SECP takes a major step to accelerate corporate account opening
The Securities
and Exchange Commission of Pakistan has entered into agreements with Askari
Bank Limited and NayaPay to streamline and speed up corporate bank account
opening in Pakistan.
Under this initiative, companies
registered with SECP will be able to open corporate accounts online through a
digital platform, removing the need for lengthy manual procedures.
The system will integrate SECP’s
eZfile platform with partner banks via a secure interface, allowing instant
verification of company data. This is expected to cut down documentation
requirements, reduce processing time, and simplify onboarding for newly formed
businesses.
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banks work together to expedite corporate account opening for startups
The signing ceremony was attended by
SECP commissioners, senior banking officials, and fintech representatives. The
agreement was formally signed by SECP Commissioner Muzzafar Ahmed Mirza, Askari
Bank’s Group Head of Retail Banking Shaikh Raashed Rauf, and NayaPay CEO Danish
Ahmad Lakhani, in the presence of SECP Chairperson Dr. Kabir Ahmed Sidhu and
Askari Bank President Zia Ijaz.
This move is part of SECP’s “Paper
to Platform” reform agenda, which focuses on digitizing regulatory processes
and improving the ease of doing business in the country. It also builds on
earlier collaborations with financial institutions to promote digital corporate
onboarding.
Speaking at the event, Dr. Sidhu
highlighted that stronger coordination between regulators and financial
institutions would enable fully digital onboarding, reduce operational
barriers, improve transparency, and expand financial inclusion.
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proposes fast opening of bank accounts via eZfile portal
Representatives from Askari Bank and
NayaPay welcomed the initiative, noting that it will not only simplify account
opening but also open doors for future collaboration in areas like digital
lending and financial services.
SECP has previously signed similar
agreements with institutions such as Mobilink Microfinance Bank Limited, Easypaisa
Bank Limited, Mashreq Bank, and Raqami Islamic Digital Bank Limited.
The regulator believes this
initiative will help new businesses start operations more quickly, strengthen
ties between banks and capital markets, and contribute to a more efficient and
transparent business environment in Pakistan.
Source:
SECP