SECP, Askari Bank integrate systems for 'faster corporate account opening'

The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited have completed an API integration aimed at enabling newly incorporated companies to open corporate bank accounts more quickly while reducing documentation requirements.

Askari Bank has become the first commercial bank to integrate its system with SECP’s corporate registry under the initiative, according to a statement issued on Tuesday.

The integration will allow the bank to securely access authenticated corporate information directly from the SECP, reducing manual verification, repeated submission of company documents and customer onboarding time.

The agreement was signed by SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf.

The signing ceremony was attended by SECP Chairman Dr Kabir Ahmed Sidhu, Commissioners Muzaffar Mirza and Zeeshan Khattak, Executive Director Mubashir Saddozai, Registrar of Companies Arsalan Zafar, Askari Bank President and CEO Zia Ijaz, Group Executive Operations Aslam Sadaruddin and other officials.

The system integration is expected to help newly incorporated companies swiftly operationalise by opening bank accounts and commencing business operations.

“This integration is part of SECP’s ongoing digitalisation and B-READY reforms aimed at simplifying business processes, improving access to reliable corporate information and making it easier to establish and operate businesses in Pakistan,” Dr Kabir Ahmed Sidhu said.

The SECP said it plans to extend similar digital integrations to other banks and financial institutions as part of its broader efforts to streamline business processes and promote ease of doing business in Pakistan.