The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank have completed an API integration designed to accelerate the issuance of new corporate accounts and reduce the paperwork involved in the account opening process. The development establishes a direct digital connection between Askari Bank and SECP’s Corporate Registry, allowing verified corporate information to be transferred through an integrated system. The initiative is aimed at making the process more efficient for newly registered companies by reducing the need for repeated manual verification and simplifying the steps required to establish banking relationships after incorporation.
With the completion of the integration, Askari Bank has become Pakistan’s first commercial bank to connect its systems with SECP’s Corporate Registry through an API-based arrangement. The integration enables the bank to access verified corporate information directly from SECP, helping reduce the time required for manual checks and customer onboarding. By using information already available through the regulatory registry, the process can limit paperwork and make it easier for the bank to complete the necessary verification procedures when opening accounts for newly registered businesses.
The agreement for the systems integration was signed by SECP Commissioner Muzzaffar Mirza and Askari Bank Group Head Retail Banking Sheikh Rashid Rauf. The signing ceremony was attended by SECP Chairman Dr. Kabir Ahmed Sidhu, commissioners, Askari Bank President and Chief Executive Officer Zia Ejaz, along with other senior officials from the two institutions. The agreement represents a closer connection between the corporate registration process and banking onboarding, with the digital linkage intended to reduce delays that companies may otherwise face when moving from registration to the start of their commercial banking activities.
Under the new arrangement, companies that have recently completed their registration will be able to use their verified corporate information for bank account opening without relying on the same level of manual documentation and verification previously required. SECP said the newly registered companies will be able to easily open bank accounts immediately after registration and begin their commercial activities. Faster access to banking facilities can allow businesses to move more quickly from the incorporation stage to operational activities, while the direct exchange of verified information can provide banks with a more streamlined process for reviewing corporate account applications.
SECP Chairman Dr. Kabir Ahmed Sidhu described the integration as an important part of the institution’s digitization efforts and its ‘Be Ready’ reforms. The initiative reflects SECP’s broader effort to use digital systems to improve interactions between regulatory platforms and financial institutions. Instead of requiring companies and banks to repeatedly handle information that has already been submitted and verified through the corporate registration system, the API connection provides a digital channel through which relevant corporate information can be accessed by the participating bank.
The integration also highlights the growing role of application programming interfaces in connecting regulatory and financial systems. In this case, the API enables Askari Bank’s systems to interact directly with SECP’s Corporate Registry, supporting the electronic transfer of verified information and reducing reliance on manual processes. Such connections can help financial institutions improve onboarding workflows while giving newly established companies a more direct route from corporate registration to opening a business bank account.
SECP plans to expand similar digital linkages to other banks and financial institutions across Pakistan. The regulator’s broader objective is to establish comparable connections with the wider financial sector, allowing more institutions to benefit from direct access to verified corporate information. If expanded across the banking and financial ecosystem, these linkages could further reduce paperwork and processing time for companies seeking financial services after registration.
The development between SECP and Askari Bank therefore marks a significant step in connecting Pakistan’s corporate registration infrastructure with banking systems. By completing the API integration, the two institutions have created a digital mechanism intended to make corporate account onboarding faster and less dependent on manual verification. The planned expansion of similar linkages to other banks and financial institutions indicates that SECP is seeking to build a wider digital framework in which verified corporate information can move more efficiently between regulatory and financial platforms.
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