Skip to main content

Google Play Introduces a New Screening Policy for Digital Lending Apps in Pakistan

                                       


Google has introduced a new policy for personal loan applications with the commitment of protecting consumers across Pakistan from fake and unregistered loan apps. 

The new requirements, effective May 31, 2023, allow the Non-Banking Finance Company (NBFC) lender to publish only a single Digital Lending App (DLA). Those who attempt to publish more than one DLA will be terminated from their developer account and any other associated accounts. 

Developers with personal loan apps targeting users in Pakistan must complete the Personal Loan App Declaration form and submit the necessary documentation before publishing their app. They must submit proof of approval from the Securities and Exchange Commission of Pakistan (SECP) to offer or facilitate digital lending services in Pakistan.

Google Play will also request additional information or documents relating to loan app compliance with the applicable regulatory and licensing requirements.

Personal loan apps operating in Pakistan without proper declaration and license attribution will be removed from the Play Store. The developers must remove the app from the Google Play Store immediately if the submitted license, registration, or declaration is no longer valid under the applicable laws.

Farhan S. Qureshi, Google's Director for Pakistan, said, "Google is taking preventative measures by setting stringent requirements for Digital Lending Apps in order to reduce financial risk and ensure data privacy. We strongly believe that the new requirements imposed on 

developers of personal loan apps will provide an extra layer of protection for the users.”

Under the new set of rules, a DLA is prohibited from accessing sensitive data, such as external storage, media images, contacts, and fine location. Whereas, Apps offering short-term personal loans, requiring repayment in full within 60 days from the loan issue date, are not allowed.

Pakistan is one of a small group of countries where Google has implemented additional requirements for DLAs. The new policy update is a significant step towards safeguarding consumers from harmful financial practices and ensuring data privacy.

Comments

Post a Comment

Popular posts from this blog

47% of Asia Pac businesses have no emissions plan in place despite the climate emergency, reveals new report from ACCA, IFAC and PwC

            As world leaders gather for COP 28, ACCA (the Association of Chartered Accountants), IFAC (the International Federation of Accountants) and professional services firm PwC released a new report:   The  role of the CFO and finance function in the climate transition: driving value and sustainability,  based on a survey of 1,000 senior finance professionals around the world.   The research reveals 47% of respondents in the Asia Pacific region have yet to produce a plan for reducing their carbon emissions. Alarmingly, 69% of those respondents without an emissions plan say they currently have no intention of developing one. This compares with global figures of 46% of respondents who have yet to prepare an emissions plan and 70% of those say they currently have no intention of developing one.   The report also says that that involving CFOs and finance teams in the emissions reduction planning is likely to accelerate progress. ...
Post a Comment
Read more

CBD PUNJAB’S UPCOMING AUCTION SET TO IGNITE ECONOMIC GROWTH.

                                                                   The Punjab Central Business District Development Authority (PCBDDA), also recognized as Central Business District Punjab (CBD Punjab), is set to mark a significant milestone in the region's real estate landscape with the auction of six exclusive plots, comprising three mix-used commercial and three residential plots, scheduled for May 9, 2024. As the premium development authority of Punjab, CBD Punjab is at the forefront of transforming the urban landscape, and this auction represents a pivotal moment in Punjab’s economic evolution. The auction event will showcase the immense potential for investment and development within the CBD Punjab precinct. With this auction, CBD Punjab is proud to introduce its latest ventures: CBD Business Bay and CBD Residencia...
Post a Comment
Read more

Huawei and OPPO Sign Global Patent Cross-licensing Agreement

  Huawei and OPPO announced the signing of a global patent cross-licensing agreement, which covers cellular standard essential patents, including 5G. "After more than 20 years of continuous innovation, Huawei has developed multiple high-value patent portfolios in the global marketplace in domains like 5G, Wi-Fi, and audio/video codecs," said Alan Fan, Head of Huawei's Intellectual Property Department. "We are delighted to have reached a cross-licensing agreement with OPPO. The mutual recognition of intellectual property value between companies is a major step towards fostering a positive cycle of innovation and research in high-value standards: investing, receiving returns from investment, and then reinvesting. This will enable our industry to keep innovating and provide consumers with more competitive products and services." "We are very pleased to enter into patent cross-licensing agreement with Huawei. It clearly demonstrates that the two companies r...
Post a Comment
Read more