The Securities and Exchange Commission of Pakistan (SECP) has granted approval to nine fintech companies to conduct live market testing for their revolutionary business models. Having successfully completed the incubation period under the regulatory sandbox, these firms are set to introduce cutting-edge technologies such as blockchain, artificial intelligence, and fractionalization of assets, signaling a new era in financial services. The SECP's regulatory sandbox has paved the way for dynamic changes in Pakistan's financial landscape as it greenlights nine fintech companies for direct market testing. These companies, having undergone incubation, are now prepared to roll out innovative business models encompassing blockchain technology, artificial intelligence, fractionalization of gold and real estate, algorithmic trading, one-window lending, education finance, and crowdfunding.

The selected companies, including Fin Cloud Systems Private Limited, Loop Financial Services Private Limited, AKRU Pak Private Limited, CG Global Private Limited, X State Technologies Private Limited, Diamond Technologies Limited, Country Limited, Riels, Al Hilal Securities Advisors Pvt Ltd, and iBooks Seven Pvt Ltd, have successfully concluded the incubation phase, marking a significant milestone in the SECP's fintech initiatives. During the live market testing phase, these fintech companies will extend their services to a limited number of customers for a specified period. This real-world trial aims to evaluate the effectiveness and viability of these innovative business models, ensuring they meet regulatory standards while providing valuable financial solutions to consumers.

Credit: Independent News Pakistan (INP)