Digital Banks Simplify Corporate Accounts for Pakistani Startups

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has introduced a new initiative to streamline the process of opening corporate bank accounts for startups and newly registered companies. This move is part of the SECP’s “Paper to Platform” vision, which focuses on digital transformation and improving business efficiency. The initiative aims to reduce delays and simplify the banking procedure for entrepreneurs.

To implement the new system, the SECP has signed a Memorandum of Understanding (MoU) with several partner banks. The signing ceremony was attended by SECP Chairperson Akif Saeed, Commissioner Zeeshan Rehman Khattak, and senior representatives from the partner banks. The collaboration will enable startups to open corporate bank accounts in a more efficient and secure manner, reducing paperwork and administrative hurdles.

Akif Saeed, speaking at the ceremony, emphasized the importance of collaboration with digital banks. He highlighted the potential for these banks to distribute SECP-regulated financial products. Saeed reaffirmed the SECP’s commitment to supporting entrepreneurship, improving financial inclusion, and accelerating corporate digitization across Pakistan. The new initiative builds on the recently introduced Standard Format for Board Resolutions, which aims to improve consistency in corporate banking practices.

With this new system, startups will be able to open corporate bank accounts on the same day. The SECP’s eZfile system will securely integrate with the platforms of partner banks via an API. This integration is designed to eliminate procedural delays and help new companies start operations faster. The new arrangement aims to make the process more transparent and efficient for businesses.

By reducing bureaucratic friction and enhancing transparency, the SECP hopes to boost investor confidence and foster entrepreneurship. The initiative is expected to support Pakistan’s growing startup ecosystem and improve the overall ease of doing business in the country. This step is another significant move towards modernizing Pakistan’s corporate and financial sectors.

Read More : SBP Governor: Digital banking and branchless banking under development

The SBP Governor emphasized that the central bank is working on the regulatory framework for both digital banking and branchless banking. He pointed out that a large portion of Pakistan’s population, particularly in remote areas, does not have access to traditional banking services. “Around half of the population in Pakistan’s far-flung areas have no accounts in banks,” he said, stressing the urgent need for digital banking to bridge this gap.

The Governor also highlighted that digital banking could play a key role in empowering small and medium-sized enterprises (SMEs), enabling them to access financial services more easily and efficiently.