SECP is set to revolutionize the corporate banking landscape with the development of a standardized application interface, in collaboration with SBP, PBA, and commercial banks. This initiative is aimed at facilitating the same-day bank account opening for corporate entities, streamlining business operations, and enhancing the ease of doing business in the country.
To drive this transformation, SECP has formulated a concept paper in consultation with the CDC, outlining enhancements to its eZfile portal. The objective is to integrate regulatory, technological, and digital procedures with banking systems, thereby eliminating inefficiencies, reducing redundancies, and expediting account activation for newly incorporated companies. This initiative is expected to promote financial inclusion, foster economic growth, and improve Pakistan’s standing in global ease-of-doing-business rankings.
A key feature of the proposed system is the introduction of a “Corporate Account Opening” section within the eZfile portal. This will enable newly registered businesses to submit all required documentation for bank account setup during the registration process itself. Through a seamless data-sharing mechanism, verified company information will be transmitted in real time to banks via standardized APIs, ensuring a swift, same-day account opening procedure.
To facilitate this process, a push-based data exchange system will be implemented, reducing manual interventions and processing delays. The integration will also include a centralized KYC function, which will eliminate the need for companies to repeatedly submit identification documents at different bank branches. Additionally, banks will be required to incorporate a system-generated board resolution for account opening (Annexure-B) and implement API-based mechanisms to process applications with minimal human involvement.
The initiative is expected to leverage digital payment infrastructure such as RAAST, Pakistan’s instant payment system, to further streamline transaction processing and corporate financial operations. Companies will also receive real-time e-alerts upon the successful activation of their accounts, ensuring transparency and improved user experience. Furthermore, the SECP’s concept paper suggests that the regulatory framework should address concerns related to minimum deposit requirements and biometric verification of authorized signatories, ensuring compliance while maintaining operational efficiency.
As part of the initiative, a high-level working group will be established, comprising senior representatives from SECP, SBP, and PBA. This group will work towards refining the proposed enhancements, finalizing the regulatory and operational framework, and ensuring seamless coordination among all stakeholders.
The same-day corporate account opening initiative is expected to be a game-changer for Pakistan’s business community, particularly startups and small enterprises, by significantly reducing the time and effort required to establish banking relationships. This aligns with the government’s broader vision of promoting digitalization, reducing bureaucratic bottlenecks, and creating a more business-friendly environment in the country.
