Google to remove illegal loan apps: SECP

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has taken down 40 illegal lending apps with the help of Google to combat financial fraud, ARY News reported on Wednesday.

According to SECP officials, 75 out of 40 illegal mobile apps have been taken down in order to control financial fraud through mobile apps and the remaining applications will be taken down till May 31 with the help of Google.

The mobile applications operating from overseas will no longer have access to users in Pakistan.

As per the regulatory authorities, the forensic audit and NOC have been made mandatory to obtain loans business, the companies operating the loan apps have to get a forensic audit certificate from Pakistan Telecommunication Authority (PTA) approved audit firm.

On behalf of the certificate, the SECP will issue NOC to the company.