ISLAMABAD: The government has made it mandatory on financial institutions, retailers, telecom service providers and utility companies to provide all relevant data to licensed private credit bureaus regulated by the State Bank of Pakistan (SBP).
The SBP has issued licences to two private companies, which will begin their operations after completion of formalities and compliance with the regulations laid down in the Credit Bureau Act 2015. The licences were issued to Data Check Limited and Equalities Information Services Limited.
The PTI-led government is hoping this measure will help ensure implementation of ease of doing business reforms in Pakistan. Once the formalities are completed, the two companies will start gathering data from financial institutions, banks, retailers, telecom operators and utility companies based on which businesses and enterprises may be offered an extensive stream of value-added services.
