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SECP has issued Pakistan’s first digital takaful and digital investment advisory licences as part of broader financial sector reforms and digitisation efforts.
Pakistan’s financial regulator has introduced new digital-era initiatives aimed at reshaping the country’s insurance and investment services landscape.
The Securities and Exchange Commission of Pakistan (SECP) has granted the first-ever licence for a digital Shariah-compliant general takaful business to First Digital Takaful Company Limited. In a separate approval, Wealthbridge Management Limited became the first company in Pakistan to receive a Digital Investment Advisory Services licence.
The regulator also approved Punjab Life Insurance Limited to operate as the country’s first life insurance company owned by a provincial government under the Punjab Health Initiative Program.
These approvals come as the SECP moves ahead with reforms intended to modernise regulatory systems, improve business facilitation, and encourage technology-focused financial services.
Over the past three months, the commission has also worked to reduce a large number of pending applications inherited by the current management. Officials said the SECP was dealing with 729 unresolved applications at the beginning of the period, while another 414 requests were submitted afterwards.
This pushed the total number of applications under review to 1,143.
During the same period, the regulator completed work on 510 cases, reducing the pending caseload to 633 applications.
The processed matters covered a range of regulatory functions, including fresh licences, licence renewals, approvals for company directors and chief executives, share transfer requests, and various permissions required under regulatory rules. Several applications were also closed after applicants either withdrew submissions or failed to satisfy compliance conditions.
The SECP is also introducing changes aimed at simplifying approval procedures for investors and organisations. As part of the reforms, the regulator plans to eliminate prior security clearance requirements for certain foreign applicants seeking licences in Pakistan.
In addition, documentation requirements for Section 42 entities are being revised to make registration and incorporation easier for non-profit organisations.
Officials say the latest measures are part of broader efforts to strengthen Pakistan’s digital regulatory framework, improve efficiency within the financial sector, and create a more accessible environment for investors and businesses.
The issuance of digital takaful and digital advisory licences is being viewed as a significant step toward expanding technology-based financial services and supporting innovation within Pakistan’s financial ecosystem.
