Pakistan, May 19 -- The Securities and Exchange Commission of Pakistan (SECP) has taken major steps to promote innovation and digital transformation in Pakistan's financial sector by issuing the country's first Shariah-compliant digital general takaful operator license to First Digital Takaful Company Limited and the first Digital Investment Advisory Services license to Wealthbridge Management Limited.

The SECP also licensed Punjab Life Insurance Limited as Pakistan's first provincial government-owned life insurance company for the Punjab Health Initiative Program.

During the last three months, since the new management took charge, the SECP has significantly reduced the pending application backlog despite operational challenges. The Com...