Mastercard has entered into a multi-year strategic partnership with Mashreq Bank to support its launch as a digital bank in Pakistan. The agreement, announced during a signing ceremony at Mashreq’s headquarters in Dubai, UAE, represents a significant step in the bank’s mission to revolutionize Pakistan’s financial landscape. This collaboration will focus on card portfolios across various market segments, including consumers, affluent individuals, and businesses. The goal is to introduce innovative digital payment solutions to individuals and businesses, furthering the growth of Pakistan’s digital economy.
As part of the initiative, the State Bank of Pakistan (SBP) has awarded Mashreq a restricted license for pilot operations in Pakistan. This approval is part of the government’s broader strategy to unlock Pakistan’s digital potential and offer greater financial access to underserved communities. The partnership between Mashreq and Mastercard combines the regional expertise of Mashreq with Mastercard’s global experience and local knowledge in Pakistan, enabling the introduction of cutting-edge digital banking products designed to support financial inclusion and digital payment adoption in the country.
The collaboration is seen as a crucial step in accelerating the digital economy in Pakistan, where the financial services landscape is still evolving. Mr. Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, expressed confidence in the partnership’s potential to simplify payments for both consumers and businesses. He highlighted that the collaboration would bring unmatched efficiency, reliability, and security to the digital banking sector in Pakistan. “Our ambition is to simplify payments through fast and secure transactions, redefine service delivery that empowers financial growth, and drive innovation that creates mutual value and financial empowerment,” said Mr. Sajjad. The collaboration, he added, will also play a key role in expanding the reach of digital payments, driving sustainable growth, and contributing to the overall development of Pakistan’s digital economy.
From Mastercard’s perspective, the partnership is a prime example of the company’s commitment to fostering collaboration to strengthen the financial services ecosystem in Pakistan. Mr. Arslan Khan, Country Manager for Pakistan and Afghanistan at Mastercard, expressed pride in being Mashreq’s partner in the bank’s digital launch in Pakistan. He emphasized that this collaboration aims to transform the digital economy, broaden access to financial services, and drive positive change for underserved communities. “At Mastercard, we are committed to harnessing the power of collaboration to develop the financial service ecosystem in Pakistan. Our collaboration with a leader like Mashreq will help bring meaningful change for underserved communities and support financial inclusion across the country,” said Mr. Khan.
With the launch of Mashreq’s digital bank in Pakistan, the country is expected to see significant improvements in the availability and accessibility of financial services, especially for individuals and businesses that have been previously excluded from the traditional banking system. The strategic partnership with Mastercard will ensure that Mashreq’s digital banking offerings meet international standards of security, efficiency, and reliability, offering a range of services to cater to the diverse needs of Pakistan’s growing digital economy.
This collaboration marks an exciting development for Pakistan’s banking sector, aligning with the government’s efforts to modernize the country’s financial infrastructure and provide greater financial inclusion to underserved groups. With the backing of Mastercard’s global expertise and Mashreq’s regional success, this initiative is set to make a profound impact on the way financial services are delivered and accessed in Pakistan, creating new opportunities for businesses and individuals alike.
In conclusion, the strategic partnership between Mastercard and Mashreq is a key milestone in the evolution of Pakistan’s digital banking landscape. It promises to enhance financial accessibility, drive the adoption of digital payments, and contribute to the growth of Pakistan’s economy by empowering underserved communities and businesses. As both companies work together to bring innovative solutions to Pakistan, this collaboration will play a crucial role in shaping the future of digital banking in the country.