SECP, Askari Bank integrate systems for faster corporate account opening

Business Recorder reported that the Securities and Exchange Commission of Pakistan (SECP) and Askari Bank have linked their systems through an interface that lets the bank pull verified company data straight from the SECP registry. The aim is to help recently registered firms open bank accounts sooner and with fewer documents to file. Askari Bank has become the first lender to join this arrangement.

Under the arrangement, the bank can access authenticated corporate information without manual checks or repeated submission of papers, reducing the time needed to onboard customers. The agreement was signed by SECP Commissioner Muzaffar Mirza and Shaikh Rashid Rauf, Group Head Retail Banking at Askari Bank, in a ceremony attended by senior officials from both organisations. Newly formed companies can therefore begin operating more quickly after registration.

SECP Chairman Dr. Kabir Ahmed Sidhu described the project as part of the regulator's continuing digital work and B-READY reforms, which aim to streamline business procedures and make it simpler to set up and run companies in Pakistan. The regulator also intends to offer comparable digital links to other banks and financial institutions.