SECP Makes It Faster for New Companies to Open Corporate Bank Accounts
Newly incorporated companies will be able to open corporate bank accounts faster after the Securities and Exchange Commission of Pakistan … Read More The post SECP Makes It Faster for New Companies to Open Corporate Bank Accounts appeared first on ProPakistani .
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited have collaborated to expedite the process of opening corporate bank accounts for newly incorporated businesses. The partnership culminated in a direct digital integration between Askari Bank, the nation's first commercial bank to connect with the SECP’s corporate registry, and the SECP's corporate registry.
This integration enables Askari Bank to securely retrieve verified company data directly from the SECP, thereby eliminating the need for manual verifications, redundant document submissions, and the time-consuming task of opening corporate accounts. The SECP anticipates that this streamlined process will enable freshly registered companies to initiate their operations and commencing business activities at a swifter pace.
The collaboration was formalized by SECP Commissioner Muzaffar Mirza and Shaikh Rashid Rauf, the Group Head of Retail Banking at Askari Bank. Dr. Kabir Ahmed Sidhu, SECP Chairman, highlighted that the integration is a part of the commission’s ongoing digitalization and B-READY reforms, with the overarching goal of simplifying business procedures, enhancing access to trustworthy corporate data, and making it more convenient for businesses to establish and run in Pakistan.
SECP plans to replicate this digital integration with additional banks and financial entities in the future.
Written by urgent.news from ProPakistani's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
