Mashreq starts pilot operations as digital retail bank
Mashreq Pakistan, part of the leading financial institution Mashreq in the
MENA region, has become the first entity to receive a restricted license from
the State Bank of Pakistan (SBP) to initiate pilot operations as a digital
retail bank.
This landmark achievement underscores Mashreq’s commitment to fostering
financial inclusion and delivering cutting-edge digital banking solutions
tailored to Pakistan’s dynamic needs.
Pioneering Digital Banking in Pakistan
Mashreq aims to revolutionize Pakistan’s banking sector by introducing a fully digital
banking model that integrates world-class Islamic Banking solutions. Over the
next five years, the bank plans to onboard millions of retail customers,
addressing their personal and business banking needs through innovative,
user-centric services. This move aligns with Mashreq’s mission to advance
financial accessibility while supporting Pakistan’s economic growth.
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Since commencing operations in 2023, Mashreq Pakistan has achieved
significant milestones, including securing In-Principle Approval (IPA) for
digital and Islamic banking solutions and submitting its Operational Readiness
Report to the SBP on schedule. The bank has also made strategic technology
investments, built a robust operational framework, and assembled a team of
top-tier talent in Pakistan.
Leadership Perspectives
Fernando Morillo, Chairman of the Board of Directors of
Mashreq Pakistan and Group Head of Retail Banking at Mashreq, expressed
enthusiasm for this milestone:
“As a global leader in digital banking innovation, we are thrilled to bring
Mashreq’s advanced solutions to Pakistan. This pilot approval highlights our
commitment to financial inclusion, particularly for underserved and unbanked
communities. With Pakistan’s youthful, tech-savvy population and growing
digital ecosystem, the potential for transformation is immense. We are
confident that Mashreq’s entry will set new standards for secure, personalized,
and innovative banking solutions.”
Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, added:
“We are excited to embark on this journey in Pakistan. At Mashreq, our ‘Bank
for All’ philosophy ensures that essential financial services are accessible to
everyone. Our focus on agility and innovation empowers us to adapt to market
needs, supporting women, youth, and small businesses. We are committed to
driving financial inclusion and contributing to Pakistan’s economic progress.”
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Driving Economic Progress with Global Expertise
Mashreq’s expansion into Pakistan aligns with its global “Rise Every Day”
philosophy, emphasizing growth, innovation, and resilience. 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 through efficient,
modern banking solutions.
As the country’s first digital retail bank, Mashreq’s operations will pave
the way for a more inclusive, accessible, and technology-driven banking
landscape in Pakistan.
Source: Pro Pakistani