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Google swings into action to curb loan app scams in Pakistan

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In its bid to safeguard users in Pakistan against fraudulent and unregistered loan apps, Google has formulated a new screening policy for personal loan applications.

Effective from May 31, the policy mandates that only a single Digital Lending App (DLA) can be published by Non-Banking Finance Companies (NBFC). If developers found attempting to publish multiple DLAs will have their accounts and any associated accounts terminated.

This move by Google follows recent actions taken by the Federal Investigation Agency (FIA) against illegal finance companies involved in short-term online lending. The initiative was prompted by the tragic suicide of an unemployed man in Rawalpindi, who was unable to repay a loan.

Developers with personal loan apps targeting users in Pakistan must complete the Personal Loan App Declaration form and submit the necessary documentation before publishing their app.

They must submit proof of approval from the Securities and Exchange Commission of Pakistan (SECP) to offer or facilitate digital lending services in Pakistan.

Google Play will also request additional information or documents relating to loan app compliance with the applicable regulatory and licensing requirements.

Personal loan apps operating in Pakistan without proper declaration and license attribution will be removed from the Play Store. The developers must remove the app from the Google Play Store immediately if the submitted license, registration, or declaration is no longer valid under the applicable laws.

“Google is taking preventative measures by setting stringent requirements for Digital Lending Apps in order to reduce financial risk and ensure data privacy. We strongly believe that the new requirements imposed on developers of personal loan apps will provide an extra layer of protection for the users,” said Farhan S Qureshi, Google’s Pakistan director.

Under the new set of rules, a DLA is prohibited from accessing sensitive data, such as external storage, media images, contacts and fine location. Whereas apps offering short-term personal loans, requiring repayment in full within 60 days from the loan issue date, are not allowed.

Pakistan is one of a small group of countries where Google has implemented additional requirements for DLAs. The new policy update is a significant step towards safeguarding consumers from harmful financial practices and ensuring data privacy.

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Moon train operations are planned by NASA.

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The goal is to construct the first lunar train system, which will enable safe, independent, and effective cargo transportation on the moon, according to robotics specialist Ethan Schaler of NASA’s Jet Propulsion Laboratory in Pasadena, California.

He went on, “The day-to-day functioning of a sustainable lunar base in the 2030s will depend heavily on a robust, long-lasting robotic transport system.”

The Flexible Levitation on a Track, or FLOAT, is the name of the proposed lunar rail system. According to NASA, the establishment of a railway system on the moon is “critical to the daily operations.”

According to the space agency, the primary objective of FLOAT is to offer transportation services in regions of the moon where astronauts are engaged in activities. To do this, cargoes of lunar soil and other materials will need to be transported to various regions of the moon.

Each robot will be able to transport cargo of various sizes and shapes at a pace of roughly 1 mph (1.61 km/h), according to Dr. Schaler.

Notably, NASA also declared new initiatives last month to create and test new vehicle models intended for moon exploration.

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Business

Pakistan’s lunar mission ‘ICUBE-Q’ reaches the moon orbit.

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Pakistan’s lunar mission (ICUBE-Q) entered orbit around the moon on Wednesday.

Pakistan’s historic lunar mission (ICUBE-Q) launched from Hainan, China, on Friday aboard China’s Chang’E6 spacecraft.

According to the IST, the satellite ICUBE-Q was planned and developed in partnership with China’s Shanghai University SJTU and Pakistan’s national space agency SUPARCO.

The ICUBE-Q orbiter is equipped with two optical cameras to image the lunar surface. ICUBE-Q has now been integrated into the Chang’e6 mission after successfully qualifying and testing it.

Chang’e6 is the sixth lunar exploration mission launched by China.

The launch event was streamed live on the IST website and social media platforms. Chang’6, China’s Lunar Mission, will land on the Moon’s far side to collect surface samples before returning to Earth for further research.

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Education

The establishment of IT labs in Islamabad’s educational establishments

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SIFC was established to improve the ease of doing business for potential investors through a “Whole of Government”Approach”—achieving optimal horizontal-vertical synergy and facilitation by the Pakistan Army—and to attract investments from friendly countries in selected sectors through an empowered organisation that serves as a “single-window” platform for facilitation.

The children will learn the newest skills in these state-of-the-art IT labs, expanding their employment prospects.

These IT laboratories will be constructed in sixteen degree colleges spread throughout various parts of Islamabad.

Students will take six-month courses in artificial intelligence (AI), game development, data science, and block chain in these IT labs.

Approximately 1,000 students will have access to courses in the first phase, which is being implemented in response to market demand.

The National Vocational and Technical Training Commission has worked with esteemed universities such as NUST, National Skills University, COMSATS, and NUML to produce these courses.

The second week of this month will mark the start of these classes. For these courses, about 3,600 students have signed up.

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