Digital banks in Pakistan enable same-day account opening for Startups

The Securities and Exchange Commission of Pakistan (SECP) has launched a new initiative to simplify and expedite the procedure of opening corporate bank accounts for startups and newly registered companies.

The move is part of the SECP’s ongoing “Paper to Platform” vision, which aims to promote digital transformation and improve ease of doing business.

To implement the initiative, the SECP has inked a Memorandum of Understanding (MoU) with various banks.

The signing ceremony was attended by SECP Chairperson, Akif Saeed, Commissioner, Zeeshan Rehman Khattak, and senior representatives of the partner institutions.

Speaking at the ceremony, Akif Saeed, underlined the importance of collaboration with digital banks to explore opportunities for them to operate as distributors of SECP-regulated financial products.

He reaffirmed the SECP’s commitment to supporting entrepreneurship, financial inclusion, and corporate digitisation.

The partnership builds on recent introduction of a Standard Format for Board Resolutions, aimed at ensuring transparency and consistency in corporate banking procedures nationwide.

Under the new arrangement, startups will be able to open corporate bank accounts on the same day through a secure, API-based integration between SECP’s eZfile system and partner banks’ platforms.

The system aims to eliminate procedural hurdles, cut administrative delays, and help new companies begin operations more swiftly.

By enhancing transparency and reducing bureaucratic friction, the regulator aims to boost investor confidence and promote entrepreneurship across Pakistan.