120 illegal personal loan apps removed from Google, Apple stores in Pakistan
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A total of 120 illegal personal loan apps have been removed from Google and Apple stores in Pakistan to protect the public from falling into debt traps, Dawn newspaper reported. Dawn is a Pakistani English-language newspaper.The measure was taken by the Securities and Exchange Commission of Pakistan (SECP), in collaboration with Google, Apple, and the Pakistan Telecommunication Authority (PTA), in view of the recent proliferation of illegal personal loan apps, raising concerns of misuse, data privacy violations and coercive recovery practices. As per the SECP, it has not only strengthened its regulatory framework for licensed Non-Banking Finance Companies (NBFCs) but has also taken effective measures in coordination with relevant authorities to shut down unauthorised and illegal ...