SECP Partners with Digital Banks to Fast-Track Startup Account Openings in Pakistan

With its latest move, the Securities and Exchange Commission of Pakistan (SECP) may have quietly solved one of the biggest bottlenecks for entrepreneurs: the long, tedious wait to open a corporate bank account. By linking digital banks directly with SECP’s eZfile system, the regulator has set the stage to fast-track startup account openings in Pakistan, a reform that could redefine how new businesses launch, scale, and transact in Pakistan’s digital economy.

The collaboration underscores SECP’s broader “Paper to Platform” vision, a commitment to replacing outdated manual procedures with fast, technology-driven solutions that foster ease of doing business.

A New Chapter in Corporate Banking Efficiency

The SECP signed a Memorandum of Understanding (MoU) with Mobilink Microfinance Bank Limited, Easypaisa Bank Limited, and Raqami Islamic Digital Bank Limited to make the process of corporate account opening faster, simpler, and fully digital.

The new system will integrate the SECP’s eZfile platform with participating banks through a secure API-based framework, enabling entrepreneurs to open corporate accounts on the same day their companies are registered. This innovation removes one of the most time-consuming steps for startups, waiting days or even weeks for account activation, allowing them to begin operations immediately.

The initiative follows SECP’s earlier introduction of a Standard Format for Board Resolutions for corporate bank accounts. That reform sought to bring uniformity and transparency to how banks process account-opening requests, ensuring smoother coordination between regulatory systems and financial institutions.

At the signing ceremony, Mr. Muzzafar Ahmed Mirza, Commissioner at SECP, formalized the agreement alongside Mr. Haaris Mahmood Chaudhary (President, Mobilink Bank), Mr. Jahanzeb Khan (CEO, Easypaisa Bank), and Mr. Umair Aijaz (CEO, Raqami Islamic Digital Bank). The event was attended by Mr. Zeeshan Rehman Khattak, SECP Commissioner; Mr. Akif Saeed, SECP Chairperson; and senior executives from all partner institutions.

SECP’s Push for a Digitally Connected Ecosystem

Speaking at the event, SECP Chairperson Mr. Akif Saeed said the collaboration reflects a growing synergy between regulators and digital banks in advancing financial innovation.

We are committed to removing barriers that slow down entrepreneurship in Pakistan. This initiative not only enables same-day account opening but also reinforces our vision of a transparent, inclusive, and digitally connected corporate sector.

Mr. Saeed further highlighted that the SECP is exploring ways for digital banks to act as distributors of SECP-regulated financial products, extending access to formal financial services across wider demographics, particularly small businesses and first-time entrepreneurs.

Startup Account Openings in Pakistan: Easing the Startup Bottleneck

For years, startups and small companies in Pakistan have faced lengthy delays in opening corporate bank accounts, often needing to provide multiple physical documents and visit branches repeatedly. These inefficiencies hindered early operations and discouraged formal registration.

The API-based integration between SECP and digital banks aims to eliminate such bottlenecks. Once a company completes its incorporation via eZfile, the system will automatically transmit verified details to participating banks for instant onboarding. Entrepreneurs will be able to authenticate and activate their corporate accounts online, a critical step toward Pakistan’s transition to a paperless, cashless business environment.

According to SECP officials, the collaboration also sets the stage for future automation in other business processes such as KYC verification, tax registration, and digital onboarding of investors, eventually linking corporate data ecosystems across government and financial institutions.

Future Outlook: Building Trust and Digital Confidence

Industry experts believe this initiative could significantly enhance investor confidence and business transparency in Pakistan. By aligning regulatory systems with fintech infrastructure, the SECP is laying the foundation for a modern startup ecosystem that encourages innovation and accountability.

Moreover, the move supports Pakistan’s broader goals of improving its World Bank Doing Business ranking and meeting digital economy targets under Vision 2030.

The SECP’s partnership with Mobilink Bank, Easypaisa Bank, and Raqami Islamic Digital Bank marks a significant step toward building a digitally connected, startup-friendly Pakistan. By enabling same-day corporate account opening, the regulator is removing long-standing procedural barriers and empowering new businesses to enter the formal financial ecosystem swiftly.

As Pakistan’s digital economy expands, such public-private collaborations are expected to play a key role in shaping a transparent, efficient, and innovation-driven future for entrepreneurs nationwide.

ALSO READ: Pakistan’s Digital Economy Expands as SECP Registers 670 New Tech Firms in August