Islamabad, Jan 2: Mashreq Pakistan, a subsidiary of the renowned MENA financial institution Mashreq, has become the first to receive a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as a digital retail bank in Pakistan.
Key Highlights:
- Commitment to Financial Inclusion: This milestone underscores Mashreq’s dedication to driving financial inclusion and offering innovative digital banking solutions tailored to Pakistan’s needs.
- Pioneering Digital Banking: Mashreq aims to introduce a digital banking model integrated with top-tier Islamic Banking solutions, setting new standards for financial services in the country.
- Expansion Plans: The bank plans to onboard millions of retail customers within the next five years, addressing both personal and business needs with advanced digital solutions suited for Pakistan’s growing population.
- Regulatory Approvals and Milestones: Mashreq Pakistan has already achieved In-Principal Approval (IPA) for digital and Islamic banking solutions and successfully submitted an Operational Readiness Report to the SBP.
- Global Expertise in Digital Banking: With operations in 14 countries, Mashreq has a strong reputation for digital innovation and technology investments. The bank aims to bring its world-class solutions to Pakistan, leveraging its expertise to cater to the country’s youthful, tech-savvy population.
Leadership Comments:
- Fernando Morillo, Chairman of the Board of Directors of Mashreq Pakistan, expressed excitement about the approval, stating, “We are thrilled to bring Mashreq’s cutting-edge solutions to Pakistan, enabling financial accessibility, particularly for underserved communities.”
- Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, emphasized Mashreq’s ‘Bank for All’ philosophy, aiming to provide essential financial services to all Pakistanis, with a focus on empowering women, youth, and small businesses.
Mashreq’s entry into Pakistan, backed by its global success and digital banking expertise, marks a significant step in advancing Pakistan’s financial ecosystem. The bank’s innovative approach is set to revolutionize retail banking, fostering financial inclusion, and supporting Pakistan’s economic growth.
