Mashreq Pakistan, a branch of the leading MENA financial institution Mashreq, has achieved a landmark milestone by becoming the first entity to receive a restricted license from the State Bank of Pakistan (SBP) to initiate pilot operations as a digital retail bank in the country. This pivotal development underscores Mashreq’s commitment to driving financial inclusion and offering innovative digital banking solutions designed to address Pakistan’s dynamic financial landscape.
Renowned as a global pioneer in digital banking, Mashreq plans to introduce a state-of-the-art digital banking model in Pakistan, featuring best-in-class Islamic banking solutions. Over the next five years, the bank aims to onboard millions of retail customers by addressing their personal and business financial needs with advanced and tailored services. This approval reflects Mashreq’s dedication to enhancing financial accessibility while actively contributing to the country’s economic growth.
Since beginning its operations in 2023, Mashreq Pakistan has successfully achieved several significant milestones. These include obtaining In-Principal Approval (IPA) for its digital banking and Islamic banking solutions and submitting the Operational Readiness Report to the SBP within the prescribed timeframe. The bank has also established a robust operational framework, made strategic technology investments, and onboarded top-tier talent from across the country.
Fernando Morillo, Chairman of the Board of Directors of Mashreq Pakistan and Group Head of Retail Banking at Mashreq, expressed his excitement about this achievement. He stated,
“As a global leader in digital banking innovation, we are thrilled to bring Mashreq’s cutting-edge solutions to Pakistan and work alongside SBP to further its financial inclusion goals. The speedy approval from SBP to commence pilot operations has reinforced our commitment to enable greater financial accessibility for all, particularly the underserved and unbanked communities. With Pakistan’s growing digital ecosystem and its youthful, tech-savvy population, the opportunity to drive transformation is incredibly exciting. We are confident that Mashreq’s entry into Pakistan will provide customers with secure, personalized banking solutions that meet their evolving needs.”
Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, added,
“We are fully ready and excited to begin this journey in Pakistan. At Mashreq, our ‘Bank for All’ philosophy drives everything we do, ensuring that all Pakistanis have access to essential financial services. Our focus on innovation and agility enables us to adapt quickly to market needs and provide tailored solutions that empower women, youth, and small businesses. As we grow alongside Pakistan, we remain committed to fostering financial inclusion and acting as a catalyst in the country’s economic progress.”
Mashreq’s entry into Pakistan aligns with its ‘Rise Every Day’ philosophy, which emphasizes growth and innovation. With a presence in 14 countries and a proven track record of global success, Mashreq is well-positioned to play a transformative role in Pakistan’s financial ecosystem. The bank’s modern, efficient banking solutions are expected to set new benchmarks in the industry, fostering financial inclusion and economic development across the nation.
