The Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) are jointly working on a groundbreaking initiative to enable Same-Day Account Opening for corporate entities. The plan aims to streamline the process of opening corporate bank accounts, reducing delays and facilitating faster access to essential financial services.

Under the Same-Day Account Opening initiative, companies will be able to quickly establish banking relationships, gaining faster access to services such as credit lines and payment processing. This will eliminate the need for businesses to navigate multiple procedures, significantly reducing the time and effort required to open corporate accounts.

The initiative is expected to particularly benefit small and medium-sized enterprises (SMEs) by enhancing financial inclusion and improving access to banking services. Real-time synchronization between SECP and banks will also improve data accuracy, creating a more efficient and transparent system.

By simplifying the account opening process, the initiative will foster a more business-friendly environment, encouraging investment and supporting the growth of businesses in Pakistan. The collaboration between SECP and SBP reflects a commitment to improving ease of doing business and promoting economic development in the country.