Islamabad
The Securities and Exchange Commission of Pakistan (SECP), continuing its drive toward digitalization and ease of doing business, has signed another landmark Memorandum of Understanding (MoU) this time with Mashreq Bank Pakistan Limited to facilitate same-day corporate bank account opening for newly registered companies through secure digital integration.
This partnership builds upon SECP recent collaboration with Mobilink Microfinance Bank, Easypaisa Bank, and Raqami Islamic Digital Bank, marking yet another step toward creating a fully digital and startup-friendly business ecosystem in Pakistan.
The MoU, signed under SECP ongoing Paper to Platform transformation initiative, aims to provide newly incorporated companies with instant access to formal financial channels. The integration between SECP eZfile system and Mashreq Bank onboarding platform will enable real-time corporate data verification, ensuring faster, more transparent, and secure account opening processes.
The agreement 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, and senior officials from both organizations.
Chairperson SECP, Mr. Akif Saeed, commended the growing collaboration between SECP and the banking sector to enable seamless digital onboarding for startups. He emphasized that these partnerships will significantly improve the ease of doing business, promote financial inclusion, and strengthen investor confidence.
Representative of Mashreq Bank Pakistan Limited gave a detailed presentation highlighting the bank collaboration with Government / Regulatory authorities in UAE and shared insights on adopted digital banking framework, and regional best practices. He further appreciated SECP reform-driven approach and stated that this collaboration will strengthen the national digitization agenda by encouraging formalization of businesses and supporting corporatization in Pakistan.
This new MoU also aligns with SECP standardized Board Resolution framework for corporate bank account opening, ensuring uniformity, transparency, and efficiency across financial institutions. With each successive partnership, SECP is reinforcing its commitment to empowering startups, accelerating corporate digitization, and fostering a conducive environment for entrepreneurship and innovation in Pakistan.
