ISLAMABAD: In a bid to foster innovation and digital transformation in Pakistan’s financial sector, the Securities and Exchange Commission of Pakistan has issued the country’s first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited and the first Digital Investment Advisory Services license to Wealthbridge Management Limited. The initiative marks a significant step towards modernizing the nation’s financial regulatory framework.

According to Securities and Exchange Commission of Pakistan, the commission also licensed Punjab Life Insurance Limited as the first provincial government-owned life insurance company under the Punjab Health Initiative Program. Over the past three months, the SECP has reduced the licensing backlog from 1,143 applications to 633, disposing of 510 applications amidst operational challenges. These processed cases included various license applications, prior permissions, and approvals for Boards of Directors and CEOs, among other requirements.

In its ongoing efforts to streamline regulatory processes, the SECP is eliminating the requirement for prior security clearance for foreign individuals applying for licenses. Additionally, the commission is rationalizing documentary requirements for Section 42 companies to aid the non-profit sector and enhance the incorporation process. These reforms are part of a broader strategy to facilitate innovation, encourage foreign participation, and reinforce digital regulatory infrastructure in Pakistan.