SECP proposes same-day corporate bank account opening

March 25, 2025 (MLN): The Securities and Exchange Commission of Pakistan (SECP), in consultation with the Central Depository Company (CDC), has developed a concept paper to enhance the eZfile portal for same-day corporate bank account opening.

The key features of the concept paper include integrating regulatory, technological, and digital procedures with banking systems to streamline the process, eliminate redundancies, and improve efficiency.

This initiative aims to enhance the ease of doing business, promote financial inclusion, and support economic growth by ensuring newly established companies have immediate access to banking services.

The eZfile portal will introduce a "Corporate Account Opening" section, allowing companies to set up bank accounts during registration by submitting additional documents.

Verified data will be shared with selected banks to enable a seamless, standardized, same-day account opening process, according to the press release issued today.

A push-based mechanism will ensure real-time data exchange, while API integration with banks, centralized KYC, e-alerts for activation, and provisional accounts will improve efficiency and compliance.

Additionally, the RAAST platform may be leveraged to streamline transaction processing.

According to the concept paper, this feature aims to create a more efficient, one-stop solution for company incorporation and corporate banking, ensuring that businesses can complete the necessary steps for account opening without unnecessary delays or confusion.

The concept paper on enhancing the eZfile portal for same-day corporate bank account opening has been placed on SECP’s website to seek public comments.

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