Islamabad, Feb 7: The Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) are collaborating on a plan aimed at facilitating the opening of corporate bank accounts under the Same-Day Account Opening initiative.
The initiative is designed to significantly reduce delays in establishing banking relationships by allowing companies to open accounts swiftly. This will enable quicker access to essential financial services, including credit lines and payment processing, streamlining the entire process and eliminating the need for companies to navigate multiple procedures.
In addition to improving efficiency, the initiative is expected to foster greater financial inclusion, particularly for small and medium-sized enterprises (SMEs), while enhancing data accuracy through real-time synchronization between SECP and financial institutions. Ultimately, this will create a more business-friendly environment, encouraging investment and supporting the growth of businesses across Pakistan.
