The Pakistan Fintech Network (PFN) hosted a significant NBFC Forum at the Jinnah Institute, bringing together key stakeholders from the non-banking financial companies (NBFC) sector. The forum, chaired by PFN Chairman Nadeem Hussain, served as a platform for addressing industry challenges, exploring innovative solutions, and fostering collaboration among participants. Representatives from the National Database and Registration Authority (NADRA) and the Securities and Exchange Commission of Pakistan (SECP) also attended, highlighting the event’s importance in shaping the future of fintech in Pakistan.
A major highlight of the forum was NADRA’s demonstration of its new platform, “Nishan Pakistan,” which is designed for API integration and application tracking. This initiative underscores NADRA’s commitment to enhancing efficiency and transparency in the financial ecosystem. The forum also included discussions on the organization’s advancements in biometric verification, which are expected to bolster security in financial transactions. Another critical topic was the regulation of nano debt collection protocols, specifically for loans exceeding 30 days, aimed at ensuring ethical and transparent practices in the sector.
Participants emphasized the need to improve the quality of data shared with credit bureaus such as DataCheck Limited and TASDEEQ, with a focused session planned for further discussion on this issue. Proposals were also made to increase loan tenures and limits for NBFCs to better meet growing market demands. Additionally, the forum explored alternatives to the traditional one-time password (OTP) system for secure sign-ins, seeking to enhance user experience while maintaining robust security standards.
The event brought together an impressive array of participants, including industry experts, fintech leaders, and regulatory officials. Among the notable attendees were Naureen Hyat, Chairperson of the Policy Committee, and representatives from leading organizations such as 4sight, Finleap, Jinglecred Digital Finance Limited, WALEE, PayPro, and WEBDOC. Senior officials from NADRA and SECP, including Rehman, Waqas, and Fahad Raza, also played an active role in the discussions.
Nadeem Hussain, speaking at the event, highlighted the importance of fostering a collaborative environment to overcome challenges and drive growth in the NBFC sector. He emphasized that forums like this are essential for building a robust and innovative financial ecosystem in Pakistan. The presence of stakeholders from diverse backgrounds underscored the sector’s commitment to tackling pressing issues through collective action and technological advancement.
The forum concluded with a note of gratitude to all participants, particularly NADRA and SECP, for their proactive efforts in addressing industry concerns. The discussions and initiatives launched during the event reflect the shared commitment of stakeholders to advancing the NBFC sector in Pakistan. By embracing innovation and collaboration, the sector is poised to make significant contributions to financial inclusion and economic growth in the country.
This forum marks a crucial step toward building a more resilient and adaptive fintech ecosystem in Pakistan. As the sector continues to evolve, such collaborative efforts will play a pivotal role in ensuring sustainable growth and fostering innovation.