Islamabad, In a significant development for Pakistan’s fintech sector, the Securities and Exchange Commission of Pakistan (SECP) has teamed up with JazzCash, the nation’s leading fintech operator, through a Memorandum of Understanding (MoU) that establishes JazzCash as SECP’s strategic knowledge partner. This collaboration aims to accelerate the digitalization of financial services and enhance financial literacy across the country.
According to Securities and Exchange Commission of Pakistan, the MoU sets forth a framework for utilizing JazzCash’s expertise to strengthen the fintech ecosystem in Pakistan, focusing on technical, educational, and regulatory support. The initiative seeks to educate and empower individuals, businesses, and investors by promoting knowledge on financial management, customer protection, data security, and the prevention of fraudulent activities.
SECP Chairman Akif Saeed emphasized the importance of financial literacy in capitalizing on Pakistan’s economic potential and the need for a holistic approach to empower the financial ecosystem’s various stakeholders. The partnership will feature comprehensive campaigns aimed at increasing awareness using digital platforms and customer service touchpoints.
Aamir Ibrahim, CEO of Jazz, highlighted the transformative potential of this strategic alliance for the financial sector, driven by digital innovation. The partnership’s objectives include not only enhancing consumer lending practices but also exploring new domains such as asset fractionalization, insurance, and investments to make financial services accessible to a broader audience.
The collaboration between JazzCash and SECP is poised to digitize financial services, with a particular focus on supporting Micro, Small, and Medium Enterprises (MSMEs) through mentorship and business development programs. The partnership will also undertake research to understand market trends, investor behavior, and the current state of financial literacy in Pakistan. JazzCash’s data analytics capabilities will offer crucial insights to SECP, marking a pivotal step towards realizing a digitally empowered and financially inclusive society.