By Adnan Rafique
ISLAMABAD: The Regulatory Sandbox of SECP-A technology driven initiative – received immense response from wide range of innovators including well established entities, foreign companies and start-ups. These
entities, startups submitted their proposed solutions and business models in the areas of Insurance, Non-Banking Finance Sector, and Capital Markets.
SECP received a total of 32 applications in which business schemes related to equity, real estate, donation and reward based crowdfunding projects, digital insurer and insurance brokerage models, automated death claims intimation, digital gold selling platform, peer to peer lending and schemes related to E-money and digital currency etc were proposed. In addition, application for digitalization of Rotating Savings and Credit Association (ROSCA), Digital Identity/ KYC Platform, centralized online platform for mutual funds were also received.
The SECP has completed preliminary screening of the applications received under First Cohort of Regulatory Sandbox and has accordingly communicated results to the applicants. Out of 32 application, 13 applications have been accepted for next stage of detailed evaluation, whereby these ideas will be meticulously reviewed.