The Securities and Exchange Commission of Pakistan (SECP) has taken an important step toward modernizing the country’s financial sector by issuing new digital finance licenses and reducing the overall licensing backlog. This move is aimed at promoting innovation, financial inclusion, and digital transformation in Pakistan’s economy.
In a major development, SECP issued Pakistan’s first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited. This milestone marks a new phase in Islamic digital insurance services, allowing customers to access Shariah-compliant insurance products through modern digital platforms.
In another key decision, SECP granted the country’s first Digital Investment Advisory Services license to Wealthbridge Management Limited. This license will enable investors to receive digital financial advice, making investment services more accessible, transparent, and technology-driven.
SECP Approves Pakistan’s First Shariah-Compliant Credit Risk Sharing Product
Additionally, SECP has licensed Punjab Life Insurance Limited as Pakistan’s first provincial government-owned life insurance company. This initiative is linked with the Punjab Health Initiative Program and is expected to improve access to insurance and healthcare-related financial services at the provincial level.
Officials say these steps are part of a wider strategy to strengthen Pakistan’s financial ecosystem by encouraging fintech growth and reducing delays in the licensing process. By promoting digital solutions, SECP aims to make financial services faster, more efficient, and easier to access for both businesses and individuals.
Experts believe that these reforms will attract new investment in the financial technology sector and help Pakistan move closer to global digital finance standards. The introduction of digital insurance and advisory services is also expected to increase financial awareness and inclusion among the public.
Overall, SECP’s latest initiatives highlight a strong push toward a modern, digital, and innovation-driven financial system in Pakistan, supporting long-term economic growth and stability.
