sec ago
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Pakistan stock market crosses 120,000-mark amid cautious trading ahead of budget

  • KSE-100 index surged 636 points or 0.53 percent to reach at 120,285.54 during intra-day trading
  • The South Asian country is set to unveil its federal budget for the fiscal year 2025–26 on June 2

ISLAMABAD: The Pakistan Stock Exchange (PSX) continued an upward trajectory and surpassed the 120,000-point mark during intraday trading on Monday, stock analysts said.

The KSE-100 index surged by 636 points, or 0.53 percent, to reach at 120,285 points during the intra-day trading at around 10am on Monday.

The market recorded a historic comeback last week following the Pakistan-India ceasefire brokered by US President Donald Trump which proved to be a relief for investors.

But analysts attributed Monday's slightly "slower" activity to cautious investors ahead of the upcoming budget in June.

"The KSE100 has started the week on a muted note, which is reflecting in slower trading activity," Raza Jafri, head of Intermarket Securities, told Arab News.

"It is possible that investors are waiting for the FY26 Budget, expected in early June, before they become more active."

Pakistan is set to unveil its federal budget for the fiscal year 2025–26 on June 2, being formulated under stringent conditions of the International Monetary Fund (IMF).

Tensions between India and Pakistan spiked this month after New Delhi launched missile strikes on multiple locations in Pakistan, blaming Islamabad for a deadly Apr. 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan has denied involvement.

The crisis triggered a 12 percent decline at the Pakistani stock market from Apr. 23 till May 8.

However, the market recovered nearly all of its losses last week, climbing more than 3,500 points.


Fire erupts in Islamabad’s Margalla Hills, containment efforts underway

Updated 5 min 1 sec ago
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Fire erupts in Islamabad’s Margalla Hills, containment efforts underway

  • The blaze erupted near Saidpur Darra, Jungle Number 15 and Rumli areas
  • Over 70 firefighters are participating in the operation to put out the blaze

ISLAMABAD: A wildfire erupted in the Margalla Hills in the Pakistani capital of Islamabad on Monday, the Islamabad district administration said, with efforts underway to put out the blaze.

The Margalla range, part of the Himalayan foothills, often experiences bushfires in the summer months. Last year, several incidents of forest fire were reported at the hills as various parts of the country remained in the grip of intense heatwaves.

On Monday, a fire broke out near Saidpur Darra, Jungle Number 15 and Rumli areas on the hills, prompting an immediate response from the Capital Development Authority’s (CDA) fire brigade and officials of the district administration.

“More than 70 firefighters are participating in the operation to control the fire,” the district administration said in a statement.

“The fire was brought under control once, but it broke out again.”

No casualties or property damage have been reported in the wake of the fire, according to authorities.

The cause of the fire has yet to be determined.

“The fire will be brought under control again soon,” the district administration added.


Death toll from IED blast in Pakistan’s southwest rises to four

Updated 19 May 2025
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Death toll from IED blast in Pakistan’s southwest rises to four

  • Pakistan has been battling a separatist insurgency in Balochistan for decades
  • The attack comes days after four paramilitary troops were killed in the province

QUETTA: At least four people have been killed and 12 others wounded in a bomb blast in Pakistan’s turbulent southwestern province of Balochistan, a security official said Monday.

An improvised explosive device (IED) was planted in a parked car in Killa Abdullah district of Balochistan, less than 100 kilometers (60 miles) from the provincial capital of Quetta.

“It seems the IED exploded before reaching its intended destination,” a local security official, Ghulab Khan, told AFP.

“All those killed are civilian passersby,” he added.

Riaz Khan Dawar, a senior local government official, confirmed the details to AFP, adding the explosion took place close to a paramilitary compound on Sunday evening.

Pakistan has been battling a separatist insurgency in Balochistan for decades, where militants target state forces, foreign nationals, and non-locals in the mineral-rich southwestern province bordering Afghanistan and Iran.

The attack came days after four paramilitary troops were killed in the province.

The Baloch Liberation Army (BLA) is the most active group in the region and often carries out deadly attacks against security forces, but the local chapter of Daesh and the Pakistani Taliban have also claimed recent attacks.

Pakistan has witnessed a sharp rise in violence in its regions bordering Afghanistan since the Taliban returned to power in Kabul in 2021, with Islamabad accusing its western neighbor of allowing its soil to be used for attacks against Pakistan — a claim the Taliban deny.

In Balochistan, separatist violence has intensified, including a March attack by ethnic Baloch militants on a train carrying 450 passengers, which sparked a two-day siege and left dozens dead.

More than 241 people, mostly security officials, have been killed in attacks since the start of the year by armed groups fighting the government in both Khyber Pakhtunkhwa and Balochistan, according to an AFP tally.


‘Brothers forever’: Pakistani military acknowledges Saudi role in truce with India

Updated 19 May 2025
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‘Brothers forever’: Pakistani military acknowledges Saudi role in truce with India

  • Pakistan and India this month traded missile, drone and artillery strikes over an attack in Indian-administered Kashmir
  • The conflict alarmed world leaders and friendly nations, with a Saudi minister traveling to New Delhi and Islamabad

ISLAMABAD: Pakistan’s military spokesman, Lt. Gen. Ahmed Sharif Chaudhry, has acknowledged Saudi Arabia’s role in helping secure a ceasefire with India, after the nuclear-armed neighbors exchanged heavy cross-border fire this month.

India on May 7 launched a series of strikes across the Line of Control — the de facto border that separates the Indian-controlled and Pakistani-controlled parts of Kashmir. It also hit other sites on the Pakistani mainland, targeting what it claimed were militant positions.

Pakistan retaliated with strikes on Indian military targets before the ceasefire took effect on May 10, following efforts by world powers and friendly nations, including Saudi Arabia, to quickly de-escalate the conflict.

The Kingdom’s role in mediation was “very positive and wonderful,” Lt. Gen. Chaudhry told Arab News.

Pakistan Prime Minister Shehbaz Sharif (right) meets Saudi Minister of State for Foreign Affairs Adel Al-Jubeir in Islamabad, Pakistan, on May 9, 2025. (PID/File)

Pakistan and India have fought multiple wars since their independence from British rule in 1947. Two of the wars were over the disputed region of Kashmir, which both claim in full but rule in part.

The recent escalation came days after New Delhi blamed Pakistan for a deadly attack on tourists in Indian-administered Kashmir — Islamabad denied any involvement.

As the neighbors exchanged fire, Saudi Minister of State for Foreign Affairs Adel Al-Jubeir visited both New Delhi and Islamabad. The May 10 truce was reached shortly afterward.

Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and External Affairs Minister S. Jaishankar shake hands in New Delhi on May 8, 2025. (Ministry of External Affairs/File)

Saudi Arabia and Pakistan share close diplomatic and strategic relations, and the Kingdom has provided significant support to Pakistan during its prolonged economic challenges in recent years.

“The bond between the people of Pakistan and the people of Saudi Arabia is very strong, and we in the armed forces have a very close bond with the Kingdom of Saudi Arabia. And this is a relationship that is based on respect,” Lt. Gen. Chaudhry said.

“Saudis are our brothers, brothers forever.”


Six killed, one injured as family feud turns violent in Pakistan’s northwest — official

Updated 19 May 2025
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Six killed, one injured as family feud turns violent in Pakistan’s northwest — official

  • The deceased persons included three men and three women
  • Injured woman shifted to Peshawar’s Lady Reading Hospital

PESHAWAR: At least six persons were killed and a woman sustained gunshot wounds in a violent altercation between two families in the northwestern Pakistani city of Peshawar, rescue officials said on Monday.

The incident took place near the Khatko Bridge area reportedly over domestic issues, according to District Emergency Officer Ghayoor Mushtaq Khan.

The deceased included three men and three women.

“As a result of the gunfire, one woman was critically injured, while six others died on the spot,” Khan said in a statement.

It added the Rescue 1122 service responded to the emergency, provided first aid to the injured woman and transferred her to Peshawar’s Lady Reading Hospital.

Family feuds are common in Pakistan and that often violent and last for long in parts of the country where tribal customs and laws are followed by residents.

In June last year, 10 members of a family, including a two-year-old, were killed in a late-night attack in Khyber Pakhtunkhwa, police said.