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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) are working together on a new initiative aimed at expediting the corporate bank account opening process.
Under the Same-Day Account Opening program, businesses will be able to establish banking relationships quickly, reducing unnecessary delays and streamlining financial transactions.
This initiative is designed to simplify the account opening process by integrating SECP’s business registration system with banking procedures in real-time. As a result, businesses particularly small and medium-sized enterprises (SMEs) will gain faster access to financial services such as credit lines and payment processing.
By eliminating redundant steps and synchronizing data between banks and regulatory authorities, the initiative aims to enhance financial inclusion, improve data accuracy, and foster a business-friendly environment. The move is expected to attract investment and create a more efficient framework for corporate banking in Pakistan.
The SECP’s ongoing digital transformation efforts, including automation and regulatory simplifications, have significantly improved the ease of doing business. This latest collaboration with SBP marks another step towards modernizing corporate banking and strengthening Pakistan’s financial ecosystem.
