{"id":313637,"date":"2023-02-14T11:07:38","date_gmt":"2023-02-14T06:07:38","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=313637"},"modified":"2023-02-14T11:07:38","modified_gmt":"2023-02-14T06:07:38","slug":"secp-warns-public-to-avoid-unauthorized-lending-apps","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/secp-warns-public-to-avoid-unauthorized-lending-apps\/","title":{"rendered":"SECP warns public to avoid unauthorized lending apps"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nThe Securities and Exchange Commission of Pakistan (SECP) has warned the public about falling prey to unauthorized lending apps, namely \u201cMoneyBox\u201d and \u201cMoneyClub.\u201d<br \/>\nThe SECP has observed that the apps are using the names of licensed Non-Banking Finance Companies (NBFCs) to gain public confidence in offering lending services without any regulatory approval.<br \/>\nSECP has not granted any permission to its licensed NBFCs, QistBazaar (Pvt) Limited and QistPay BNPL (Private) Limited, to launch the apps namely \u201cMoneyBox\u201d and \u201cMoneyClub,\u201d respectively.<br \/>\nNo licensed entity has approached SECP seeking permission to launch apps with these names. This unauthorized activity poses a serious threat to the public, as these apps have been operating without regulatory approval.<br \/>\nThe SECP maintains a publicly available list of licensed NBFCs and digital lending apps that have the SECP\u2019s permission to offer lending services. The public is encouraged to verify the regulatory status of any NBFC and its authorized app before transacting any business with a lending entity.<br \/>\nThe SECP is acting to protect consumers and promote fairness and transparency in the financial services industry. It is notifying law enforcement agencies to take legal action against the operators of these apps. The SECP advises the public to only use authorized apps offered by entities licensed to operate in Pakistan.<br \/>\nComplaints or evidence against companies involved in unauthorized activities and illegal lending can be sent to complainats@secp.gov.pk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) has warned the public about falling prey to unauthorized lending apps, namely \u201cMoneyBox\u201d and \u201cMoneyClub.\u201d The SECP has observed that the apps are using the names of licensed Non-Banking Finance Companies (NBFCs) to gain public confidence in offering lending services without any regulatory approval. SECP has [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-313637","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SECP warns public to avoid unauthorized lending apps<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/secp-warns-public-to-avoid-unauthorized-lending-apps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SECP warns public to avoid unauthorized lending apps\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD The Securities and Exchange Commission of Pakistan (SECP) has warned the public about falling prey to unauthorized lending apps, namely \u201cMoneyBox\u201d and \u201cMoneyClub.\u201d The SECP has observed that the apps are using the names of licensed Non-Banking Finance Companies (NBFCs) to gain public confidence in offering lending services without any regulatory approval. 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