Banks to accelerate opening of corporate accounts for startups
The Securities and Exchange Commission of Pakistan
(SECP) has launched a new initiative to streamline and expedite the opening of corporate
bank accounts for startups and newly registered companies, marking another
milestone in its “Paper to Platform” digital transformation agenda aimed at
improving the ease of doing business in Pakistan.
To implement the initiative, the
SECP signed a Memorandum of Understanding (MoU) with several leading banks. The
signing ceremony was attended by SECP Chairperson Akif Saeed, Commissioner
Zeeshan Rehman Khattak, and senior executives from partner financial
institutions.
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proposes fast opening of bank accounts via eZfile portal
Chairperson Akif Saeed highlighted the importance of collaborating with digital banks to empower them as distributors of SECP-regulated financial products. He reaffirmed the SECP’s commitment to supporting entrepreneurship, enhancing financial inclusion, and driving corporate digitization nationwide.
This collaboration builds on SECP’s
recent introduction of a Standard Format for Board Resolutions, designed to
ensure consistency and clarity in corporate banking processes across Pakistan.
Through secure, API-based integration between SECP’s eZfile portal and
participating banks, startups will now be able to open corporate bank accounts within
a single day.
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Khan Foundation and KfW Development Bank Launch ‘Start-up Pakistan’ Initiative
By removing procedural bottlenecks and minimizing delays, the initiative aims to help new businesses launch operations faster, strengthen transparency, and boost investor confidence—ultimately fostering a more vibrant and innovative entrepreneurial ecosystem in Pakistan.
Source: The
Nation