SECP and Askari Bank Complete API Integration for Faster Corporate Account Opening
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank have linked their systems via API, allowing newly incorporated companies to open corporate accounts more quickly with reduced documentation.
Share
Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Banks sector benefits as Askari Bank (SYS) can attract more corporate clients, leading to a Buy bias on the ticker.
Sectors & Direction
Desk read
Desk call: Buy bias · Positively affected
- BanksPositively affected
Companies
Companies Mentioned
- SYS· Positively affected · Buy bias
Mentions in This Briefing
Sectors: Banks — Positive · Buy bias. PSX tickers: SYS. Banks sector benefits as Askari Bank (SYS) can attract more corporate clients, leading to a Buy bias on the ticker.
Full Story
Open on Business RecorderAPI Integration Between SECP and Askari Bank
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited have finalized an application‑programming‑interface (API) integration that streamlines the process for newly incorporated companies to open corporate bank accounts. The new digital link enables Askari Bank to retrieve authenticated corporate information directly from SECP’s corporate registry, cutting down on manual verification and the repeated submission of documents.
Signatories and Attendees
The agreement was signed by SECP Commissioner Muzaffar Mirza and Askari Bank’s Group Head Retail Banking, Shaikh Rashid Rauf. The signing ceremony was attended by SECP Chairman Dr. Kabir Ahmed Sidhu, Commissioners Muzaffar Mirza and Zeeshan Khattak, Executive Director Mubashir Saddozai, Registrar of Companies Arsalan Zafar, Askari Bank President and CEO Zia Ijaz, Group Executive Operations Aslam Sadaruddin, and other senior officials.
Expected Benefits
- Faster onboarding: Companies can obtain a corporate bank account shortly after incorporation, accelerating the start‑up phase of operations. - Reduced paperwork: Direct access to verified corporate data eliminates the need for multiple document submissions. - Enhanced security: The API provides a secure channel for exchanging authenticated information between SECP and the bank.
Wider Digitalisation Drive
Dr. Kabir Ahmed Sidhu highlighted that the integration is part of SECP’s broader *B‑READY* digital reforms aimed at simplifying business procedures, improving access to reliable corporate data, and fostering a more business‑friendly environment in Pakistan. SECP has indicated plans to replicate similar integrations with other banks and financial institutions in the near future.
Implications for the Market
Askari Bank becomes the first commercial bank to connect its system with SECP’s corporate registry, positioning it as a preferred banking partner for new enterprises. The move is expected to boost the bank’s corporate banking pipeline and may set a precedent for other banks to follow, potentially increasing competition and service quality in the sector.