Karachi, Pakistan, 02 January 2025 – Mashreq Pakistan, part of leading financial institution in the MENA region, Mashreq, becomes the first to receive restricted license from the State Bank of Pakistan (SBP) to commence pilot operations as a digital retail bank in Pakistan. This milestone highlights Mashreq’s commitment to driving financial inclusion and delivering innovative digital banking solutions tailored to the country’s evolving needs.
As a global pioneer in digital banking, Mashreq aims to launch a digital banking model with best-in-class Islamic Banking solutions that sets new standards for financial services in Pakistan. Over the next five years, the bank plans to onboard millions of retail customers catering to all their personal and business needs through advanced solutions designed to meet the demands of Pakistan’s growing population. This approval underscores Mashreq’s dedication to fostering financial accessibility while contributing to the nation’s economic progress.
Since incorporating its operations in 2023, Mashreq Pakistan has achieved key milestones, including In-Principal Approval (IPA) for its digital banking & Islamic Banking solutions and submission of Operational Readiness Report to the SBP within timeframe. The bank has built a robust operational framework, made strategic technology investments, and onboarded the country’s top-tier talent.
Fernando Morillo, Chairman of the Board of Directors of Mashreq Pakistan & Group Head of Retail Banking at Mashreq, expressed his enthusiasm about this milestone, stating, “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, emphasizing growth and innovation. With a presence in 14 countries and a strong track record of global success, Mashreq is poised to play a pivotal role in advancing Pakistan’s financial ecosystem through modern, efficient banking solutions.
ENDS
