Mashreq Pakistan has made history by becoming the first bank to launch pilot operations as a digital retail bank in Pakistan, following the issuance of a restricted license from the State Bank of Pakistan (SBP). This milestone underscores the bank’s commitment to fostering financial inclusion and delivering innovative banking solutions tailored to the country’s evolving needs.
Since establishing its presence in 2023, Mashreq Pakistan has achieved significant milestones, including securing In-Principal Approval (IPA) for its digital and Islamic banking solutions and submitting its Operational Readiness Report to the SBP within the required timeframe. The bank has invested heavily in technology, built a robust operational framework, and onboarded top-tier local talent to ensure a seamless launch.
Mashreq’s entry into Pakistan brings a global pioneer in digital banking to the local market. The bank’s vision is to provide best-in-class Islamic banking services while addressing the financial needs of Pakistan’s growing population. Over the next five years, Mashreq plans to onboard millions of retail customers, offering advanced personal and business banking solutions designed to enhance financial accessibility and contribute to the nation’s economic growth.
Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, expressed the bank’s excitement about this development. He emphasized Mashreq’s “Bank for All” philosophy, which aims to ensure that every Pakistani has access to essential financial services. With a focus on innovation and agility, Mashreq intends to empower women, youth, and small businesses through tailored solutions while fostering economic progress.
The bank’s entry into Pakistan aligns with its “Rise Every Day” philosophy, which emphasizes growth and innovation. With a presence in 14 countries and a strong track record of success, Mashreq is poised to play a pivotal role in advancing Pakistan’s financial ecosystem. Fernando Mor-illo, Chairman of the Board of Directors of Mashreq Pakistan and Group Head of Retail Banking at Mashreq, expressed enthusiasm for this milestone, highlighting the importance of collaborating with the SBP to further financial inclusion goals.
The SBP’s approval to commence pilot operations demonstrates confidence in Mashreq’s ability to deliver modern, efficient banking solutions. The bank’s strategic focus on financial inclusion includes empowering underserved and unbanked communities, ensuring greater access to financial services, and driving economic progress through innovative technologies.
As Mashreq begins its journey in Pakistan, it aims to redefine the country’s financial landscape. By setting new standards in digital banking and leveraging global expertise, Mashreq is committed to empowering individuals and businesses while acting as a catalyst for sustainable economic development. This milestone marks a significant step forward for both the bank and Pakistan’s financial sector, signaling a new era of accessible and innovative banking solutions.