Business
December 24, 2020
ISLAMABAD: The Securities and Exchange of Commission of Pakistan (SECP) has approved the launch of the country’s first peer-to-peer lending platform that will improve access of small businesses to finance, the commission’s chairman said on Wednesday.
Finja, a venture capital backed financial technology (fintech) secured the approval under the first cohort of SECP’s regulatory sandbox.
Aamir Khan, chairman of the SECP said the commission placed significant focus on serving the micro small and medium enterprises (MSMEs) as they play a vital role in the economic development of any country. To improve access to finance for the MSMEs, agriculture borrowers and rural enterprises, SECP has already operationalised the secured transaction registry, which went live on 30 April. So far, more than 125,000 security interests have been recorded in the registry. This has allowed small businesses to obtain credit against their movable assets.
PESHAWAR: In a move largely seen as regressive, the provincial government has legislated to turn the Pakhtunkhwa Energy Development Organisation, a company, into an attached entity of the energy and power department.
The development comes through the passage of the Pedo Act, 2020, in the provincial assembly on Dec 2.
The law was earlier enforced through an ordinance in a secret manner in June this year when the outbreak of coronavirus peaked in the province.
The legislation has upended the Pedo’s corporatisation that was carried out by the last Pakistan Tehreek-i-Insaf government as a major reform.
The government had gone to great lengths to retain the entity’s chief executive officer after his removal by the court.