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ISLAMABAD, Sep 05 (APP):The Securities and Exchange Commission of Pakistan (SECP) and Mobilink Microfinance Bank Limited (Mobilink Bank) have entered into a Memorandum of Understanding (MoU) aimed at simplifying and expediting the process of opening corporate bank accounts for companies registered with SECP.
This strategic collaboration is designed to promote transparency, efficiency and regulatory compliance, while also contributing to the broader national agenda of improving ease of doing business in Pakistan.
The MOU was signed by Muzzafar Ahmed Mirza, Commissioner, SECP and Haaris Mahmood Chaudhary, President, Mobilink Bank, in the presence of Chairperson SECP, Akif Saeed and other senior officials from both sides, said a press release on Friday.
Under the MOU, the collaboration will progress in two distinct phases. During the first phase, Mobilink Bank will obtain lists of SECP-registered companies upon payment of the prescribed fee on a mutually agreed periodic basis and also utilize SECP’s Financial Institutions (FI) Portal to carry out the requisite company-related verifications for corporate account opening.
In the second phase, SECP and Mobilink Bank will work towards establishing digital integration through a secure API connection, enabling seamless and real-time exchange of company information, thereby further enhancing efficiency and accelerating the account opening process.
Additionally, Mobilink Bank, after conducting necessary verification for existence of the companies’ registered office addresses, will also share status updates with SECP.
This mechanism will support SECP’s oversight role and enhance the accuracy of corporate records, contributing to improved corporate governance and regulatory monitoring.
Speaking at the signing ceremony, the Chairperson SECP remarked “this collaboration with Mobilink Bank reflects our strong commitment to introducing innovative digital solutions, reducing procedural bottlenecks and strengthening corporate facilitation.
By working together, we aim to improve the ease of doing business and promote greater transparency in Pakistan’s corporate sector.”
Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank, said, “The partnership with SECP reflects our commitment to making banking simpler and more accessible for businesses while supporting Pakistan’s journey toward a transparent and digitally empowered economy.
As a future-ready bank, we are focused on leveraging technology to deliver efficient, reliable, and customer-centric banking services that truly empower MSMEs.”
Chief Business Officer Mobilink Bank, Atta ur Rehman added, “By streamlining corporate account openings through innovation and collaboration, we are providing a platform for corporate companies / MSME’s & SME’s towards financial inclusion and facilitating them to become part of the documented economy.
The collaboration between SECP and Mobilink Bank marks an important step towards expanding financial inclusion, ensuring greater transparency in the corporate sector and building a digitally empowered ecosystem that fosters business growth and compliance across Pakistan.