SECP and ADB Collaborate on We-Finance Code Industry Session

The Securities and Exchange Commission of Pakistan (SECP) recently conducted an Industry Familiarization Session in Karachi, partnering with the Asian Development Bank (ADB). The event focused on the We-Finance Code.

Prominent stakeholders from the non-banking lending sector, the insurance industry, and asset management were present at the session.

The session’s goal was to impart detailed knowledge of the We-Finance Code, a groundbreaking effort to promote inclusive financial services, particularly for women.

The Code presents a framework that enables financial institutions to deliver financial products and services that are sensitive to gender differences, meeting the specific requirements of women and boosting their financial inclusion in Pakistan.

Zeeshan Rehman Khattak, Commissioner of the Specialized Companies Division, highlighted the increasing significance of the We-Finance Code within the changing financial environment. He stated, “The We-Finance Code represents more than just a collection of rules; it serves as an urgent appeal for the financial industry to eliminate obstacles preventing women from participating in the economy. By incorporating gender-aware financial services, we can enable women, stimulate economic expansion, and resolve the long-standing issue of financial exclusion in our society.”

Attendees gained a thorough understanding of the Code’s goals, stipulations, and potential influence on both the financial sector and women’s economic empowerment during the session.

The session also examined methods to integrate the Code with current financial products and services, with the aim of developing a more inclusive financial environment.

Beyond the We-Finance Code discussion, a panel addressed the possibilities of public-private partnerships in integrating these services. The panel emphasized making sure that women, particularly those in marginalized communities, could easily access these services, especially after the recent floods that had a disproportionate impact on them.

According to a senior ADB representative, combining insurance and savings products with lending options could lead to a comprehensive strategy that would give women access to credit and financial security. The representative emphasized that such initiatives not only help women but also strengthen the financial system’s stability and growth overall.

SECP is still dedicated to encouraging the creation of inclusive financial products and services that address the demands of all societal groups, particularly women who are still underserved by conventional financial institutions.