The process of opening a corporate bank account in Pakistan is undergoing a significant digital transformation. In a move aimed at enhancing the ease of doing business, the Securities and Exchange Commission of Pakistan (SECP) has successfully completed a direct system integration with Askari Bank.
This development makes Askari Bank the first commercial banking institution in the country to directly link its systems with the SECP’s Corporate Registry via an Application Programming Interface (API). The official agreement marking this milestone was recently signed by SECP Commissioner Muzzaffar Mirza and Askari Bank Group Head of Retail Banking, Sheikh Rashid Rauf.
Historically, newly registered companies faced a cumbersome and paper-heavy onboarding process when establishing their banking relationships, leading to frustrating delays before they could begin commercial operations.
The new [SECP Askari Bank API integration] solves this bottleneck by establishing a secure digital corridor for data sharing. Instead of requiring business owners to submit physical copies of corporate documents, Askari Bank can now instantly receive verified company information directly from the SECP database.
This direct data feed drastically reduces the need for manual verification by bank staff. As a result, newly incorporated businesses can now open their corporate accounts almost immediately after their SECP registration is complete, allowing them to commence commercial activities without unnecessary bureaucratic friction.
During the signing ceremony, SECP Chairman Dr. Kabir Ahmed Sidhu emphasized that this integration is a cornerstone of the institution’s broader digital reform agenda. By prioritizing technology-driven solutions, the SECP aims to strip away entry barriers and make the entrepreneurial journey faster and more accessible.
The successful implementation with Askari Bank serves as a foundational model for the future of corporate banking in the country. Moving forward, the SECP has stated its intention to expand this type of digital connectivity, with plans to establish similar API linkages with other major banks and financial institutions across Pakistan.