SECP Commences Second Phase Of Digital Transformation & Automation Project, LEAP
In a significant development, the Securities and Exchange Commission of Pakistan (SECP) initiated the second phase of its end-to-end digital transformation and automation project LEAP: Leading Efficiency through Automation Prowess. SECP begins Phase 2A of LEAP by automating its regulatory approvals and licensing regime.
SECP Begins LEAP Phase 2A
Phase 2A commences with the automation of insurance licensing and regulatory approvals, followed by the end-to-end automation of Non-Ranking Finance companies, the Securities Market, and Section 42 companies. SECP successfully launched its new corporate registry, “eZfile” in the first phases of LEAP. It is an advanced, refined, and user-friendly online portal for company registration and post-incorporation filings.
To kick off the second phase of digitization, the SECP partnered with technology implementation partner Techlogix Pakistan and project consultants Ernst & Young (EY). Together, they hosted a thematic workshop to demonstrate proposed solutions to all applicable stakeholders and solicit valuable feedback. The purpose was to get an understanding of user requirements, foster cooperation, and provide user-centric solutions that echo with end users.
Speaking to the participants, the SECP Chairman Akif Saeed said:
“SECP is committed to facilitating and promoting ease of doing business, assuring regulatory facilitation, and enhancing customer experience while ensuring transparency and accountability in all its regulatory processes.”
SECP’s Commissioner of Information Systems & Technology, Aamir Khan, further disclosed that the organization is upgrading its systems and resources to embrace the latest technology stacks and a data-driven decision-making approach, concentrating on a customer-centric approach.
Sources claim that it was an interactive and consultative workshop. Several participants from SECP, PSX, CDC, NCCPL, brokers, surveyors, and other regulated entities shared their feedback on different digital solutions and prototypes of regulatory approvals and licensing.
In addition, the Securities and Exchange Commission of Pakistan (SECP) has officially registered M/s Salaam Family Takaful Limited as the inaugural digital family takaful operator in Pakistan. This registration signifies that Salaam Family Takaful Limited has met all the regulatory requirements set forth by the SECP to operate as a digital family takaful provider. Click here to know more.
