CALIFORNIA: Google has announced stricter guidelines for personal loan apps, restricting them from accessing to sensitive user data such as photos, videos and contacts.
In its latest update, the tech giant said: “We’re introducing additional requirements for personal loan apps targeting users in Pakistan. Personal loan apps in Pakistan must submit country-specific licensing documentation to prove their ability to provide or facilitate personal loans”.
The development comes after the Securities and Exchange Commission of Pakistan (SECP) approached Google and other tech giants in order to safeguard the interests of consumers and ensure that the applications comply with the regulatory requirements.
The updated policy change will come into effect on May 31, 2023, Google said in a statement.
“Each Non-Banking Finance Company (NBFC) lender can only publish one Digital Lending App (DLA). Developers who attempt to publish more than one DLA per NBFC risk the termination of their developer account and any other associated accounts,” it said.
It asked the developers of the apps to complete the Personal Loan App Declaration for Pakistan, and provide the necessary documentation to support your declaration.
“You must submit proof of approval from the SECP to offer or facilitate digital lending services in Pakistan,” it asked the developers.