The Securities and Exchange Commission of Pakistan has officially taken a major step toward digitizing the country’s business landscape by signing Memoranda of Understanding with Askari Bank Limited and the fintech platform NayaPay. This strategic partnership is designed to fundamentally change how newly registered companies interact with the banking sector. By integrating regulatory data with financial institutions, the initiative seeks to make the opening of corporate bank accounts significantly faster and more efficient, removing the traditional hurdles that often slow down new enterprises.
Under this new collaborative arrangement, the process of setting up a business bank account will be moved entirely online for company directors. As soon as a company successfully completes its registration with the SECP, its leadership will be presented with a digital option to initiate an account opening request with their preferred partner bank. This shift eliminates the need for the exhaustive manual paperwork and physical visits that have historically characterized the corporate onboarding process in Pakistan, allowing entrepreneurs to focus on their core operations from day one.
Central to this digital transformation is the integration of the SECP’s proprietary eZfile system with the internal digital infrastructures of Askari Bank and NayaPay. Through a secure and encrypted digital link, these financial institutions can now perform instant verification of company data directly from the regulator’s database. This real-time synchronization ensures that documentation requirements are kept to a minimum and that verification delays—which could previously take weeks—are reduced to a matter of moments, providing a seamless bridge between legal incorporation and financial readiness.
The formal MoU signing ceremony took place in Islamabad and featured high-level representation from all involved parties. The agreement was signed by SECP Commissioner Muzzafar Ahmed Mirza, alongside Shaikh Raashed Rauf, Group Head of Retail Banking at Askari Bank, and Danish Ahmad Lakhani, the CEO of NayaPay. The event was also attended by SECP Chairperson Dr. Kabir Ahmed Sidhu and Askari Bank President Zia Ijaz, signaling the high level of institutional commitment to this reform. This move is a core component of the SECP’s “Paper to Platform” initiative, which aims to transition the entire corporate regulatory lifecycle into a modern, data-driven ecosystem.
During the ceremony, Dr. Kabir Ahmed Sidhu emphasized that the synergy between the SECP and financial institutions is vital for creating a robust digital economy. He noted that providing complete digital onboarding for businesses is a primary goal that will reduce barriers to entry, enhance transparency across the corporate sector, and promote broader financial inclusion. By simplifying the startup phase for new companies, the regulator is actively working to improve Pakistan’s global standing in terms of the ease of doing business.
Representatives from Askari Bank and NayaPay also expressed their enthusiasm for the project, noting that the collaboration extends beyond simple account opening. They highlighted that this digital link creates a foundation for future innovations in corporate lending and specialized digital financial services tailored for the tech and SME sectors. By having verified data readily available, banks can more easily assess the credibility of new businesses, potentially opening up more credit opportunities for the private sector.
This latest development follows similar successful agreements the SECP has reached with other major players in the financial space, including Mobilink Microfinance Bank, Easypaisa Bank, Mashreq Bank, and Raqami Islamic Digital Bank. Collectively, these partnerships represent a growing network of tech-enabled financial services dedicated to supporting the corporate sector. As more banks join the platform, the SECP continues to strengthen the link between the capital markets and the banking industry, fostering a more transparent and highly efficient business environment for the future.
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