Askari Bank has become the first commercial bank in Pakistan to digitally connect its system with the Securities and Exchange Commission of Pakistan (SECP), making it easier for newly registered companies to open corporate bank accounts.
Under the new API connection, Askari Bank can directly retrieve verified information about companies from SECP’s corporate registry. This removes the need for customers to repeatedly provide company documents and reduces manual verification by the bank.
The integration is expected to cut the time required for corporate account opening and help newly incorporated businesses start their operations sooner.
The agreement was signed by SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf.
SECP Chairman Dr. Kabir Ahmed Sidhu said the initiative is part of the regulator’s digitalization drive and B-READY reforms. He said such measures are aimed at making it easier to establish and operate businesses in Pakistan.
SECP said it intends to establish similar digital links with other banks and financial institutions, allowing more businesses to benefit from faster and simpler onboarding.
