Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has announced a significant collaboration with three digital banks to expedite the process of opening corporate bank accounts for startups and newly formed companies. This initiative, part of the SECP’s “Paper to Platform” vision, aims to enhance ease of doing business by enabling same-day account opening.

The SECP has entered into a Memorandum of Understanding with Mobilink Microfinance Bank Limited, Easypaisa Bank Limited, and Raqami Islamic Digital Bank Limited. This partnership builds on a recent initiative that introduced a Standard Format for Board Resolutions, promoting uniformity and seamless banking integration for registered companies in Pakistan.

Under the agreement, a secure API-based integration between the SECP’s eZfile system and the partner banks’ platforms will be established. This digital linkage is set to eliminate procedural delays, allowing newly incorporated companies to begin operations without administrative hurdles.

The MoU was signed by key officials, including Mr. Muzzafar Ahmed Mirza from the SECP, along with banking executives Mr. Haaris Mahmood Chaudhary, Mr. Jahanzeb Khan, and Mr. Umair Aijaz. The signing ceremony was attended by Mr. Zeeshan Rehman Khattak, Mr. Akif Saeed, and other senior officials.

Mr. Akif Saeed, Chairperson of the SECP, highlighted the importance of ongoing collaboration with digital banks to explore further opportunities, including the distribution of SECP-regulated financial products. He reaffirmed the SECP’s dedication to promoting business facilitation, financial inclusion, and corporate digitization, empowering entrepreneurs with immediate access to formal financial services.

This initiative marks a pivotal step in the SECP’s efforts to cultivate a digitally connected and startup-friendly ecosystem, aiming to boost investor confidence and foster entrepreneurship throughout Pakistan.