In a major step toward digital transformation and ease of doing business, the Securities and Exchange Commission of Pakistan (SECP) has entered into a strategic partnership with Mashreq Bank Pakistan Limited to enable same-day corporate bank account opening for newly registered companies. The collaboration was formalized through a Memorandum of Understanding (MoU) and represents a significant milestone in SECP’s ongoing “Paper to Platform” initiative, aimed at creating a fully digital, startup-friendly, and business-enabling ecosystem in Pakistan.
Through this partnership, SECP’s eZfile system will be integrated with Mashreq Bank’s digital onboarding platform, enabling real-time verification of corporate data. This seamless digital integration allows newly incorporated companies to open bank accounts instantly—a process that traditionally took several days. The initiative ensures faster, more transparent, and more secure financial onboarding, reducing administrative hurdles for startups and SMEs while promoting formalization of the economy.
The MoU was signed by Mr. Muzzafar Ahmed Mirza, Commissioner at SECP, and Mr. Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan Limited, in the presence of SECP Chairperson Mr. Akif Saeed, along with senior officials from both organizations. Chairperson Mr. Saeed highlighted that such collaborations are vital for improving the ease of doing business, strengthening investor confidence, and expanding financial inclusion across Pakistan.
“Through digital integration and paperless processes, we are simplifying business startup procedures and enabling entrepreneurs and SMEs to enter the formal financial system swiftly and securely,” Mr. Saeed stated. He emphasized that initiatives like this not only accelerate financial access for companies but also contribute to the broader goal of corporatization across sectors.
During the signing ceremony, Mashreq Bank representatives shared insights into the bank’s successful digital partnerships with government and regulatory bodies in the UAE, emphasizing the adoption of advanced digital banking frameworks and regional best practices. CEO Mr. Sajjad lauded SECP’s reform-driven approach, adding that this collaboration will support Pakistan’s digitization agenda while promoting transparency, operational efficiency, and innovation in the corporate sector.
This partnership follows SECP’s recent collaborations with institutions including Mobilink Microfinance Bank, Easypaisa Bank, and Raqami Islamic Digital Bank, all aimed at enhancing the country’s technology-driven financial ecosystem. The integration of standardized Board Resolution frameworks ensures uniformity, accountability, and speed in corporate account opening processes across participating financial institutions.
By leveraging technology to streamline account opening, SECP and Mashreq Bank are addressing critical challenges for startups, entrepreneurs, and small businesses. The initiative is expected to boost investor confidence, encourage formalization of businesses, and enable Pakistan’s SMEs to access the financial system efficiently.
With every new collaboration, SECP reiterates its commitment to fostering innovation, corporate digitization, and entrepreneurship in Pakistan, reflecting a strategic focus on building a modern, inclusive, and technology-enabled business environment.
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