The Securities and Exchange Commission of Pakistan (SECP), in partnership with the State Bank of Pakistan (SBP), launched an exclusive digital platform last month, allowing banks to open corporate accounts without having to receive physically approved copies of regulatory papers.
Since its launch, 16 banks have registered with the portal, to achieve real-time entry to statutory data of firms. These embrace Askari Bank, Bank Alfalah, Bank Al-Habib, Finca Microfinance Bank, Industrial and Business Bank of China Restricted (ICBC), Khushhali Microfinance Bank, NRSP Microfinance Bank, Pair Funding Firm, Pakistan Mortgage Refinance Firm, Sindh Bank, SME Bank Ltd, Soneri Bank, Customary Chartered Bank Pakistan, Summit Bank, Telenor Microfinance Bank and The Bank of Punjab.
By this portal, onboarded banks can entry and confirm firm data instantly from SECP’s data, significantly lowering the turn-around-time for the opening of a company bank account or for availing different banking providers. The ability may also assist banks in finishing up the due diligence of their company prospects. banks can apply to SECP to safe dashboard entry within the portal.
Within the first part, statutory paperwork of personal restricted, public restricted and corporations licensed below part 42 of the Corporations Act (not-for-profit objects), have been made obtainable within the portal. The information of international firms and restricted legal responsibility partnerships will quickly be linked with the portal. Subsequently, the SECP will discontinue the issuance of licensed true copies in bodily type.