Newly incorporated companies in Pakistan will be able to open corporate bank accounts more quickly and with fewer documentation requirements after the Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited completed a direct API-based digital integration.
Under the new arrangement, Askari Bank is the first commercial bank to connect its systems directly with SECP’s corporate registry, allowing the bank to securely access authenticated company information from the regulator.
The integration is expected to reduce manual verification, repeated submission of company documents and customer onboarding time, helping newly established businesses start their operations sooner.
Table of Contents
Key Takeaways
- Regulator: Securities and Exchange Commission of Pakistan (SECP)
- Bank: Askari Bank Limited
- Technology: API-based digital integration
- Connected System: SECP corporate registry
- Key Benefit: Faster corporate bank account opening
- Documentation: Reduced repeated document submissions
- First Commercial Bank: Askari Bank
- Broader Objective: Digitalization and ease of doing business
- Policy Link: SECP’s B-READY reforms
Askari Bank Connects Directly With SECP Registry
The new integration allows Askari Bank to obtain authenticated corporate information directly from SECP’s registry instead of relying on customers to repeatedly provide the same company documents.
This can simplify the verification process required when newly incorporated businesses establish banking relationships.
The integration is also expected to reduce the time required for customer onboarding and help companies move more quickly from incorporation to actual business operations.
Fewer Documents and Less Manual Verification
Corporate account opening can involve multiple verification and documentation requirements, particularly for newly registered businesses.
Through the API connection, Askari Bank can securely access relevant information already authenticated by SECP. This reduces the need for manual checks and repeated submission of corporate documents.
As a result, newly incorporated companies should face fewer administrative hurdles when opening their bank accounts.
Askari Bank Becomes First Commercial Bank Under Latest Initiative
SECP said Askari Bank is the first commercial bank to complete the API integration with its corporate registry under the initiative.
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, other SECP officials, and Askari Bank President and CEO Zia Ijaz and senior management.
Part of SECP’s Digitalization and B-READY Reforms
The integration forms part of SECP’s broader digitalization and ease-of-doing-business agenda.
SECP Chairman Dr. Kabir Ahmed Sidhu said the initiative is aimed at simplifying business processes, improving access to reliable corporate information and making it easier to establish and operate businesses in Pakistan.
The move also aligns with Pakistan’s efforts to strengthen its performance under the World Bank’s Business Ready (B-READY) framework, which evaluates aspects of the business environment including regulatory frameworks, public services and operational efficiency.
From Company Incorporation to Banking
Pakistan has already moved much of its company incorporation process online. SECP states that company name reservation and incorporation are available through its digital systems, with the process described as end-to-end digitized.
The new banking integration extends this digital journey beyond incorporation.
Instead of completing incorporation digitally and then beginning a separate, document-heavy banking process, companies can increasingly benefit from direct data sharing between government systems and financial institutions.
This can help reduce the gap between company registration and the start of commercial operations.
Faster Business Operationalization
For a newly incorporated company, opening a corporate bank account is an important step before it can fully begin activities such as receiving payments, paying suppliers, managing payroll and conducting other business transactions.
By reducing onboarding delays, the SECP-Askari Bank integration could allow businesses to become operational more quickly.
The regulator said the system will help newly incorporated companies swiftly open accounts and commence their business operations.
SECP Plans More Bank Integrations
The initiative is not expected to remain limited to Askari Bank.
SECP plans to establish similar digital integrations with other banks and financial institutions, potentially creating a broader digital ecosystem for corporate account opening.
If expanded across the banking sector, the approach could significantly reduce duplication in corporate onboarding and create a more standardized process for newly registered businesses.
Earlier Digital Access to Corporate Records
SECP has previously worked with banks to provide digital access to company records.
In 2021, the regulator said 16 banks had registered for access to its digital portal, allowing them to verify corporate information directly from SECP records and reducing turnaround time for corporate account opening and other banking services.
The latest API-based integration represents a further step toward direct system-to-system connectivity, rather than relying primarily on portal-based access.
Why This Matters for Businesses
The integration could provide several benefits for Pakistan’s corporate sector:
- Faster account opening for newly incorporated companies
- Reduced paperwork and duplicate document submissions
- Lower manual verification requirements
- Quicker customer onboarding
- Improved access to authenticated corporate information
- Faster transition from incorporation to business operations
- Greater digital integration between regulators and banks
For startups and small businesses in particular, reducing administrative delays can make the process of formally establishing and operating a company easier.
Wider Digital Transformation of Pakistan’s Business Environment
The SECP-Askari Bank integration reflects a broader shift toward digital government-to-business services.
SECP has been expanding digital company incorporation, corporate information services and electronic interactions with regulated institutions. The regulator’s stated objective is to create a more efficient corporate sector and reduce reliance on physical documentation.
Connecting these systems directly with banks could further improve the overall business experience.
What Happens Next?
Askari Bank will use the API connection to access authenticated corporate information from SECP for account-opening processes.
SECP intends to extend similar integrations to additional banks and financial institutions, potentially making faster digital corporate account opening available to a much larger number of newly incorporated businesses.
The longer-term goal is to create a more connected, digital and efficient corporate ecosystem in Pakistan.
FAQs
What is the new SECP and Askari Bank integration?
SECP and Askari Bank have completed an API-based digital integration connecting Askari Bank’s systems with SECP’s corporate registry.
How will the integration help companies?
It will allow Askari Bank to access authenticated corporate information directly from SECP, reducing manual verification, repeated document submissions and customer onboarding time.
Is Askari Bank the first bank to connect with SECP?
Askari Bank is the first commercial bank to complete the direct API integration under the latest initiative. SECP has previously provided multiple banks with digital access to corporate records through its portal.
Will other banks receive similar integration?
Yes. SECP has said it plans to establish similar digital connections with other banks and financial institutions.
What is the purpose of the API integration?
The purpose is to make corporate account opening faster, reduce documentation and improve the digital flow of authenticated company information between SECP and banks.
How does this support Pakistan’s B-READY reforms?
The initiative supports efforts to simplify business procedures, improve public digital services and reduce operational barriers for companies—areas relevant to the World Bank’s B-READY framework.
Will companies still need to meet bank requirements?
Yes. The integration reduces duplication and speeds up verification, but companies will still be subject to the bank’s applicable account-opening, KYC and regulatory requirements.
