SECP and Askari Bank integrate APIs to speed corporate account opening
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited have completed an API integration that will allow newly incorporated companies to open corporate bank accounts faster, reducing paperwork and onboarding time.
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Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Banks sector – Askari Bank (ASK) benefits from faster corporate onboarding, creating a buy bias.
Sectors & Direction
Desk read
Desk call: Buy bias · Positively affected
- BanksPositively affected
Companies
Companies Mentioned
- ASK· Positively affected · Buy bias
Mentions in This Briefing
Sectors: Banks — Positive · Buy bias. PSX tickers: ASK. Banks sector – Askari Bank (ASK) benefits from faster corporate onboarding, creating a buy bias.
Full Story
Open on Business Recorder## API integration between SECP and Askari Bank
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited announced the completion of an application‑programming‑interface (API) integration aimed at streamlining the corporate account opening process for newly incorporated companies.
## Key details of the agreement
- Signatories: SECP Commissioner Muzaffar Mirza and Askari Bank Group Head Retail Banking Shaikh Rashid Rauf signed the agreement. - Attendees: The 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, among other officials.
## How the integration works
Askari Bank will now be able to securely retrieve authenticated corporate information directly from SECP’s corporate registry. This eliminates the need for manual verification and repeated submission of company documents, cutting down the time required for customer onboarding and account opening.
## Expected benefits
- Faster operationalisation: Newly incorporated firms can open bank accounts and commence business activities more quickly. - Reduced documentation: The digital link reduces paperwork and manual handling, lowering administrative costs. - Broader digitalisation: SECP plans to extend similar integrations to other banks and financial institutions, supporting its B‑READY reforms and easing the overall business environment in Pakistan.
## Outlook
The integration positions Askari Bank as the first commercial bank to leverage SECP’s digital registry, potentially attracting more corporate clients seeking efficient account opening services.