Startups to Get Corporate Bank Accounts Under New SECP System

The Securities and Exchange Commission of Pakistan (SECP) has taken a major step toward easing business setup by enabling startups to open corporate bank accounts on the same day they register their companies. The move comes through a new collaboration between the SECP and three fully digital banking platforms. The MoU was signed by senior representatives of SECP and the partner banks. These include Mobilink Microfinance Bank, Easypaisa Bank, and Raqami Islamic Digital Bank, with secure API-based integration to the SECP’s eZfile system. The initiative eliminates the long delays that new companies typically face in opening bank accounts, often caused by repeated documentation checks and inconsistent bank requirements. The SECP has already introduced a standardized board resolution format to streamline and harmonize the process across financial institutions. Officials said the new system will allow newly incorporated companies to begin commercial operations immediately, helping reduce compliance hurdles and improve the pace of business activity in the formal sector. Chairperson SECP Akif Saeed said the regulator aims to shift corporate processes fully into the digital space. This will allow new companies to begin operating without bureaucratic delays. He added that cooperation with digital banks may expand to let them offer SECP-regulated savings and investment products directly through their platforms. SECP stated that the initiative is part of its ongoing “Paper to Platform” transformation, aimed at making company formation easier, strengthening transparency, and boosting trust in the formal business environment.