Startups to get instant bank account activation

SECP partners with banks to digitally streamline corporate account opening, boosting startups and financial inclusion

The Securities and Exchange Commission of Pakistan has simplified the process for startups and newly registered companies to open corporate bank accounts, enabling same-day account activation through a new digital integration with partner banks.

According to SECP officials, the commission has signed memorandums of understanding with Mobilink Microfinance Bank, Easypaisa Bank, and Raqmi Islamic Digital Bank to operationalise the initiative. The move builds on SECP’s recent introduction of a standardised board resolution format for corporate account opening to ensure uniformity and simplify compliance for businesses across the country.

Under the new framework, SECP’s eZfile system will be connected to the partner banks’ platforms through a secure API-based interface. This digital linkage will allow companies to open bank accounts immediately after incorporation, reducing procedural delays and enabling businesses to commence operations without administrative bottlenecks.

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The MoUs were signed by SECP Commissioner Muzaffar Ahmed Mirza, Mobilink Bank President Harith Mahmood Chaudhry, Easypaisa Bank CEO Jahanzaib Khan, and Raqmi Islamic Digital Bank CEO Umair Ayaz. SECP Chairperson Akif Saeed, Commissioner Zeeshan Rahman Khattak, and senior representatives from the participating institutions were also present at the signing ceremony.

Speaking at the event, SECP Chairperson Akif Saeed highlighted the commission’s ongoing digitisation drive and its focus on improving the ease of doing business. He emphasised continued collaboration with digital banks to expand access to SECP-regulated financial products.

He said the initiative is part of SECP’s commitment to financial inclusion and corporate digitisation, aimed at fostering entrepreneurship, strengthening documentation, and promoting formal economic activity. The integration, he added, would enable newly formed businesses to access banking services transparently and efficiently.