SECP, SBP Working on Opening Corporate Bank Accounts Under Same-Day Account Opening Initiative

The Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) are jointly working on a plan for opening corporate bank accounts under the initiative of Same-Day Account Opening. Details of the plan revealed that the major initiative of Same-Day Account Opening will reduce delays by allowing companies to quickly establish banking relationships, facilitating faster access to financial services, such as credit lines and payment processing. It will streamline the process, eliminating the need for companies to navigate multiple procedures. Moreover, it will enhance financial inclusion, particularly for small and medium-sized enterprises (SMEs), and improve data accuracy through real-time synchronization between SECP and banks. It will create a more efficient and business-friendly environment, promoting investment and supporting the growth of businesses in Pakistan.