SECP, Mashreq Bank introduce same-day account opening

November 07, 2025 (MLN): In a major step toward digital transformation and ease of doing business, the Securities and Exchange Commission of Pakistan (SECP) has signed a Memorandum of Understanding (MoU) with Mashreq Bak Pakistan Limited to enable same-day corporate bank account opening for newly registered companies through secure digital integration.

This landmark collaboration is part of SECP’s ongoing “Paper to Platform” transformation initiative, designed to create a fully digital, startup-friendly, and business-enabling ecosystem in Pakistan.

The new partnership will integrate SECP’s eZfile system with Mashreq Bank’s digital onboarding platform, allowing real-time verification of corporate data.

This will enable newly incorporated companies to open bank accounts instantly a process that previously took several days ensuring faster, more transparent, and more secure financial onboarding.

The MoU was signed by Mr. Muzzafar Ahmed Mirza, Commissioner (SECP), and Mr. Muhammad Hamayun Sajjad, CEO (Mashreq Bank Pakistan Limited), in the presence of Mr. Akif Saeed, Chairperson SECP, along with senior officials from both organizations.

Chairperson Mr. Akif Saeed praised the growing collaboration between SECP and the banking sector, stating that these partnerships are key to improving ease of doing business, strengthening investor confidence, and expanding financial inclusion in Pakistan.

“Through digital integration and paperless processes, we are simplifying business startup procedures and promoting formalization of the economy,” said Mr. Saeed. “Such collaborations make it easier for entrepreneurs and SMEs to enter the formal financial system swiftly and securely.”

During the signing ceremony, Mashreq Bank Pakistan Limited representatives highlighted the bank’s partnerships with government and regulatory bodies in the UAE, sharing insights into digital banking frameworks and regional best practices.

CEO Mr. Muhammad Hamayun Sajjad commended SECP’s reform-driven approach and emphasized that this collaboration will support Pakistan’s digitization agenda, encourage the formalization of businesses, and promote corporatization across sectors.

This MoU follows SECP’s recent collaborations with Mobilink Microfinance Bank, Easypaisa Bank, and Raqami Islamic Digital Bank, all of which aim to make Pakistan’s financial ecosystem more inclusive and technology-driven.

Aligned with SECP’s standardized Board Resolution framework for corporate bank account opening, the integration ensures uniformity, transparency, and efficiency across financial institutions.

With every new partnership, SECP reaffirms its commitment to empowering startups, driving corporate digitization, and fostering innovation and entrepreneurship in Pakistan’s business landscape.

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