Key Takeaways
- SECP and Askari Bank have completed a direct digital integration.
- The integration allows Askari Bank to access verified company information directly from SECP.
- This will help newly registered companies open bank accounts more quickly.
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited have completed a direct digital integration, allowing newly incorporated companies to open corporate bank accounts faster. The integration was signed by SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf.
Under this initiative, Askari Bank is the first commercial bank to connect its system with the SECP’s corporate registry. This direct access to verified company information will reduce manual checks and repeated document submissions, significantly cutting down the time needed to open a corporate account.
SECP Chairman Dr. Kabir Ahmed Sidhu stated that 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 make it easier to start and operate businesses in Pakistan.
The system is expected to help newly registered companies start their operations sooner by allowing them to open bank accounts and begin business activities more quickly. SECP plans to introduce similar digital integrations with other banks and financial institutions to further streamline the process.
The integration will enhance the efficiency of the corporate banking sector, providing a secure and streamlined method for companies to access financial services. This move is in line with SECP’s broader strategy to modernize the regulatory framework and support the growth of the Pakistani economy.
By reducing the time and effort required to open a corporate bank account, the initiative is expected to boost the ease of doing business in Pakistan. This could attract more entrepreneurs and investors, contributing to the overall economic growth of the country.
The integration is a significant step towards digital transformation in the financial sector, aligning with the government’s efforts to promote a more digitized and transparent business environment.
