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, cutting documentation and verification steps.
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Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Banks sector – Askari Bank benefits from faster corporate onboarding, creating a buy bias.
Sectors & Direction
Desk read
Desk call: Buy bias · Positively affected
- BanksPositively affected
Companies
Companies Mentioned
- ASKR· Positively affected · Buy bias
Mentions in This Briefing
Sectors: Banks — Positive · Buy bias. PSX tickers: ASKR. Banks sector – Askari Bank benefits from faster corporate onboarding, creating a buy bias.
Full Story
Open on Business Recorder## SECP and Askari Bank sign API integration agreement
The Securities and Exchange Commission of Pakistan (SECP) and Askari Bank Limited signed an agreement on Tuesday to integrate their digital systems through application programming interfaces (APIs). The signing was witnessed by SECP Commissioner Muzaffar Mirza, Askari Bank Group Head Retail Banking Shaikh Rashid Rauf, SECP Chairman Dr. Kabir Ahmed Sidhu and senior officials from both organisations.
## How the integration works
Under the new arrangement, Askari Bank can securely retrieve authenticated corporate information directly from SECP’s corporate registry. This eliminates the need for manual verification and repeated submission of company documents, thereby shortening the onboarding time for new corporate clients.
## Expected benefits for businesses
The streamlined process is aimed at helping newly incorporated companies quickly open bank accounts, obtain necessary financing, and commence operations. SECP officials highlighted that the move aligns with the regulator’s broader digitalisation and "B‑READY" reforms, which seek to simplify business procedures and improve access to reliable corporate data.
## Future rollout
SECP indicated that similar digital integrations will be pursued with other banks and financial institutions, further enhancing the ease of doing business in Pakistan.
## Shariah perspective
Askari Bank operates a Shariah-compliant banking window, and the faster account opening process is expected to benefit both conventional and Islamic corporate clients seeking timely financing.
## Market implication
The integration positions Askari Bank as a pioneer among Pakistani banks in leveraging regulatory data for operational efficiency, potentially attracting a larger share of new corporate deposits.