Islamabad, February 17, 2020 (PPI-OT):Securities and Exchange Commission of Pakistan (SECP) hold workshop to attracted corporate, start-ups, brokers and insurance firms looking to leverage existing or new technology in an innovative way to deliver new financial products or services in the market. In this regard, the SECP opened their first cohort under Pakistan’s first ever Regulatory Sandbox on February 1 2020. They are becoming increasingly popular regulatory tools internationally. As of now, more than 50 countries have introduced their respective regulatory sandboxes with similar objectives. With the aim to promote innovation and encourage entities/persons involved in the market, SECP organized introductory awareness sessions in Karachi and Lahore on 11th and 13thFebruary respectively.
“The SECP is taking various initiatives to create an enabling regulatory framework for facilitating start-ups in Pakistan. These measures will attract local and international innovators. Launching of the regulatory sandbox initiative is one of the steps in this direction,” said Shauzab Ali, SECP’s Commissioner for Information System and Technology, speaking at the session in Karachi.
Aligning with the Government’s vision of Digital Pakistan, Abdul Rahim Ahmad, Chief Information Officer, emphasized on the need and importance of Regulatory Sandbox in Pakistan and the criticality of encouraging FinTech products, which are duly evaluated and approved for scaling up through the sandbox. He also highlighted how several regulators across the world have launched a Regulatory Sandbox that has helped to change the landscape of digital innovation in the financial sector.
Mr Rahim also shared basic concepts of sandbox along with international examples based on different technologies adopted through Regulatory Sandbox. In a fast-paced interactive workshop, participants held discussions and provided their feedback on the Regulatory Sandbox Guidelines and the application criteria. The workshops we reorganized by the SECP at Pakistan Institute of Corporate Governance in Karachi and at the National Incubation Centre at the Lahore University of Management Sciences (LUMS) in Lahore. The SECP has a dedicated mailbox (sandbox@secp.gov.pk) for any queries with respect to the Regulatory Sandbox.
For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk