By Qudsia Bano
ISLAMABAD– In a bid to improve the ease of doing business in Pakistan, the Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Central Depository Company (CDC), has unveiled a concept paper aimed at enabling same-day corporate bank account opening through its digital portal, eZfile.
The initiative is poised to significantly streamline the business incorporation process and foster a more conducive environment for startups and small businesses.
SECP’s Initiative for Same-Day Corporate Account Opening in Pakistan
The concept paper outlines the creation of a dedicated “Corporate Account Opening” section within the eZfile portal, where companies can open bank accounts simultaneously while registering their business.
The new process will involve secure data sharing with partner banks through an Application Programming Interface (API), real-time data exchange, centralized KYC, and automated alerts to ensure swift activation.
Impact of Same-Day Corporate Account Opening on Pakistan’s Business Landscape
Experts believe this digital integration marks a transformative step toward financial inclusion and economic growth.
“This move will eliminate bureaucratic delays that often discourage entrepreneurs and investors. Same-day account opening is not just a convenience – it’s a business enabler,” said Ali Farooq, a financial analyst at JS Global. “It sends a strong signal that Pakistan is serious about becoming a business-friendly destination.”
By leveraging digital tools and platforms like RAAST, the SECP aims to offer a seamless, push-based mechanism to enhance transparency and reduce redundancies in the business registration and banking processes.
Provisions for provisional accounts and the ability to track activation through e-alerts are expected to improve compliance and operational efficiency.
How the SECP’s Digital Integration Will Improve the Ease of Doing Business in Pakistan
“Pakistan’s regulatory framework has traditionally lagged in terms of digital transformation. This initiative is a major leap forward. Integrating eZfile with banking systems will bring down startup time for new businesses from weeks to a single day,” said Farooq.
The SECP maintains that this development is not only a digital upgrade but also a strategic move to support macroeconomic goals. Providing immediate access to banking services will enable companies to participate in the formal economy from day one, ensuring quicker access to credit and financial tools.
The Role of SECP’s Digital Integration in Enhancing Financial Inclusion
The concept paper has been made publicly available on the SECP’s official website to solicit feedback from stakeholders, including banks, fintech firms, and business chambers. The feedback phase will help refine the framework and ensure broad-based support across sectors.
In 2023, Pakistan ranked 108th in the World Bank’s Ease of Doing Business Index. Initiatives like this are expected to improve that standing by addressing a key challenge for new businesses – delays in accessing financial infrastructure.
How Same-Day Corporate Account Opening Will Support Entrepreneurship and Job Creation
As the country eyes a post-stabilisation recovery in 2025, this move could prove pivotal in encouraging entrepreneurship, attracting foreign investment, and supporting job creation across sectors.
“If implemented efficiently, this system could reduce barriers to entry for thousands of small and medium enterprises (SMEs), which are the backbone of Pakistan’s economy,” said Dr. Huma Zahid, Professor of Business Policy at IBA Karachi.
SECP’s Step to Enhance Transparency and Foster a Robust Entrepreneurial Ecosystem
The SECP’s step is lauded as an example of how regulatory authorities can harness technology to facilitate economic participation, enhance transparency, and foster a robust entrepreneurial ecosystem.