The Securities and Exchange Commission of Pakistan (SECP) has entered into Memoranda of Understanding (MoUs) with Askari Bank Limited and fintech platform NayaPay to streamline the process of opening corporate bank accounts for newly registered companies.
Under the new framework, companies incorporated through SECP will be able to digitally initiate corporate account opening immediately after registration. Company directors will receive an online option to select a participating bank, removing the need for time-consuming manual procedures traditionally associated with corporate onboarding.
As part of the initiative, SECP’s eZfile portal will be integrated with partner banks through a secure digital connection, allowing instant verification of company credentials. The move is expected to reduce paperwork, shorten approval timelines, and minimize operational delays faced by startups and businesses at the early stage of operations.
The MoU signing ceremony was attended by SECP Commissioners Muzzafar Ahmed Mirza, Imtiaz Haider, and Ali Farid, along with senior representatives from the participating institutions.
The agreement was formally signed by SECP Commissioner Muzzafar Ahmed Mirza, Askari Bank’s Group Head Retail Banking Shaikh Raashed Rauf, and NayaPay CEO Danish Ahmad Lakhani. SECP Chairperson Dr. Kabir Ahmed Sidhu and Askari Bank President Zia Ijaz were also present at the event.
The initiative falls under SECP’s “Paper to Platform” reform program aimed at digitising regulatory services and improving Pakistan’s ease-of-doing-business environment. It builds on earlier collaborations between the regulator and financial institutions to promote digital onboarding solutions for corporate clients.
Addressing the ceremony, SECP Chairperson Dr. Kabir Ahmed Sidhu said closer collaboration between regulators and financial institutions would enable fully digital business onboarding, reduce entry barriers, enhance transparency, and strengthen financial inclusion.
Officials from Askari Bank and NayaPay welcomed the partnership, saying the collaboration would simplify account opening while opening avenues for future cooperation in digital lending and financial services.
SECP has previously signed similar agreements with Mobilink Microfinance Bank Limited, Easypaisa Bank Limited, Mashreq Bank, and Raqami Islamic Digital Bank Limited as part of its broader digital transformation drive.
According to SECP, the initiative will allow companies to begin operations more quickly after incorporation, strengthen integration between banking services and capital markets, and promote a more efficient and transparent corporate ecosystem in Pakistan.
