· Set to introduce a digital payment solution, integrating instant payment systems including RAAST, RTGS, to improve payment convenience, reliability and speed for customers
Karachi, Pakistan,May 2024 – Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region and Paysys Labs Pvt Ltd, a leading payment technology provider, today announced a strategic partnership to transform Pakistan’s digital payments landscape.
The collaboration aims to develop an innovative digital payment solution integrating real-time payment systems such as RAAST, RTGS, and various other solutions. Paysys Labs, renowned for its expertise in developing innovative payments technologies, will play a pivotal role in assisting Mashreq in enhancing its digital payment offerings and ensuring that its customers enjoy seamless, secure access to an expanded universe of digital banking functionalities and services.
Muhammad Hamayun Sajjad, Chief Executive Officer, Mashreq Pakistan, highlighted the significance of this partnership, stating, “At Mashreq Pakistan, we are committed to support Pakistan’s growth by empowering its people through banking innovation, superior customer experience and financial accessibility for all. We are not just establishing a digital bank, but are here to introduce a comprehensive banking solution that resonates with today’s digital-first world. This partnership is a major milestone on our journey to realize that vision in Pakistan. Collaborating with Paysys, a leader in Pakistan’s vibrant fintech scene, we are poised to deliver a next-generation payment experience that sets new standards for convenience, speed and reliability.”
Karim Jindani, Chief Executive Officer, Paysys Labs, expressed his enthusiasm about the collaboration, stating, “This partnership reflects Paysys Labs’ commitment to innovation and excellence in the fintech sector. We are excited to work with Mashreq to enhance digital payment solutions in Pakistan, ultimately creating a more inclusive and efficient payment ecosystem.”
This innovative partnership aims to enhance digital payment solutions for customers across Pakistan. Mashreq’s customers will enjoy an end-to-end digital onboarding and experience real-time instant payments backed by Paysys’ unified payments platform.
With over 50 years of banking excellence across the Middle East and North Africa, Mashreq is at the forefront of transforming emerging markets through inclusive finance. Mashreq is actively progressing towards acquiring a restricted license from the State Bank of Pakistan to initiate pilot digital retail banking operations in Pakistan.
