Karachi: Mashreq Pakistan, a part of Mashreq Group, has received a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as the first digital retail bank in the country. This significant development marks a key milestone for Mashreq and underscores its commitment to driving financial inclusion and providing innovative digital banking solutions tailored to Pakistan’s evolving market.
Mashreq plans to introduce a cutting-edge digital banking model, focusing on best-in-class Islamic banking solutions. The bank aims to set new standards for financial services in Pakistan. Over the next five years, Mashreq intends to onboard millions of retail customers, addressing their personal and business banking needs with advanced, customer-centric solutions designed to meet the demands of Pakistan’s growing population. This initiative highlights the bank’s dedication to fostering greater financial accessibility and contributing to the nation’s economic growth.
Since establishing its operations in Pakistan in 2023, Mashreq has reached several important milestones. These include obtaining the In-Principal Approval (IPA) for its digital and Islamic banking services. The bank also submitted its Operational Readiness Report to the SBP within the required timeline. By building a strong operational framework, investing in strategic technologies, and hiring top-tier local talent, Mashreq has positioned itself to lead the digital transformation of banking in Pakistan.
Support from Mashreq Leadership
Fernando Morillo, Chairman of the Board of Directors of Mashreq Pakistan and Group Head of Retail Banking at Mashreq, expressed excitement about the approval. He said, “As a global leader in digital banking innovation, we are thrilled to bring Mashreq’s cutting-edge solutions to Pakistan. Working alongside the SBP to advance financial inclusion is a priority for us. The approval to begin pilot operations strengthens our commitment to enabling greater financial accessibility, especially for underserved and unbanked communities. With Pakistan’s growing digital ecosystem and youthful, tech-savvy population, we are excited about the transformative potential Mashreq can offer.”
Commitment to Financial Inclusion
Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, highlighted the bank’s commitment to fostering financial inclusion. He remarked, “We are fully ready and eager to begin this journey in Pakistan. Mashreq’s ‘Bank for All’ philosophy drives us to ensure that every Pakistani has access to essential financial services. Our focus on innovation and agility allows us to quickly adapt to market needs and provide solutions that empower women, youth, and small businesses. As we grow alongside Pakistan, we remain dedicated to being a catalyst for the nation’s economic progress.”
Mashreq’s Vision for the Future
Mashreq’s entry into the Pakistani market aligns with its global philosophy of “Rise Every Day,” which emphasizes growth, innovation, and empowerment. With operations in 14 countries and a strong track record of success, Mashreq is poised to play a transformative role in advancing Pakistan’s financial ecosystem. The bank plans to provide modern, efficient, and secure banking solutions to meet the evolving needs of customers across Pakistan.
As Mashreq embarks on its journey in Pakistan, it is set to redefine the digital banking landscape, driving financial inclusion and supporting the country’s broader economic development.
