The Securities and Exchange Commission of Pakistan (SECP) has taken a landmark step in supporting the country’s startup ecosystem by signing memorandums of understanding (MoUs) with three leading digital banking institutions: Mobilink Microfinance Bank, Easypaisa Bank, and Raqami Islamic Digital Bank. This collaboration enables newly registered companies to open corporate bank accounts on the same day through fully digital processes, marking a significant improvement over traditional account opening timelines.
This initiative is aligned with SECP’s “Paper to Platform” vision, which focuses on transforming manual and paperwork-heavy systems into streamlined digital operations for business registration and compliance. By integrating the SECP’s e-filing platform with the digital banking systems of partner banks, the process for account opening is significantly simplified, saving startups valuable time and reducing administrative hurdles.
A cornerstone of this initiative is SECP’s standardization of board resolutions for corporate account opening. By establishing a uniform format accepted across all participating banks, companies no longer face ambiguity or delays when submitting documentation, enabling a smoother transition from company registration to operational banking services.
The MoU signing ceremony was attended by SECP Chairperson Akif Saeed, Commissioners Zeeshan Rehman Khattak and Muzzafar Ahmed Mirza, along with senior executives from the partner banks, including Haaris Mahmood Chaudhary, President of Mobilink Microfinance Bank, Jahanzeb Khan, CEO of Easypaisa Bank, and Umair Aijaz, CEO of Raqami Islamic Digital Bank.
Chairperson Akif Saeed emphasized that this collaboration demonstrates SECP’s commitment to digital-first corporate services, financial inclusion, and ease of doing business in Pakistan. The SECP is also exploring additional opportunities for digital banks to support regulated products and services for startups, fostering a more integrated fintech ecosystem.
For newly incorporated businesses, the impact is substantial. Previously, corporate account opening could involve multiple visits, extensive paperwork, and waiting periods extending to several days or weeks. Under the new system, businesses registered through SECP’s platform can have their bank accounts activated the same day, allowing them to commence operations almost immediately. This significantly improves time-to-market and reduces early-stage operational friction for startups.
Beyond convenience, this initiative enhances transparency and formalization in the economy. By linking company registration directly with the formal banking system, the SECP and partner banks reduce reliance on informal channels and cash transactions, supporting a traceable, compliant, and investor-friendly business environment.
Through this partnership, SECP and digital banks are paving the way for a fully digitally connected startup ecosystem in Pakistan, where incorporation, banking, and compliance processes converge seamlessly. The “Paper to Platform” initiative exemplifies how technology can accelerate business operations, enhance financial inclusion, and build confidence in Pakistan’s entrepreneurial landscape.
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