Newly incorporated companies in Pakistan are set to benefit from a faster process for opening corporate bank accounts following a direct digital integration between the Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited.
Askari Bank has become the first commercial bank to connect its system directly with the SECP’s corporate registry under the new initiative.
The integration uses an application programming interface (API) to allow Askari Bank to securely access verified information about registered companies directly from the SECP.
The digital connection is expected to reduce the need for manual verification and repeated submission of corporate documents. It could also significantly shorten the time required for newly established businesses to open bank accounts.
Under the previous process, companies could face additional administrative steps when providing information and documents to banks after incorporation. Direct access to verified registry information can help streamline this process.
Faster corporate account opening can be particularly important for new businesses. Once a company has access to its bank account, it can more quickly manage payments, receive funds, pay employees and begin other essential commercial activities.
The agreement for the integration was signed by SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf.
SECP Chairman Dr. Kabir Ahmed Sidhu said the initiative is part of the commission’s broader digitalization efforts and its Business Ready, or B-READY, reforms.
The reforms are aimed at simplifying business processes, improving access to reliable corporate information and making it easier for companies to start and operate their businesses in Pakistan.
The direct digital connection between the corporate registry and a commercial bank represents another step toward reducing paperwork in Pakistan’s business environment.
For banks, access to verified information directly from the SECP could also make corporate customer onboarding more efficient. It can reduce reliance on manual checks and help financial institutions obtain company information through a secure digital channel.
The initiative could also improve the consistency of corporate information used during the account-opening process. Since the information is obtained directly from the official corporate registry, companies may face fewer delays associated with repeated verification.
SECP said the initiative is not limited to Askari Bank. The commission plans to develop similar digital integrations with other banks and financial institutions.
If more financial institutions join the system, the benefits could extend to a larger number of newly incorporated companies across Pakistan.
The move comes as government institutions increasingly focus on digital public services and reducing administrative barriers for businesses.
A simpler corporate account-opening process could make it easier for entrepreneurs to move from company registration to actual business operations without lengthy additional procedures.
For startups and newly incorporated companies, reducing the time between registration and access to banking services can be particularly valuable. Faster onboarding can allow businesses to focus sooner on customers, employees, suppliers and other operational needs.
The SECP-Askari Bank integration therefore represents an important development in Pakistan’s ongoing efforts to modernize corporate and financial services.
As similar digital connections are introduced with other banks and financial institutions, the initiative could contribute to a more efficient and technology-driven business environment in Pakistan.
