ISLAMABAD, 18 MAY (DNA) —    The Securities and Exchange Commission of Pakistan (SECP)  has taken major steps to promote innovation and digital transformation in Pakistan’s financial sector by issuing the country’s first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited and the first Digital Investment Advisory Services license to Wealthbridge Management Limited.

The SECP also licensed Punjab Life Insurance Limited as Pakistan’s first provincial government-owned life insurance company for the Punjab Health Initiative Program. During the last three months, since the new management took charge, the SECP has significantly reduced the pending application backlog despite operational challenges. The Commission had 729 outstanding licensing applications, while another 414 fresh applications were received during the period, taking the total caseload to 1,143 applications.

Out of these, 510 applications were disposed of, reducing the pending cases to 633. The disposed applications included 84 license applications, 20 prior permissions, 53 approvals for Boards of Directors and CEOs, 264 license renewals, seven share transfer cases, and 45 other approvals, while 37 cases were closed due to withdrawal, lack of response from applicants, or non-fulfillment of regulatory requirements.

As part of these reforms, the cumbersome requirement of prior security clearance for foreign  individuals applying for licenses is being removed. The SECP is also rationalizing documentary requirements for Section 42 companies to facilitate the non-profit sector and improve the incorporation process.

The reforms are part of the SECP’s broader strategy to modernize Pakistan’s financial regulatory framework, facilitate innovation, encourage foreign participation, and strengthen digital regulatory infrastructure.— DNA