SECP Makes It Faster for New Companies to Open Corporate Bank Accounts

Newly incorporated firms will be able to open corporate bank accounts faster after the Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited completed a direct digital integration.

Key points

• The agreement was signed by SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf.
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• The API integration allows Askari Bank to securely access verified firm information directly from the SECP.
• Kabir Ahmed Sidhu remarked the integration is part of the commission's digitalization and B-READY reforms.

Askari Bank is the first commercial bank to connect its system with the SECP's corporate registry under the initiative.

Meanwhile, the API integration allows Askari Bank to securely access verified firm information directly from the SECP. This will reduce manual checks, repeated document submissions and the time needed to open a corporate account.

Notably, the system is projected to assist newly registered firms start their operations sooner by allowing them to open bank accounts and commence business activities more rapidly.

For context, the agreement was signed by SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf.

SECP Chairman Dr. Kabir Ahmed Sidhu remarked the integration is part of the commission's digitalization and B-READY reforms. The aim is to simplify business processes, improve access to reliable corporate information and create it easier to start and operate businesses in Pakistan.

SECP remarked it aims to introduce similar digital integrations with other banks and financial institutions. Stay Connected with ProPakistani.

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Taken together, the developments around SECP Makes It Faster for New Companies to Open Corporate Bank Accounts point to a situation that is still moving, and the coming days should bring more clarity.